Solar

I.T. Company Gets Support from Renewables Fund

An internet company in Pennsylvania has received state funds from a program to support renewable energy companies.

MEDIA, Pennsylvania, US, 2001-03-28 <SolarAccess.com> The PECO Sustainable Development Fund (SDF) and PPL Sustainable Energy Fund of Central Eastern Pennsylvania (SEF) have made an investment in Powerweb Technologies, Inc. The privately held company designs and operates Internet-based information services and control systems, and its Omni-Link Platform is used by companies to control distributed generation resources and real-time energy information. The SDF and SEF funds were created by the Pennsylvania Public Utilities Commission and other interested parties during the restructuring of Pennsylvania’s electric utilities. Both groups finance sustainable energy through loans and investments to businesses that manufacture solar photovoltaic systems, micro- turbines and other clean energy and energy-saving technologies. “Many utilities, energy suppliers and grid system operators are looking at distributed generation as a means to lower system peaks, improve reliability and lower costs,” says Powerweb president Lothar Budike. “Costs of new DG technologies such as fuel cells and micro turbines are still too costly to make them economically viable in the current marketplace.” The company’s Omni-Link system provides utilities with a method to roll out centralized distributed resource programs for all customer classes in a given service territory. It says the patented platform is designed for utilities and energy service providers that want to provide advanced distributed generation assets. “With what is going on in California, this is a market that a lot of people are going to rush into, and we want them to stay ahead of the game,” explains Tom Tuffey of SEF. The investment was made through the Reinvestment Fund operated by SDF and SEF. In addition to this financing, Powerweb is seeking to raise first round equity financing from other investors.