SALEM, MA--(Marketwire - Apr 12, 2011) - Groom Energy today announced it has received a $2.6 million equity investment from a group of angel investors led by Eyk Van Otterloo, founder of GMO, a privately held global investment management firm.
The investment will enable Groom Energy to further fund its Corporate Energy Service Agreements (CESA), a power purchase agreement for energy efficiency that it began to deliver to customers in 2009. The Groom CESA service model allows it to install both energy-generating assets, such as cogeneration or solar photovoltaics, and energy efficiency upgrades, such as variable frequency drives or LED lighting, with no initial cost to the customer. The multi-year, shared savings service agreements guarantee customers' energy cost savings while outsourcing system maintenance and monitoring.
"I'm impressed with the team's vision for growing their business and applying their innovative CESA financing model," said Eyk Van Otterloo. "It's clear the commercial and industrial energy service market is growing rapidly and Groom Energy has the opportunity to extend their leadership position."
The funds will also enable Groom Energy to accelerate expansion of its national engineering team. The company plans to open several new offices in 2011 and will deliver energy saving projects for companies located in more than 40 U.S. states and Canada.
"Our team is producing real economic, energy and environmental savings for our corporate customers," said Dave Groom, Chairman and co-founder of Groom Energy. "We're excited to have our investor group's support for expanding our growth capacity in 2011 and beyond."
About Groom Energy Solutions
Groom Energy is a leading provider of commercial and industrial energy solutions, with customers including Bed, Bath & Beyond, General Electric, Ocean Spray and Thermo Fisher Scientific. The company delivers a range of services from corporate sustainability and whole building energy assessments to turnkey installations at enterprise facilities across the United States. Groom's projects help their customers reduce costs while positively affecting the environment. For more information please visit www.groomenergy.com.