Energy Inc., a Charleston, S.C.-based maker of real-time electricity management devices for residential and commercial use, has received an undisclosed amount of VC funding from 3M.
3M, through its 3M New Ventures business, has acquired an interest in Energy Inc., headquartered in Charleston, S.C. Terms of the transaction were not disclosed.
Energy Inc.’s product, The Energy Detective, also known as TED, allows real-time residential energy data to be viewed remotely via the Internet. This strategic shareholding will drive innovative business concepts with high commercialization potential for 3M and enables 3M to offer complementary products for energy consumption management as an innovative total package. Synergies are expected through the conception of new technological developments and joint sales activities.
“We are investing in Energy Inc. for its high speed of innovation and entrepreneurial approach to serving customers in this fast-growing energy monitoring market,” said Stefan Gabriel, president, 3M New Ventures.
“3M’s participation means that we have access to one of the most innovative research resources in the world, and also to a powerful international distribution network,” said Dolph Rodenberg, president, Energy, Inc. “This will help us move faster towards our goal of global growth.”
3M New Ventures is based in Seefeld, Germany. This business identifies highly innovative companies (“new-to-3M”) and future technologies. These opportunities include investments in the strategic sectors of energy, water, architecture, media, healthcare and safety and security, with linkages to 3M.
About Energy Inc.
Energy Inc. is a privately held corporation, which designs and manufactures real-time electricity management devices for residential and commercial use. Energy Inc.’s flagship product is a user-friendly, accurate monitor aptly named TED – The Energy Detective. Operating under patented and proprietary technology, Energy Inc. is focused on assisting homeowners, businesses and electric utilities interested in conservation and reducing demand during peak periods. For more information, visit www.theenergydetective.com.
A recognized leader in research and development, 3M produces thousands of innovative products for dozens of diverse markets. 3M’s core strength is applying its more than 40 distinct technology platforms – often in combination – to a wide array of customer needs. With $25 billion in sales, 3M employs 75,000 people worldwide and has operations in more than 60 countries. For more information, visit www.3M.com.