| Packetized Energy was recently awarded a SBIR Phase (0) from VT EPSCoR |
“We believe there is a growing market opportunity in the management of energy sources on the grid and we want to be part of it,’’ said Robert Zulkoski, chairman and managing partner of Vermont Works. “This is a Vermont company employing Vermonters and driving innovation at the highest levels.’'
Zulkoski said Vermont Works has agreed to invest in multiple rounds of Packetized Energy’s fund raise, and serve as a board member and strategic advisor to the company.
Packetized Energy co-founder Paul Hines said the company will leverage the Vermont Works investment to raise additional capital.
“This investment from the founders of Vermont Works is a vote of confidence in our company from seasoned investors with great industry connections," Hines said. “It positions us well to raise additional capital and to accelerate the transformation of the energy industry."
Packetized Energy aims to help customers manage electricity supply, especially as renewable energy markets continue to grow. The company was incubated at the University of Vermont by Hines, along with colleagues Jeff Frolik and Mads Almassalkhi.
With two patent-pending applications and a growing list of energy clients, the company is poised for rapid growth.
“We are building a software stack that makes it possible to coordinate all things connected to the electricity grid, such as appliances, hot water heaters, heat pumps and electric vehicles,’’ Hines said.
The company works with utilities, for the most part, but is also focusing on future markets including solar developers and other energy providers around the country.
Zulkoski said the investment fits perfectly into the Vermont Works vision of investing in support of local innovation, especially in support of the efforts of the state’s institutions of higher education and research.
“This is an opportunity to grow a company and jobs in Vermont, which is why we formed Vermont Works,’’ said Zulkoski, who is also the founder and chairman of Greenlots (link is external), a successful global energy management company.
“The rapidly growing and evolving market for distributed energy management resources is something we know well, and can help Packetized Energy navigate,” he said.
About Vermont Works Management Company, LLC
Established in 2016, Vermont Works Management Company, LLC is an independent alternative investment firm, focusing on delivering both competitive financial returns and social impact in support of Vermont’s job and enterprise development. With its rich entrepreneurship and technical savvy, Vermont and its lifestyle are uniquely positioned for this type of initiative. Vermont Works will be a leading sponsor in the establishment of, and ongoing management of, a new business accelerator, providing a competitive advantage in early investment identification. The founders believe that growth-stage capital, leading-edge, forward-leaning business mentorship, and access to global best practices are the missing links to a more vibrant business and entrepreneurial environment in Vermont. About Packetized Energy Packetized Energy designs and deploys human-friendly systems to enable distributed energy resources such as water heaters, electric vehicle chargers, battery storage systems and pool pumps to balance supply and demand in the power grid. As a result, people can better manage their energy costs and the grid can run reliably with renewable energy. Source: Vermont Works 7.17.2017