photo by Michael Miller

EnerTrac M2M Smart Metering Service Secures $4 Million in Series A Funding

 

(Hudson, NH – August 1, 2011) EnerTrac, Inc. a leader in the rapidly emerging Machine-to-Machine (M2M) marketplace, announced today the completion of a financing from institutional and strategic investors led by New York-based Milestone Venture Partners. City Light Capital, Harbor Light Capital Partners and a number of EnerTrac customers also invested in the round.

Richard Dumler, General Partner of Milestone Venture Partner, said "We are delighted to lead this round of funding for EnerTrac. With this capital infusion, their innovative M2M SaaS based service, combined with their large early adopter customers will drive the company's growth and stature in this key energing market. Some estimates indicate that there will be upwards of 50 Billion M2M connections by 2020 and EnerTrac possesses the key technologies and service delivery model to become a key player in this market growth."

EnerTrac automates the measuring and monitoring processes of devices that have heretofore required manual reading and recording. EnerTrac's technology facilitates M2M communications and is currently being used to automate the monitoring of fuel oil and propane fuel tanks. The network that EnerTrac is establishing will ultimately be extended to monitor thermostats, flow meters, heating, ventilation and air conditioning systems. EnerTrac's innovative low frequency and low cost monitoring and communications network provides delivery companies with actionable data that makes their delivery schedules more targeted and more efficient. And as a result, the technology reduces the number of deliveries to customers and reduces the associated impact of CO2 released by those delivery fleets.

"This generates 30-40% reductions in the dealers' cost of operations" said Steve Owens, EnerTrac's CEO. EnerTrac customers include AmeriGas, Heritage, Petro, Dead River and other industry leaders.

EnerTrac's network services the millions of transmitters' customers are currently installing. "Most of our customers are accelerating their installations, and we are deploying this capital to stay ahead of customer demand. We have major growth opportunites in the fuel delivery market and in several other very large markets. We are already deploying in several of these verticals," said Owens.

About EnerTrac, Inc.
EnerTrac, Inc. is a leader in the rapidly emerging Machine-to-Machine (M2M) marketplace. As the developer and leading provider of low cost sensors, the Company's SaaS based monitoring service helps America's most efficient and enviromentally-conscious businesses that improve profits by measuring the status of widely distributed assets. EnerTrac is headquartered in Hudson, NH. For information visit www.EnerTrac.com or call (603)880-8484.

About Milstone Venture Partners
Located in New York City, Milstone Venture Partners is a venture capital fund which invests in software and technology-enhanced service businesses in the Greater New York region. Other areas of expertise include media, marketing services, healthcare IT, and financial services IT. For more information, visit www.milstonevp.com.

About Harbor Light Capital Partners
Harbor Light Capital Partners is a private investment firm investing in early and growth stage companies located in the Northeast. The firm focuses on the technology, healthcare, and energy sectors and makes equity investments in the $1M to $5M range. Harbor Light Capital Partners provides the commitment, capital, and collaboration to build successful and sustainable businesses that are leaders in their industry. For more information, please visit www.hlcp.com.

About City Light Capital
Founded in 2004, City Light Capital is a venture capital firm based in New York seeking market-based solutions to major social problems. The firm invests in early stage companies in the Safety, Education, and Energy and the Enviroment sectors. For more information, please visit www.citylightcap.com.

EnerTrac Contact
J. Patrick Mansfield
1 (978)356-1744
Patrick.Mansfield@EnerTrac.com