(Bloomberg) — EVolution Networks, a provider of energy-management software and services, received $22.5 million in
backing from units of Berkshire Hathaway Inc. and General
Electric Co.
The company will use the Series B funding from Berkshire’s
IES Holding and GE Ventures to expand into new regions and
target customers in industries including data centers, according
to an e-mailed statement from Tel Aviv-based EVolution Networks.
The company didn’t say how much it received from each backer.
EVolution’s technology can reduce energy consumption for
telecommunications systems by more than one-third, according to
the statement. Telefonica SA, Europe’s second largest carrier,
agreed in November to use it with its base stations.
EVolution “is poised for tremendous growth as more
customers and business partners realize the benefits provided by
the technology,” Bill Fehrman, president of IES Holding, said
in the statement.
To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net
To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Robin Saponar