Dive Brief:
- NRG Energy has made a significant yet unspecified investment in EcoFactor, which is developing cloud-based home energy management software and analytics that's getting use in demand response programs.
- EcoFactor said it raised a total of $10 million in Series B funding, with other investments coming from Claremont Creek Ventures, RockPort Capital Partners and Aster Capital.
- GTM Research estimates the home energy management services market is worth $1.5 billion.
- EcoFactor competitors include C3 Energy, Nest, Tendril and Energy Hub.
Dive Insight:
Electric utilities are closely watching the development of technologies that enable customers to control and lower their electricity use, especially through participation in demand response programs.