Deal Details

Phoenix Receives Growth Equity Investment from Spring Lake and EIC

Technology & Services
Energy

Phoenix, a subsidiary of Duke, growth equity investment from Spring Lake and EIC

Summary

Phoenix Energy Technologies (“PhoenixET” or the “Company”), a subsidiary of Duke Energy Corporation (“Duke”) (NYSE: DUK), recently received a growth equity investment from Spring Lake Equity Partners (“Spring Lake”) and Energy Innovation Capital (“EIC”). Terms of the transaction were not disclosed.

Baird served as exclusive financial advisor to Phoenix Energy Technologies on this transaction.

About

PhoenixET is a leading provider of smart building IoT SaaS solutions for energy and facility management to multi-site location enterprise clients across retail, grocery, entertainment, universities and other commercial segments. The Company’s software solutions control, manage and monitor critical assets, such as HVAC, lighting and refrigeration, to generate ROI for customers by optimizing equipment efficiency, which reduces energy costs, decreases repair and maintenance spend, and lowers capex by extending the life of assets. PhoenixET is headquartered in Aliso Viejo, California.

Duke Energy Corporation, a Fortune 125 company, is one of the largest energy holding companies in the United States. It employs 30,000 people and has an electric generating capacity of 51,000 megawatts through its regulated utilities and 3,000 megawatts through its nonregulated Duke Energy Renewables unit. Duke Energy is transforming its customers’ experience, modernizing the energy grid, generating cleaner energy and expanding natural gas infrastructure to create a smarter energy future for the people and communities it serves. Duke is headquartered in Charlotte, North Carolina.

Spring Lake Equity Partners is a growth equity firm that invests primarily in later-stage, technology-oriented private companies in software, digital media, mobile, data center infrastructure, healthcare IT, and business/financial services. Spring Lake seeks to partner with great management teams to take their businesses to the next level, creating value for all stakeholders. Spring Lake is headquartered in Boston, Massachusetts.

Energy Innovation Capital is the preferred partner and premier capital provider for innovators serving the energy industry. EIC bridges the energy and innovation ecosystems to support companies that drive operational efficiency, safety, and sustainability in the global oil, gas, and power sectors. EIC is headquartered in San Frnacisco, California.

Technology & Services
Energy

Phoenix, a subsidiary of Duke, growth equity investment from Spring Lake and EIC