photo by Michael Miller

Enertrac Takes in $1M in Debt Financing

 

By Don Seiffert

April 24, 2012 -- EnerTrac Inc. of Hudson, N.H. has received $1 million in debt financing from three investors, according to federal filings.

Chan Morgan, the company’s chief financial officer, described the latest round as “interim financing” which comes principally from the company’s existing investors.

Last September, the company closed on a $4.2 million Series A round, which came from Milestone Venture Partners and City Light Capital, both of New York, and Harbor Light Capital Partners of Keene, N.H., among others.

Formed in 2009, the company manufactures smart meters that enable machines to talk to each other and monitor fuel levels, thermostats and HVAC systems. Morgan described the product as a “low frequency, low cost machine-to-machine solution... kind of a smart grid for oil and propane,” which enables companies, for example, to order fuel refills only when needed. He said that while they are now focused on oil and propane, they plan to widen their offerings to other fuel and energy sources.

Morgan said the company has grown significantly from six employees last fall to 16 within coming weeks, mostly in sales and management. He said that the company is operating in high gear now, servicing new clients.

“This is our season, with oil and propane,” he said. “We’re hustling like crazy.”