(PRWEB) August 30, 2016
Today Energy Foundry announced its investment in Tank Utility, a software and IoT company applying the smart grid paradigm to the delivered propane and heating oil industry. The $2.2 million seed investment round was led by Energy Foundry and Blue Fog Capital, with a strong syndicate of co-investors including Generac Power Systems, Bolt, and angel investors.
With Tank Utility, the propane tanks used to heat and power rural homes and business are getting a major upgrade: internet-connected tank level monitors, cloud-based software, and mobile apps that streamline delivery logistics and improve customer service. Tank Utility’s product sales launched in late 2015, and thousands of subscribers across 46 states and Canada are currently using the remote tank monitoring services.
Their platform brings major efficiencies to the $60B delivered fuels industry, cutting costs for fuel deliverers and creating a customer engagement tool that gives homeowners and businesses peace of mind. "More than 30% of households in the Midwest rely on propane for heat, and Tank Utility’s solution brings a new level of visibility to energy consumers and their fuel suppliers,” said Sara Hochman, Managing Director of Energy Foundry.
Tank Utility’s strong customer value proposition also attracted strategic investment from Generac, a market-leading provider of residential backup generators based in Wisconsin. “We are thrilled to be working with both Generac and Energy Foundry, as we expand further into the Midwest, and nationally,” said Amos Epstein, CEO and co-founder of Tank Utility. “Since our launch, we have heard countless stories about how our service has prevented major damage to homes, helped keep businesses running, and saved tons of time and money. With this infusion of capital we are thrilled to be able to accelerate our growth and provide an even higher level of service."
About Energy Foundry:
Energy Foundry invests venture capital in the most promising energy innovators. Our approach merges investment capital with the perks of strategic partnership, and includes an arsenal of essential tools and relationships to help bring great ideas to market. With the backdrop of Illinois’ billion-dollar grid modernization efforts, our investment model is designed to reduce risk and accelerate speed to market for the most promising grid and energy ideas.