LOS ANGELES and IRVINE, Calif., June 16 /PRNewswire/ -- Craton Equity Partners, a leading California clean technology fund, has committed $5 million to GreenWave Reality, a company launching its innovative home energy management platform in Europe, North America and Asia. The investment is part of an $11 million equity round for GreenWave Reality that also includes a number of other strategic investors from around the world.
GreenWave Reality gives utilities a cost-effective energy management platform that enhances their relationship with consumers by reducing their energy consumption or offering incentives to shift demand from peak to off-peak times. At the same time, consumers can easily monitor and control energy-consuming devices around the home, add more energy-efficient lighting, and become more energy-conscious consumers.
GreenWave Reality has also received support from Singapore's Economic Development Board to foster GreenWave Reality's efforts in developing its leading edge products.
"GreenWave Reality is meeting a significant global marketplace need at a critical time," said Tom Soto, a managing partner of Craton Equity Partners. "The introduction of smart meters and energy deregulation make the GreenWave Reality platform a valuable asset both for utilities and consumers. We see this platform as one with tremendous growth potential. GreenWave Reality technology will provide real-time energy information, cost savings and carbon reduction."
The investment in GreenWave Reality, which has significant operations in Copenhagen, Denmark; Irvine, California; and Singapore, will allow the company to greatly expand its product pilots around the world.
"Craton Equity Partners is a leader in investing in clean technology companies and we are proud to be part of their portfolio," added Greg Memo, CEO of GreenWave Reality. "This investment from Craton will help GreenWave Reality accelerate our growth in the months and years ahead."
The companies also announced that Craton Equity Partners General Partner Kevin Wall will join the GreenWave Reality board of directors. Mr. Wall, founder of Live Earth and a long time activist and investor in climate change related technologies, stated: "GreenWave Reality is one of the most cutting-edge technology innovators, empowering consumers to drive aggressive conservation and thus reduce their carbon footprint. I am happy to have Craton as part of the GreenWave Reality family, and GreenWave Reality part of the Craton family of clean tech companies."
About Craton Equity Partners
Craton Equity Partners (http://cratonep.com/) is a leading, Los Angeles-based cleantech fund, focused on investing in new technologies that provide profitable solutions to the effects of climate change and environmental degradation. Craton's investments include green building products, earth heat exchange projects, smart grid technologies and next-generation biofuels. Craton is a leading advocate for sustainable investing, and using investment models to respond effectively to the urgent environmental challenges of
About GreenWave Reality
GreenWave Reality is a global innovator in the emerging Home Energy Management market. GreenWave Reality provides an affordable, easy-to-use, standards-based platform that allows utilities enhance their relationship with consumers and better balance energy on the grid while consumers can conserve energy with a minimal impact to their lifestyle by easily monitoring and controlling their appliances and adding intelligent LED lighting. GreenWave Reality has offices worldwide including Copenhagen, Denmark, Irvine, California, and Singapore.
Safe Harbor Statement: This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "will," "expects," and other terms with similar meaning. Forward looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations.
For Craton: Rick Ruiz, 310-393-1561, firstname.lastname@example.org
For GreenWave Reality: Daniel Sieger, 212-994-7536, email@example.com
SOURCE Craton Equity Partners; GreenWave Reality