- Hartford, Connecticut-based energy-tech company Enviro Power announced it raised a Series A round of funding from Burnham Holdings and Connecticut Innovations
Hartford, Connecticut-based energy-tech company Enviro Power announced it has raised a Series A round of funding from Burnham Holdings and Connecticut Innovations. This round of funding will be used for reaching serial production of the SmartWatt Boiler technology – which is a competitively priced heating system designed for generating close-to-zero cost electricity and provide backup power with the potential to significantly reduce utility bills for millions of building owners while lowering its carbon footprint and enhancing grid resiliency.
“The addition of Burnham Holdings as a strategic investor gives us a unique advantage given that the SmartWatt Boiler, which is essentially a high-efficiency heating system with a power plant inside, is similar to products produced by various Burnham Holdings subsidiaries,” said explained Dan Nadav, CEO at Enviro Power. “Burnham Holdings’ investment allows us to leverage Burnham’s decades of HVAC manufacturing experience and combine with Enviro Power’s cutting-edge heat and power technology in order to bring to market a truly unique, economical, environmentally friendly, combined heat and power solution for today’s climate-conscious consumers.”
Enviro Power is known for developing and providing cutting-edge combined heat and power technologies. The company was originally launched by Michael Cocuzza with the goal of bringing a revolutionary heating system to the market.
The company’s SmartWatt Boiler technology platform is an enabler in integrating buildings into the power grid and a cornerstone in grid modernization. And the SmartWatt Boiler allows millions of building owners to generate inexpensive electricity and participate in demand response programs.
“Burnham Holdings is pleased to join with Connecticut Innovations and the team at Enviro Power to invest in and support the development of the SmartWatt next-generation combined heat and power boiler,” added Chris Drew, President and Chief Operating Officer, Burnham Holdings. “The core features of the SmartWatt design align extremely well with our core strengths in product engineering, manufacturing capabilities and extensive market access through one of the largest networks of HVAC wholesalers and independent reps in the country. Helping bring the SmartWatt to market fits with our long-term commitment to developing clean, highly efficient, low-emission heating appliances that serve a broad array of residential and commercial applications.”
Along with the new round of funding, Enviro Power also announced it brought on Morgan O’Brien, CEO of Peoples Gas, to its newly reformed board.
