Consert, a Raleigh technology company, said Tuesday that it received $17.7 million to continue developing its "smart grid" technology.
The financing came from Constellation Energy, GE Energy Financial Services, Verizon Ventures and private investors. The money will be used for marketing, sales and technological enhancements.
Founded in 2007, Consert has 26 employees and 27 contractors. The company's product simulates the customer experience of an advanced two-way utility meter without requiring power companies to change customers' meters.
In pilot projects with the Wake Electric Membership Corp., customers reported average energy savings of 17 percent. The technology allows customers to set water heaters and other appliances on virtual timers so that they cycle off or shut down during times of peak energy demand.
Wake Electric and the Fayetteville Public Works Commission plan to provide the Consert technology to a combined 8,000 customers. The technology costs about $400 per home.
Consert markets the product to power companies as an alternative to building new power plants to meet peak energy demand.
This venture capital round represents Consert's single biggest haul to date. Consert previously netted $5 million in 2008 from private investors in Raleigh and elsewhere.
Staff writer John Murawski