Enviro Power Secures Series A Financing
HARTFORD, CT, Enviro Power has secured investment from Burnham Holdings and Connecticut Innovations.
Enviro Power, a Hartford-based energy-tech company, today announced it has secured investment from Burnham Holdings and Connecticut Innovations, closing out its series A funding round. The new round will be used to reach serial production of the SmartWatt Boiler technology - a competitively priced heating system designed to generate close-to-zero cost electricity and provide backup power with the potential to significantly reduce utility bills for millions of building owners while lowering its carbon footprint and enhancing grid resiliency.
"The addition of Burnham Holdings as a strategic investor gives us a unique advantage given that the SmartWatt Boiler, which is essentially a high-efficiency heating system with a power plant inside, is similar to products produced by various Burnham Holdings subsidiaries," said Dan Nadav, CEO, Enviro Power. "Burnham Holdings' investment allows us to leverage Burnham's decades of HVAC manufacturing experience and combine with Enviro Power's cutting-edge heat and power technology in order to bring to market a truly unique, economical, environmentally friendly, combined heat and power solution for today's climate-conscious consumers."
"Burnham Holdings is pleased to join with Connecticut Innovations and the team at Enviro Power to invest in and support the development of the SmartWatt next-generation combined heat and power boiler," said Chris Drew, President and Chief Operating Officer, Burnham Holdings. "The core features of the SmartWatt design align extremely well with our core strengths in product engineering, manufacturing capabilities and extensive market access through one of the largest networks of HVAC wholesalers and independent reps in the country. Helping bring the SmartWatt to market fits with our long-term commitment to developing clean, highly efficient, low-emission heating appliances that serve a broad array of residential and commercial applications."
In addition to the new funding, Enviro Power also announced the addition of Morgan O'Brien, CEO of People's Gas, to the newly reformed board of directors.
"We are excited to have Morgan O'Brien join the Enviro Power board of directors," Nadav continued. "Morgan possesses deep knowledge of the gas utility market - an important element in Enviro Power overall strategy - and we are pleased to welcome him to Enviro Power," added Nadav.
About Enviro Power:
Enviro Power develops and provides cutting-edge combined heat and power technologies. The company, founded by Michael Cocuzza, brings to market a revolutionary heating system. The SmartWatt Boiler technology platform is an enabler in integrating buildings into the power grid and a cornerstone in grid modernization. A heating system with a power plant inside, the SmartWatt Boiler allows millions of building owners to generate inexpensive electricity, enjoy backup and participate in demand response programs. For more information, please visit http://www.enviropowertec.com
About Connecticut Innovations:
Connecticut Innovations (CI) is Connecticut's strategic venture capital arm and the leading source of financing and ongoing support for Connecticut's innovative, growing companies. CI provides venture capital and strategic support for early-stage technology companies, financial support for innovation and collaboration, and connections to its well-established network of partners and professionals. For more information, please visit https://www.ctinnovations.com.
About Burnham Holdings:
Burnham Holdings Inc. is the parent company of multiple subsidiaries that are leading domestic manufacturers of boilers and related HVAC products and accessories (including furnaces, radiators and air conditioning systems), for residential, commercial and industrial applications. The key to our performance is a clear vision for meeting current and future customer needs through innovative technology, including more energy-efficient products, "green" products with lower emissions, and smarter controls.
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