Energy management company planning push into new markets as it scales up operations
AJAX, Ont.—As companies of all sizes focus on trimming their electricity usage, FedDev Ontario is directing a quarter-million dollars toward a Toronto-based firm with a platform to help them do it.
The federal development agency plans to invest $250,000 in submetering startup, CircuitMeter Inc. The funds will help the company to continue developing its technology, as well as boost its commercialization effort here in Canada and abroad.
“CircuitMeter technology represents a major breakthrough in identifying where and when energy is wasted, and how we can reduce energy consumption across the commercial, industrial, and high density residential market sectors,” Paul Mertes, the company’s president and CEO, said. “The technology has global applications, and the FedDev funding will be very important in helping us grow out of our early stages of development and become a success in domestic and global markets.”
Unlike traditional glass and metal meters, CircuitMeter’s technology resembles a computer router. It allows companies to track their electricity usage at the circuit level and identify areas where energy is being wasted. The platform also tracks the data in real-time, transmitting it to the cloud where it can be viewed anywhere via CircuitMeter’s software.
FedDev Ontario’s $250,000 investment in CircuitMeter is expected to leverage a further $550,000 in funding from cleantech venture capital fund, Arctern Ventures, as well as angel investors across Canada. The funds will allow the company to build up its marketing efforts and sales staff, creating 10 full-time jobs in Ajax, Ont.