AUSTIN, Texas, Feb. 22, 2011 /PRNewswire/ -- CLEAResult, a national energy optimization firm headquartered in Austin, Texas, today announced a significant capital investment from General Catalyst, a venture capital and private equity firm based in Cambridge, Mass.
CLEAResult, which ranked 144th on Inc. Magazine's list of the 500 fastest growing companies in 2010, designs and implements energy efficiency and renewable energy programs for utility companies and other clients in 15 states. "Our focus is delivering measurable value for our clients through cost-effective energy optimization programs," said CLEAResult President Glenn Garland. "The investment from General Catalyst will enable us to improve the services we provide to current clients as well as expand our reach into new parts of the country."
To date, the company has been responsible for more than 750 million kilowatt-hours of reduced energy use in thousands of schools, homes and businesses. While its programs vary by client, each is centered around providing education, technical assistance and financial guidance to help customers reduce energy costs by increasing energy efficiency. These services can range from auditing a home to benchmarking energy use in commercial buildings to determining the feasibility of solar or wind energy.
The capital infusion will allow CLEAResult to deepen its investments in technology, research, and delivery capacity, as well as enable it to partner with other firms with complementary abilities.
The investment is General Catalyst's largest to date in the energy efficiency industry. "We've been looking to make an investment in this space for three years now," said Hemant Taneja of General Catalyst. "We want to enable them to go from 15 states to 50 states."
CLEAResult Executive Vice President Jim Stimmel said, "In addition to allowing us to expand our presence nationally, the investment from General Catalyst helps validate what we've known for a long time – energy optimization is a cost-effective, sustainable way to reduce high energy costs and capture new energy capacity."