GreenWave Reality, an Irvine-based home energy management company, announced its expansion throughout North America, Europe and Asia yesterday with the launch of its new efficiency platform, along with an $11 million investment round led by Craton Equity Partners of Los Angeles.
GreenWave Reality was founded in 2008 with the goal of improving power management and conservation with products that allow consumers to monitor their energy use in real time.
The funding – which includes a $5 million investment from Craton Equity Partners, a clean technology fund – will be used to advance GreenWave’s global expansion. As part of its agreement, Craton General Partner Kevin Wall will join GreenWave’s board of directors.
GreenWave Reality’s home-energy program wirelessly connects appliances to a grid. By plugging in appliances to unique power strips, consumers can monitor and control their energy consumption on a single at-home display, and utilities can evaluate consumer energy consumption patterns for better energy balance.
By the end of the year, GreenWave plans to add unique LED lights to its platform, which can reduce energy consumption by up to 80 percent.
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