SaveOnEnergy.com SECURES $2.4 MILLION IN FUNDING
Growth Capital Expected to Accelerate Expansion to New York and Illinois
DALLAS — March 17, 2008 – Dallas-based SaveOnEnergy.com (www.SaveOnEnergy.com ) announced today it has secured $2.4 million in funding led by a group of oil and gas executives based in San Antonio, Texas and El Paso, Texas. The new investors will acquire a minority stake in the parent company Save On Energy, LTD.
The company plans to use the additional capital for an increased marketing and advertising campaign in Texas, as well as expansion into New York and Illinois. SaveOnEnergy.com expects to close on the transaction by the end of this month. More details will follow in a separate press release said a company spokesman.
“There have been a variety of opportunities in the past for us to secure funding, but we felt the timing was finally right to take the company to the next level and the investors involved are on board with the company’s vision of expansion,” said Brent Moore, founder and CEO of SaveOnEnergy.com. “Our exchange portal has the ability to change the way competitive energy markets work by enhancing competition and ultimately driving the prices down for the consumer. We truly believe in competition and have hopes that it will help the industry, as well as the customer, thrive.”
SaveOnEnergy.com recently launched the first commercial retail exchange portal in Texas in October 2007.
The first model of its kind in the competitive energy industry, SaveOnEnergy.com’s exchange portal allows eight energy suppliers to compete head to head for the customer’s business. Texas business customers simply log on to the SaveOnEnergy.com website (www.SaveOnEnergy.com ), enter their business and usage information, and the information is then delivered real-time to each of the participating eight energy suppliers. The suppliers then evaluate the information and contact the customer directly.
Different than other online energy brokers, SaveOnEnergy.com no longer uses an internal direct sales force for commercial leads and now serves as a clearinghouse where suppliers compete directly for the customer’s business. The retail exchange format frees customers from time consuming efforts to locate competitive energy firms and solicit bids for their energy usage. With a click of the mouse, customers are contacted directly and receive real-time competitive bids.
SaveOnEnergy.com (www.SaveOnEnergy.com ) the leading source for energy information and solutions, is a free online service providing consumers with the tools to easily find, compare and order competitive energy services. SaveOnEnergy.com is the result of a unique synergy between the convenience of online capabilities and the numerous choices available from emerging energy competition. A “one-stop-shop” destination for competitive rates and energy saving solutions, SaveOnEnergy.com connects residents and businesses to a select group of pre-qualified energy providers. Independent and unbiased, SaveOnEnergy.com’s highly trained staff of business-to-business experts recommend only those providers meeting a rigorous criteria, offering competitive rates and savings and delivering excellent customer service. Founded in 2003, SaveOnEnergy.com, a division of Save On Energy, LTD., is headquartered in Dallas.