Go Electric Inc today announced it has closed a $4,000,000 Series A investment. The investment round was led by GXP Investments, Inc., the investing arm and wholly owned subsidiary of Great Plains Energy Incorporated, and included Elevate Ventures and the Clean Energy Trust. The funding will support GoElectric’s LYNC DR® product line, grow the Go Electric team, and expand the company’s energy solutions into utility demand response markets across the country. In addition, GXP Investments will add two seats to the Go Electric Board of Directors.
“Go Electric’s unique business model and technology are game changers for utility demand response markets,” said Dennis Odell, Director, GXP Investments. “Go Electric’s LYNC DR® solution offers utilities the ability to use their customers’ energy resources for demand response without any interruption to customer operations. And the company’s ‘give it away for free’ business model is industry leading for implementing customer-side-of-the-meter demand response systems.”
“Elevate Ventures is pleased to invest alongside GXP Investments,” said Chris LaMothe, CEO of Elevate Ventures. “The energy sector is a pillar industry for Indiana and Go Electric is poised to reshape how energy services are delivered and grow this sector in a unique way.” “We are excited to have GXP Investments on board to guide the company’s growth”, said Lisa Laughner, President & CEO Go ElectricInc. “Having an investor with their credibility in the demand response market is an important attestation to our vision for the industry. With Elevate Venture’s investment, we look forward to adding high-tech jobs in Indiana and further expanding Indiana’s national leadership in the energy sector.”
Go Electric has military and commercial customers in Hawaii and New York, and recently completed a three MW operational demonstration at Camp Smith, HI for the SPIDERS Phase III micro grid project. The company is delivering four systems for the RISE:NYC program and was recently awarded the Wells Fargo IN2 award.
About GXP Investments
GXP Investments is the non-regulated investment affiliate and wholly owned subsidiary of Great Plains Energy Incorporated. GXP Investments provides growth capital and strategic value to businesses within the energy value chain. As a strategic investor, GXP Investments’ goal is to partner with early stage companies as they grow their businesses and expand their market share. GXP Investments focuses on opportunities in the customer energy solutions and energy infrastructure industries, and is open to attractive investments outside of these sectors within the energy value chain. Learn more about GXPI atwww.gxpinvestments.com.
About Elevate Ventures
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. As a not-for-profit organization, Elevate Ventures is able to offer unbiased, in-depth perspective and recommendations. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com.
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About Go Electric
Go Electric Inc. is a greentech startup company developing energy resiliency solutions. Our products and energy services provide uninterruptible power, renewable energy integration, and automatic demand response.