Intellihot wins $400,000 in Illinois Clean Energy Fund Awards
Featured on the Chicago Tribune
A Galesburg hot water-heating system maker took home $400,000 Monday night as the first-place winner in the first Illinois Clean Energy Fund Awards.
Intellihot, a maker of tankless water heaters, earned the prize and the check after pitching its business plan to a team of judges, made up of energy industry representatives and investors. The Clean Energy Trust, a Chicago-based promoter of clean energy startups, and the Illinois Department of Commerce and Economic Opportunity (DCEO) sponsored the event.
Three other startups also won cash: SiNode Systems, a battery materials maker, $300,000; AllCell Technologies, a battery pack manufacturer, $200,000; and Agentis Energy, maker of a software platform to help energy customers manage power consumption, $100,000.
The money came from a $2.3 million DCEO grant aimed at early growth companies. Clean Energy Trust CEO Amy Francetic said these firms have products in the market and are generating revenue but need capital to sustain growth.
“You need a lot of capital in the clean tech space,” Francetic said. “This is a bridge to more venture funding.”
Intellihot CEO and President Sridhar Deivasigamani said the company has raised Series A financing and is preparing for a Series B round. He said the company is expanding its sales network and has manufacturers’ representatives in more than 20 states.
“This will help us build more products, and go out and sell them, as we do that,” he said of the cash award.
Deivasigamani said the Intellihot system heats water instantly when it is needed, reducing waste by eliminating the need for large, constantly heated water tanks. He told judges the Intellihot system is “more robust” than similar systems, making it suitable for high-use commercial applications.