Seattle-based Powerit Solutions has announced that it has secured major funding through a venture capital firm to expand and develop its operations.

The Seattle-based company does so-called demand management products, specifically for industrial facilities like factories. The technology, which is a combination of hardware and software, is designed to automatically dial down energy usage at facilities to save money on peak-demand charges.

For example, the system could turn off a fan or a pump for few minutes to reduce power consumption. The software lets site operators set rules so that turning off or dialing down equipment won't impact production of, say, a factory, or damage equipment, said Bob Zak, president of Powerit.

Combined, these measures can have a big impact, particularly on peak demand charges--the fee levied by utilities on commercial customers for their high-capacity power consumption, Zak said. The company's system is able to reduce peak demand charges between 10 and 40 percent which can be between 7 and 15 percent of the overall electricity bill, he said.

Read the full story by Martin Lamonica