PRESS RELEASE
PhoenixESG Receives Venture Capital Investment
Will Fuel Expansion and Sales Initiatives for Ground-Breaking Energy Management Technology
Los Angeles, Calif., December 1, 2008 –- PhoenixESG (www.phoenixesg.com), a firm that provides energy management, monitoring, control systems and services, announced an anchor investment from Los Angeles based Momentum Venture Management (www.mvmpartners.com). The financing will support PhoenixESG’s continued expansion and strengthen the company's sales and marketing efforts for their innovative energy-management technology.
Matt Ridenour, Managing Partner of Momentum Venture Management, has been named CEO of PhoenixESG concurrent with the financing. Mr. Ridenour assumed the position of CEO on November 1, 2008. “Momentum believes PhoenixESG has the preeminent platform to help large enterprises, public and private, to dramatically reduce energy costs while improving their ability to make long term plans for sustainability,” said Mr. Ridenour. “We feel that the timing is ideal to bring cost saving energy management technology to businesses and universities which have, and will continue to see, dramatic energy cost increases.” Fernando Ramirez, Co-Founder of PhoenixESG concurs, “Our clients can expect to be up and running within 60 days and in most cases they will pay for our systems in the first 8-12 months with a strong recurring ROI thereafter. Equally important, we help our clients report to their constituents about what they are doing to build a more sustainable and environmentally friendly business”. “In addition to the development of our systems and services, we were methodical in our search for the right CEO for our company,” said Lisa Varga, Co-Founder of PhoenixESG. “Matt’s extensive senior management experience and skill with VC-backed technology companies is a great compliment to our team of industry experts. Together, we are well positioned to aggressively grow the business and scale our operations very quickly.”
About PhoenixESG PhoenixESG provides businesses with energy conservation management, monitoring, control systems and services. Information about PhoenixESG can also be found at (www.phoenixesg.com). Phoenix’ proprietary technology platform is backwards compatible with hundreds of legacy energy management systems and is quickly
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deployed with almost immediate payback and high continuing ROI. The company currently manages over $1B in annual energy spend on behalf of Fortune 1000 companies and large universities.
About Momentum Venture Management (www.mvmpartners.com) Momentum Venture Management is a Los Angeles based firm that provides funding and senior management to high growth, early stage technology companies. Information about Momentum can also be found at (www.mvmpartners.com).
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