Electric grid stability provided by Mosaic Power’s networked electric water heater controllers
Avon, CT, January 22, 2018
Clean Feet Investors I, LLC (“CFI”), a fund managed by Zahren Financial Co, LLC (“ZFC”), is pleased to announce that its portfolio company Mosaic Power, LLC (“Mosaic”), has received new capital investments from parties who are also investors in CFI to continue its rapid growth and development. Mosaic issued Convertible Notes which may be redeemed or exchanged into equity upon the consummation of an equity funding round anticipated later in 2018.
CFI had previously invested $2,000,000 of project equity to acquire operating systems managed by Mosaic. Similarly, Mosaic partners with IGS Energy (“IGS”), based in Columbus, OH, on the purchase and installation of systems in buildings, primarily low-income housing apartments, owned by parties who are already customers of IGS. Both ZFC and IGS are proud to be helping innovative companies like Mosaic to succeed in cost effective ways to help the fight against Climate Change by reducing the use of fossil fuel-based energy.
Bernie Zahren, the CEO of ZFC, said: “I am pleased to personally join with several other CFI investors to support the capital needs of Mosaic. Entrepreneurs like Greg and Laurie Vaudreuil are at the heart of the efforts needed to reform our outdated and inefficient electrical supply infrastructure.”
About Mosaic Power, LLC
Mosaic, based in Frederick, MD, has developed a proprietary technology named: the Water Heater Efficiency Network (“WHEN”). To date, Mosaic has installed and operates over 15,000 of these control units in the PJM electric grid to assist the Independent System Operator in managing periods of peak power demand by limiting the number of electric water heaters online at a given time. This service is critical to the PJM grid, which covers 14 states and DC, especially in times of high electric power usage.
About Clean Feet Investors, I, LLC
Clean Feet Investors I, LLC is managed by ZFC and was closed to new investors in 2016. To date approximately $30,000,000 of capital from qualified accredited investors and reinvestment of several asset sales, has been placed in operating hard assets by ZFC with eleven different partner companies. ZFC has made regular quarterly cash distributions to investors who embrace the concept of “Doing Well by Doing Good” since inception of the CFI offering in 2010.
About the IGS Family of Companies
With over 25 years of experience in the energy industry, the IGS family of companies provides the following to over one million customers across the country: natural gas, electricity, and home protection products; power generation solutions off the grid; clean, domestic alternative fueling options; and solar solutions. The company focuses on empowering consumers to make choices that best fit their energy needs. Their community investment program, IGS Impact, provides employees with opportunities to get involved with causes that are meaningful to both the company and to them personally.
For additional information please contact: