eVolution Networks Closes $22.5 Million Funding from Berkshire Hathaway Energy Subsidiary, IES Holding and GE Ventures to Expand Worldwide Presence
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Berkshire Hathaway Energy subsidiary IES Holding, and GE Ventures contribute to funding to grow worldwide sales and promote the Smart Energy Solution to new industries
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NEW YORK, May 19, 2015 /PRNewswire/ --
eVolution Networks, innovator in energy savings solutions for Mobile Network Operators (MNOs), today announced that Berkshire Hathaway Energy subsidiary IES Holding, and GE Ventures have invested $22.5 million in eVolution Networks. With the funding, eVolution Networks plans to expand its worldwide presence and promote its solutions to new industries, such as data center energy management.
"Energy costs are a huge problem for mobile operators," said Roy Morad, CEO of eVolution Networks. "Operators are constantly forced to expand their network to support the growing data demand from subscribers and the Internet of Things (IOT). However, the way networks are designed today doesn't allow operators to wisely "right size" their energy use according to live traffic demand. eVolution Networks' Smart Energy Solution eliminates this problem."
eVolution Networks' Smart Energy Solution is a software-based solution that analyzes the mobile network's traffic needs and adjusts the use of the network's resources based on real-time demand from subscribers. This adaptive and unique approach to managing the network's resources has been deployed by Tier-1 operators such as Telefonica Group and has proven to save millions of dollars annually on energy bills.
"This team's management experience and strong technical background have helped establish eVolution Networks as a leader in the telecommunications energy efficiency market. eVolution Networks is poised for tremendous growth as more customers and business partners realize the benefits provided by the technology," said Bill Fehrman, president of Berkshire Hathaway Energy subsidiary IES Holding. "This funding will be used to capitalize on this potential, boost the company's growth worldwide and establish eVolution Networks products and technology as an industry standard."
Worldwide figures show the telecommunications industry is responsible for 3 percent of the global energy consumption. This translates to an estimated $20 billion spent yearly by mobile network operators. Smart Energy Solution offers an answer by making the networks as efficient as possible through data analysis and advanced load management.
"Given that energy costs are the largest portion of operating expenses for telecom operators, a 35 percent reduction in energy usage with Smart Energy Solution will have a significant impact on profitability," said Jonathan Pulitzer, Senior Director at GE Ventures. "GE Ventures is investing in eVolution Networks because of this potential for savings and the positive impact on global energy consumption."
For more information about eVolution Networks, visit http://www.evolution-networks.com
About eVolution Networks
eVolution Networks solves one of the world's biggest energy consumption problems: uncontrolled and excess energy usage by mobile networks.
eVolution Networks' Smart Energy Solution reduces up to 35% of the annual energy consumption of mobile operators by analyzing the network's needs in real time and managing the network resources accordingly from the base station to the data center.
eVolution Networks Smart Energy Solution is a proven success story, deployed by tier-1 operators such as Telefonica group.
About IES Holding (A wholly owned subsidiary of Berkshire Hathaway Energy)
In addition to its investment in eVolution Networks, IES Holding has an operating subsidiary that integrates, aggregates and manages residential and commercial load, generation and storage assets and related technologies in concert with economic or market based constructs to reduce overall energy system costs and improve grid reliability. IES is a wholly owned subsidiary of Berkshire Hathaway Energy. For more information, please visit http://www.intelligent-es.com/
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE's technical expertise, capital and opportunities for commercialization through GE's global network of business, customers and partners. GE Ventures offers an unparalleled level of resources through its Global Research Center, including: 35,000 engineers; 5,000 research scientists; 8,000 software professionals; as well as 40,000 sales, marketing and development resources in over 100 countries. For more information, please visit http://www.geventures.com
SOURCE eVolution Networks
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