Unitil Increases Investment in Enermetrix.com
Hampton, NH – December 6, 1999: Unitil Corporation (AMEX:UTL) (www.unitil.com) today announced it increased its equity investment in Enermetrix.com (www.enermetrix.com) by an additional $1.15 million. Unitil invested $3 million in Enermetrix earlier this year.
Enermetrix.com raised over $20 million in equity financing this round. The financing will allow Enermetrix.com to accelerate its development and deployment of Internet technology and services to deregulating energy markets around the globe. In addition to Unitil Corporation, other investors in Enermetrix.com include InSight Capital Partners, GE Capital (Parent:General Electric NYSE:GE), and Duquesne Enterprises (Parent: DQE, Inc. NYSE:DQE).
"We are very pleased to increase our investment in Enermetrix.com." said Unitil CEO, Bob Schoenberger. "In addition to being an investor, we also hold a license for Enermetrix.com’s technology, and use it to drive our UsourceTM product. Usource is a simple, no-hassle tool for customers to choose a competitive energy supplier. The addition of GE and InSight Capital as strategic partners is a strong endorsement of the Enermetrix.com business model."
John Gaus, Chairman and CEO of Enermetrix.com commented, "We are delighted that Unitil has chosen to continue to be a major investor in our company, along with Duquesne and now, joined by GE Capital and InSight Capital Partners."
Enermetrix.com is a privately held company headquartered in Maynard, Massachusetts, with operations throughout the United States. The Company began operating in 1996 as North American Power Brokers, Inc. to deliver energy brokering and consulting services to the deregulating energy industry. It changed its name in August, 1999, to reflect a company that delivers Internet technology and business process standards to the energy industry. Enermetrix.com’s award-winning Internet commerce system is the nation’s most active exchange for commercial, industrial and other aggregate energy transactions. Energy buyers and sellers use Enermetrix.com’s transaction environment and enterprise technology to share information, execute transactions and generate reports via the Web. Enermetrix.com revolutionizes the way its users manage deregulated energy business issues.
Unitil is a public utility holding company with subsidiaries providing electric service in New Hampshire and electric and gas service in Massachusetts and energy services throughout the Northeast. Its subsidiaries are Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Resources, Inc., and Unitil Service Corp.
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