Gen110, a company that provides distributed energy so people can cut the cord from an utility, has raised an undisclosed investment from Kleiner Perkins Caufield and Byers.
Homeowners who qualify are given power generating equipment that goes on their roofs. They pay for the energy they produce through a fixed agreement and, according to Gen110, are safe from energy company rate hikes. The hope is to help people move away from power companies altogether.
Kleiner Perkins did not disclose the amount of funding. The full press release is below.
Gen110 Announces Kleiner Perkins Caufield & Byers Investment
Kleiner Perkins backs distributed energy company as a new breed of electricity provide
SAN FRANCISCO, May 17, 2012 (BUSINESS WIRE) — Gen110, the leading distributed energy company, today announced it has received investment funds and business development support from Kleiner Perkins Caufield & Byers (KPCB), widely regarded as the leading investor in the field of energy technology.
“Gen110 represents a new breed of distributed energy provider that stays laser-focused on building long-lasting relationships with consumers–and helping them save money,” said Dan Oros, investment partner at Kleiner Perkins. “The company’s unique model moves with the market to provide the best available power generation technology and financing available through strategic partnerships. We’re particularly impressed by Gen110’s strong leadership team, and their ability to quickly build traction in a notoriously competitive market.”
The Gen110 approach is simple: qualified homeowners pay for the energy they produce, saving on energy costs through a fixed rate agreement and protecting themselves from utility rate hikes. Maintenance and insurance of power generating equipment is taken care of, making it a cost effective solution that delivers more power for less.
“Our customers get affordable, reliable electricity rates without purchasing a power generation system,” said Jason Brown, CEO of Gen110. “We parse voluminous data on energy usage to identify homeowners who stand to save the most from distributed electricity. These are fresh markets for the industry in many ways, since the legacy players have focused on ‘green’ audiences. We focus on reaching people to whom we can make a clear-cut economic case–and it’s working.”
With 11 offices throughout California, Gen110’s dedicated sales team brings affordable power generation solutions to thousands of homeowners.