Comverge Announces Closing of Its $5.5 Million Series "C" Preferred Funding
Round; Forms Strategic Alliance with Air Products Air Products and Partners for Growth Join 7 Repeat Investors Via Series "C" Preferred Shares
East Hanover, NJ - March 20, 2006: Comverge, Inc., a leading Demand Response
company enabling utilities, industry and consumers to better manage peak electricity usage,
announced the closing of its Series "C" Preferred Share financing round and the formation of a
strategic alliance with Air Products and Chemicals, Inc. (NYSE: APD). Air Products was joined by
Partners for Growth as a new investor in Comverge's Series "C" round. Current investors, Nth
Power, EnerTech Capital Partners, Rockport Capital Partners, Norsk Hydro Ventures, Ridgewood
Capital, Easton Hunt and Data Systems & Software, Inc. also participated in the Series "C" round.
"Our new strategic relationship with Air Products, as well as the additional Series "C" funding, will
enable us to strengthen our market position and innovate leading-edge technology for our utility
and consumer clients," said Robert M. Chiste, Comverge's Chairman, President, and Chief
Executive Officer. "The continued support and confidence of current investors, as well as new
investors Air Products and Partners for Growth, help reinforce the validity of the business
strategy we are implementing to serve electric utilities and users as we establish ourselves as the
leading and most innovative Demand Response company in the business."
"After reviewing many of the industry participants, we are pleased to have made this venture
investment, and at the same time begin a business development relationship with Comverge, a
company that is a leader in the Demand Response industry," said Ron Pierantozzi, Director, New
Business Development at Air Products. "We view Demand Response technology as having
increasing importance as energy issues continue to be a major public focus. This technology is
an extension of our machine-to-machine business strategy, and, as a clean energy initiative, it
aligns well within our energy and process industries growth platform."
Chiste continued: "Demand Response technology is used by electric utilities to manage peak
periods of energy use through demand and price response solutions, by allowing customers to be
compensated for curtailing energy use during periods of peak energy demand. Air Products will
be working with Comverge to develop new sources of potential load reduction, as well as working
together on other commercial projects."
About Comverge, Inc.
Comverge, Inc., The Power in Power TechnologyTM is a leading Demand Response company
whose investors include Nth Power, EnerTech Capital, Data Systems & Software, Inc. (OTCBB:
DSSI), E.ON Venture Partners GmbH (NYSE: EON), Ridgewood Capital, Easton Hunt Capital
Partners, L.P., Norsk Hydro Technology Ventures (NYSE: NHY), Rockport Capital Partners,
Partners for Growth and Shell Internet Ventures, an affiliate of the Royal Dutch/Shell Group of
Companies (NYSE: RD). Providing software and system solutions to over 500 clients in the
electric utility industry, Comverge implements both integrated and outsourced solution based
models for remote meter reading, distributed generation monitoring, and time-of-use billing and
demand response, and direct or voluntary load control initiatives. For more information visit www.comverge.com.
About Air Products & Chemicals, Inc.
Air Products (NYSE:APD) serves customers in technology, energy, healthcare and industrial
markets worldwide with a unique portfolio of products, services and solutions, providing
atmospheric gases, process and specialty gases, performance materials and chemical
intermediates. Founded in 1940, Air Products has built leading positions in key growth markets
such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas
liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative
culture, operational excellence and commitment to safety and the environment and is listed in
the Dow Jones Sustainability and FTSE4Good Indices. The company has annual revenues of $8.1
billion, operations in over 30 countries, and over 20,000 employees around the globe. For more
information, visit www.airproducts.com.
About Partners for Growth
Partners for Growth, L.P. I and II (PfG) is a leading provider of custom venture-debt solutions to
late-stage technology and life science companies nationwide. Founded in April 2004 by the
former members of Hambrecht & Quist's venture lending group, PFG is organized as two private
partnerships, with over $100 million under management. PfG works closely with Silicon Valley
Bank, the largest lender to technology companies, whereby PfG can provide incremental debt
solutions to many of the Bank's clients. Silicon Valley Bank Financial Group is PfG's largest limited
partner.
Media Contact
At Comverge, Bud Vos, Vice President of Marketing, Products, & Strategy, 973.884.5970, bvos@comverge.com
At Air Products, Art George, 610.481.1340, georgeaf@airproducts.com
At Partners for Growth, Lorraine Nield, Chief Financial Officer, 415.912.5892,
lorraine@pfgrowth.com
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