GreenWave Reality Announces an Innovative Energy Management Platform Benefiting Utilities and Consumers

COPENHAGEN, Denmark, IRVINE, Calif. and SINGAPORE, June 16 /PRNewswire/ -- GreenWave Reality today announced its innovative home energy management platform for Europe, North America and Asia. The GreenWave Reality platform creates smart energy-efficient homes through the monitoring and controlling of devices. This system benefits both utilities and consumers; utilities enhance their relationship with consumers and can 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.

The GreenWave Reality solution is an ideal way for utilities to greatly enhance the value of smart meter deployments by providing consumers an affordable, secure, and easy-to-use system to gain a more comprehensive understanding of their energy consumption. At the same time, GreenWave Reality provides utilities with powerful tools to better understand overall consumer energy usage patterns, enabling them to better balance energy distribution on the grid including incentivizing customers to shift demand from peak to off-peak times.

"With many countries instituting de-regulation of energy retailing, utilities are facing increased competition to retain and attract customers, especially given that the cost of a lost customer can be as much as euro 500," said Greg Memo, CEO of GreenWave Reality.  "GreenWave Reality's focus is to partner with utilities to provide an affordable solution that delivers a great consumer experience, enabling them to build deeper relationships with their existing customers and attract new ones."

The GreenWave Reality standards-based platform creates a home area network (HAN) comprised of a concurrent radio gateway, smart power nodes, in-home display and controller along with an intuitive and engaging consumer application. At the heart of the GreenWave Reality solution is a gateway that automatically and securely connects to the power nodes, making appliances smart, energy conscious, and controllable from within the home or remotely via the Internet or a smartphone.

Recognizing that lighting can account for up to 20% of a home's energy usage, by the end of this year GreenWave Reality will introduce a breakthrough intelligent LED lighting solution that extends the company's core energy management platform.  This affordable LED lighting can reduce energy consumption by up to 80% over incandescent bulbs with no compromise in light quality. These smart LED bulbs wirelessly connect to the HAN and can be controlled as part of the energy management solution, furthering the energy savings within the home.

Research shows that there is strong global demand for easy-to-use tools that help consumers save energy.  According to a YouGov survey in the UK, 78% of respondents believe that making their home energy efficient in 2010 will be an important priority for them. Similarly, a study conducted by the Boston Consulting Group found that 75% of those surveyed in the US indicated that they were interested in finding easy ways to save power.

Key benefits of the GreenWave Reality platform:

• Ease-of Use – The GreenWave Reality home energy management platform is designed for easy consumer set-up, with GreenWave Reality's patent-pending technology assisting in identifying appliances.  Consumers can then access their own energy portal where GreenWave Reality's "energy coach" analyzes the home and makes "smart control" suggestions allowing users to begin reducing their energy consumption by turning off devices that are not in use.

• Affordability – The GreenWave Reality product suite is very cost effective, with starter kits that give consumers the ability to start monitoring and controlling their energy usage. The affordable price comes as a result of GreenWave Reality team's extensive experience in designing and manufacturing consumer products combined with its deep industry relationships.

• Open Standards-based Platform – The GreenWave Reality platform is built on industry standard Internet Protocol-based communications that ensures the highest level of compatibility and connectivity. This platform is also designed for interoperability with other Z-Wave® and ZigBee® mesh-networking products, smart meters, digital thermostats, heat pumps, electrical cars and other home sensing devices, providing the flexibility to incorporate future services such as home security and elderly care.  The data center component of the platform provides utility companies with a wealth of energy and usage data, assisting in their efforts to shift demand from peak to off-peak times or better incorporate the use of renewable energy sources. The GreenWave Reality platform was designed to provide utility companies with an extremely secure and scalable architecture.

"GreenWave Reality has created an open, standards-based platform with a modular design to interoperate with existing and new devices such as digital thermostats, heat pumps and electrical cars," added Martin Manniche, Chairman and CTO of GreenWave Reality.  "The platform is also designed to provide utilities a highly secure solution that can scale to millions of users."

The GreenWave Reality platform has been well received and is currently entering the pilot phase with a number of utility companies in Europe.

Craton Equity Partners, a leading California clean technology fund focused on investing in growing clean technology companies, is the lead investor in an $11 million equity round for GreenWave Reality. Craton is a leading advocate for sustainable investing, and using investment models to respond effectively to the urgent environmental challenges of our time. This investment round also included a number of strategic investors from around the world.

GreenWave Reality has also received support from Singapore's Economic Development Board to foster GreenWave Reality's efforts in developing its leading edge products.

Most recently, GreenWave Reality was awarded the Danish Green IT Innovation Award by the IT Industry and Science Ministry of Denmark. The award is given to companies who have demonstrated leadership in energy conservation by the utilization of technology.

For more information on GreenWave Reality and to see video demonstrations of the company's platform, visit www.greenwavereality.com, http://twitter.com/GrnWaveReality, and on Facebook at GreenWave Reality.

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Media contact: Daniel Sieger, 212-994-7536 or [email protected]

SOURCE GreenWave Reality