NEW: Utilidata Launches Operations in Rhode Island
Tuesday, June 05, 2012
Rhode Island stands to be at the forefront of emerging energy efficiency technology, as Utilidata, Inc. today marked its arrival in the Ocean State with the opening of its new Providence headquarters. The company anticipates creating 47 highly skilled technical jobs by 2015 to support the market launch of its AdaptiVolt™ solution, the first in a series of new grid-side applications to optimize energy delivery.
Utilidata, which provides advanced automated energy conservation and management technology solutions for electric utilities and major electric consumers, moved to Providence from Spokane, Washington after receiving venture capital financing from Braemar Energy Ventures, and a $500,000 loan from the Rhode Island Renewable Energy Fund. Since the company’s arrival in the Ocean State in March 2012, it has created 8 new jobs and plans to create a total of 12 to 15 positions this year. It is anticipated that the average annual salary for these positions will be greater than $90,000. The company expects to create a total of 47 total new jobs by 2015.
“Rhode Island is a great place to partner with government to make innovative things happen and is simply a smart place to do business,” said Scott DePasquale, Executive Chairman of Utilidata and a Partner with Braemar Energy Ventures. “By locating in Rhode Island we not only have regional proximity to a highly skilled technical workforce, but because the cost of real estate here is considerably less compared with other high tech areas we are able to put more capital into human resources rather than bricks and mortar.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTUtilidata’s market-ready product, AdaptiVolt™ is the first in a series of grid-side solutions that help utility and industrial customers achieve enhanced energy efficiency through real-time adjustments in electric delivery. Previous technology focused on expensive consumer metering that encouraged conservation through the measurement of consumption.
Utilidata customers employing AdaptiVolt™ including American Electric Power, Murray State University, Plum Creek Timber Company and Ripley Power and Light have reduced energy consumption by two to five percent annually. On average, the AdaptiVolt™ solution pays for itself within 10-12 months while at the same time improving the distribution network longevity.
“As we build the infrastructure to support the inevitable success of our business, we are going to market with a self-sustaining company and a proven product.” said Richard J. Creegan, President & COO of Utilidata. “We will be successful thanks to a major commitment from private equity, an appropriate balance between private and public investment, and early customer adoption to prove viability. Our next generation product is already in the research and development phase, and it will help to further redefine how we create, transport and consume energy in the future.”
