Powerhouse Dynamics to Expand, Create Jobs Thanks to $1 Million MassDevelopment Loan
May 17, 2012
MassDevelopment has provided a $1 million Emerging Technology Fund (ETF) Term Working Capital Loan to Powerhouse Dynamics, a Newton developer of energy management systems for small commercial facilities and homes. The company expects to hire several employees over the next two years in sales, marketing, engineering and quality control. As part of its expansion, Powerhouse Dynamics will use loan proceeds to purchase inventory and hire staff. This new use of the ETF addresses employment and other working capital needs for growing emerging technology companies to help them to increase both employment and production.
“Supporting Powerhouse Dynamics is a win-win as the company promotes sustainable energy practices and creates jobs for the Commonwealth,” said MassDevelopment President and CEO Marty Jones. “This new financing will help Powerhouse expand while greening businesses and homes throughout the Commonwealth and elsewhere.”
Founded in 2008, Powerhouse Dynamics provides tools that identify and eliminate wasteful energy consumption in buildings. The company’s energy-management product, the eMonitorTM, monitors energy use on every circuit of a business or home. This capability reveals where energy is used and wasted. The eMonitor also offers continuous analytics and diagnostics, providing tailored recommendations along with safety, cost, and equipment performance alerts, and remotely controls heating and cooling systems. The company reports that 98 percent of its residential customers have seen reduced energy costs, typically in the range of 10-20 percent per year.
“We are seeing rapidly growing interest in our product, particularly from small commercial facilities such as restaurants that use three times as much energy per square foot as other commercial buildings,” said Martin Flusberg, Powerhouse Dynamics CEO. “The MassDevelopment loan is a very cost-effective way to fuel our rapid growth.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.