Hydro companies are educating consumers in energy conservation by investing in technology.
Last week Waterloo North Hydro announced a strategic equity investment in Eyedro Green Solutions Inc., a startup based at the Communitech Hub. The initial investment is 23 percent with the option to purchase a further 10 percent next year.
Matthew Monteyne, VP Sales and Marketing for Eyedro Green Solutions Inc., said this relationship and investment arose out of the networking opportunities provided by being a part of the Communitech ecosystem.
Eyedro is a tool and application that provides consumers with readouts of their electricity consumption in real time.
By monitoring usage consumers can identify electricity waste, and energy saving opportunities. Eyedro’s products can potentially have a huge impact on energy conservation for both homes and businesses.
The funding will be used to ramp up marketing and sales efforts to accelerate growth and develop strategic partnerships. Communitech will continue to support Eyehydro with networking and access to talent.
“Being a part of this (Communitech) environment energizes what one does on a day-to-day basis,” says Monteyne.