RI: Board Approves Loan to Help Energy Technology Company Relocate
9 Feb, 2012
Company attracted to Rhode Island’s Renewable Energy Fund and workforce talent
The Rhode Island Economic Development Corporation (RIEDC) Board of Directors today approved a $500,000 Renewable Energy Fund (REF) loan to provide Spokane, Wash.-based Utilidata, Inc. with the flexible growth capital the energy technology company needs to continue to expand and to secure its relocation to Rhode Island.
Utilidata (http://www.pcsutilidata.com) will initially bring eight to 15 jobs to Rhode Island in 2012 and create a total of 47 direct, full-time jobs in the state by the end of 2015. The average annual wage for these jobs is expected to be about $91,000. Over the four-year job growth period, the new positions are estimated to generate approximately $352,000 in state income taxes.
“Utilidata is exactly the type of company we want to attract to relocate and expand in Rhode Island, bringing good, high-paying jobs to our state,” said Governor Lincoln Chafee. “I am pleased to welcome Utilidata to Rhode Island and look forward to their contributions to our growing knowledge economy.”
“Strategic co-investments in the development of new energy technologies and growing, cutting-edge businesses like Utilidata that create quality, high-paying jobs are key to building a dynamic and competitive business environment in Rhode Island,” said RIEDC executive director Keith Stokes. “The Renewable Energy Fund is a great tool to help businesses grow, reduce their energy costs and to help Rhode Island attract companies looking to also tap into our hotbed of young talent and high concentration of world-class colleges, universities and R&D institutions.”
Braemar Energy Ventures, a venture capital firm, is a lead investor and majority owner of Utilidata and focuses on energy investments in both the alternative and traditional energy markets. As part of its investment and growth strategy, Braemar is relocating the company to the Rhode Island market because of the area’s deep talent pool of the engineers and technicians that the company needs to further develop its product and grow the business and the financing available through the REF.
With the development of automated technology to more efficiently manage energy flow across the utility grid, Utilidata is optimizing the delivery of electric energy through the application of advanced signal processing through the electric grid. The company’s AdaptiVolt™ Volt/VAR Optimization System allows electric utilities and energy intensive industries to reduce electricity demand, improve efficiency and increase reliability.
The loan is subject to Utilidata executing a lease in Rhode Island and establishing local headquarters in the state.