Kleiner Perkins Caufield & Byers (KPCB), the Silicon Vallley venture capital heavyweight widely regarded as a key investor in the field of energy technology, has made an investment in distributed energy business Gen110.
Gen110 operates a business model whereby qualified homeowners pay for the energy they produce, saving on energy costs through a fixed rate agreement and protecting themselves from utility rate hikes.
Maintenance and insurance of power generating equipment is taken care of by the company, making it a cost effective service that delivers more power for less money, the company said in a statement released today.
Founded in 2009, the San Francisco-based company Gen110 claims to have helped more than 2,000 homeowners in California avoid utility rate hikes by producing around 13 gigawatt hours of electricity annually at their own homes.
The company has 11 offices across California. Financial terms of the deal were not disclosed.
“Our customers get affordable, reliable electricity rates without purchasing a power generation system,” Gen110 CEO Jason Brown said in a statement.
“We parse voluminous data on energy usage to identify homeowners who stand to save the most from distributed electricity.
“These are fresh markets for the industry in many ways, since the legacy players have focused on ‘green’ audiences. We focus on reaching people to whom we can make a clear-cut economic case—and it’s working.”
News of the deal comes less than a fortnight after KPCB and Braemar Energy Ventures announced they had raised $47.5m in its Series D funding for electric vehicle specialist Coulomb Technologies.
Braemar and KPCB led the round and were joined by Toyota Tsusho Corporation and existing investor Rho Ventures. Existing investors including Voyager Capital, Siemens Venture Capital, Harbor Pacific Capital Partners and Hartford Ventures also participated.
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