eMeter Announces $12 Million Funding

Mon Apr 7, 2008 5:21pm EDT

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Siemens Corporation leads funding for premier SmartGrid software provider

REDWOOD CITY, Calif., April 7, 2008 /PRNewswire/ -- eMeter Corporation
today announced it has completed a $12.5 million funding round led by Siemens
Corporation (NYSE: SI) and joined by existing investors, Foundation Capital,
and DBL Investors. With 20 million meters under contract, eMeter Corporation
of San Mateo, California, provides Meter Data Management (MDM) software that
enables electric, gas, and water utilities to realize the full benefits of
their Advanced Metering and Smart Grid initiatives.
    "eMeter is the leading provider of MDM software and has a product
(EnergyIP(TM)) with a modern architecture, proven scalability, and leading
functionality that enables utility customers to remain AMI vendor neutral,"
said Ralf Christian, CEO of the Power Distribution Division, Siemens Sector
Energy. "Coupling this technology with our global sales coverage will provide
utilities with a reliable cornerstone for their SmartGrid investments. The
information held in the MDM can then be exploited across a utility's
operations together with Siemens' broad portfolio of power distribution
solutions."
    EnergyIP, is a Meter Data Management System with three major elements. It
begins with a full suite of Meter Data Management functions to allow timely
and accurate data collection and management, complete with all of the
necessary processes to prepare data for billing.  EnergyIP includes a powerful
Integration Platform that can link various advanced meter (AMI) systems to
diverse utility information systems including delivering new Smart Grid
functionality for managing electric distribution networks. The third feature
of EnergyIP is production-oriented Business Process Management Tools for AMI
implementation, operations, and maintenance.
    "This new capital will allow us to invest in our core software and
infrastructure and pursue potential strategic initiatives, without
compromising our meter product independence," said Cree Edwards, CEO and
Founder of eMeter. "This independence ensures that our utility customers can
buy whatever AMI technology they desire -- a key need in the rapidly evolving
Smart Grid market."
    "We chose to increase our investment in eMeter not only because of its
leading position in the rapidly growing energy efficiency market, but because
they are an industry thought leader that can catalyze faster adoption of
sustainable utility initiatives," said Nancy Pfund, Managing Partner, DBL
Investors. "We see eMeter strategically positioned in what is a multi-billion,
multi-year global market opportunity."
    About eMeter Corporation
    With 20 million meters under contract, eMeter Corporation of San Mateo,
California, provides software that enables electric, gas, and water utilities
to realize the full benefits of their Advanced Metering and Smart Grid
initiatives.  EnergyIP, eMeter's premier software platform, is a Meter Data
Management System that offers a full suite of Meter Data Management
functionality, an Integration Platform for linking a variety of AMI systems to
a variety of utility information systems, and Business Process Management
Tools specializing in AMI implementation, operations, and maintenance.
eMeter's experienced professional services team is available to plan, install,
and configure the EnergyIP software, as well as provide strategic consulting
services related to meter data management, advanced metering, and demand
response. For more visit http://www.emeter.com.
    About Siemens
    Siemens AG (NYSE: SI) is a global powerhouse in electronics and electrical
engineering, and operates in the industry, energy, and healthcare sectors.
Over 160 years, Siemens has built a reputation for leading edge innovation and
the quality of its products, systems, and solutions.  In fiscal year 2007,
Siemens reported worldwide sales of $96.6 billion, and employs 400,000 people
in 190 countries. With its U.S. corporate headquarters in New York City,
Siemens in the USA reported sales of $23.1 billion and employs approximately
72,000 people throughout all 50 states and Puerto Rico. For more information
on Siemens in the United States, visit http://www.usa.siemens.com.
    About Foundation Capital
    Founded in 1995, Foundation Capital is a venture capital firm committed to
supporting entrepreneurs and their companies, targeting innovative
opportunities in cleantech, consumer Internet, and infrastructure;
telecommunications and networking; and enterprise software and on demand
services.  Foundation Capital funds total more than $1.7 billion. For more
information, visit http://www.foundationcapital.com.
    About DBL Investors
    DBL Investors is an independent investment firm focused on delivering
strong financial returns together with positive social, environmental, and
economic impacts. Currently, DBL Investors manages the Bay Area Equity Fund, a
$75 million venture capital fund that includes a substantial focus on
cleantech investments as well as investments in other high-growth sectors in
which sustainable business practices can be advantageously developed. Visit
http://www.dblinvestors.com.
     Contact Information:
     Chris King
     Chief Strategy Officer
     eMeter Corporation
     (650) 227-7770
     cree@emeter.com

SOURCE  eMeter Corporation

Chris King, Chief Strategy Officer of eMeter Corporation, +1-650-227-7770,
cree@emeter.com
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