HYDROPOINT SECURES $19M IN SERIES C FINANCING
Proven Leader in Smart Irrigation to Expand Turnkey Services
Offering
Petaluma, Calif., January 31, 2007 – HydroPoint Data
Systems, Inc., provider of market-leading WeatherTRAK® water
management systems, today announced the closing of $19 million
in private equity financing. The Company's series C round was
led by RockPort Capital Partners, a leading venture capital firm
specializing in energy, materials and process technologies, with
strong support from Chrysalix Energy Venture Capital, a global
venture capital firm focused on clean energy technologies. The
financing will expand HydroPoint's sales and marketing of the
WeatherTRAK solution to builders, corporate campuses, property
managers and property owners throughout North America. As part
of this transaction, Todd Wilson, General Partner, RockPort and
Greg Sullivan, Managing Director, Chrysalix will join
HydroPoint's Board of Directors.
"We view HydroPoint as the clear leader in a market segment on
the brink of exponential growth," said Todd Wilson. "Leveraging
its proprietary technology and market presence, the Company
offers a compelling economic value proposition to its large and
growing customer base. Further, sustainable resource management
is a strong and growing theme in corporate boardrooms and town
hall meetings across the U.S. and Canada. HydroPoint will extend
its leadership position because it provides an exceptional
outdoor water management solution proven to eliminate systemic
overwatering and runoff pollution at the point-of-use."
"HydroPoint is ushering in the next frontier in water management
by eliminating waste from our landscapes, which use more water
than all indoor household appliances combined," added Greg
Sullivan. "HydroPoint's smart irrigation solution reduces
expenses and protects our most precious natural resource. This
win-win proposition is a solid foundation for significant
growth."
Additional investors in HydroPoint's series C financing included
Firelake Strategic Technology Fund; Monitor Ventures; Shea
Ventures; and The Toro Company.
Nineteen percent of California's electricity and 30 percent of
its natural gas are consumed in meeting the state's water needs,
according to the California Energy Commission. The billions of
gallons of water WeatherTRAK customers will conserve in 2007
will help relieve dependence on the carbon-based fuels that
contribute to global warming. Further, the WeatherTRAK solution
protects waterways by virtually eliminating the flow of
fertilizers, pesticides and other contaminants from overwatered
landscapes.
Recognizing the critical importance of eliminating landscape
water waste, public agencies are encouraging adoption of the
WeatherTRAK smart irrigation system through rebates and other
measures. More than 50 public agencies across the U.S. now offer
rebate programs that cover up to half the cost of the product
for residential and commercial applications. Additionally, new
California legislation will mandate the use of smart controllers
such as the WeatherTRAK system. Customers are realizing
significant return on investment results that have accelerated
expansion of the WeatherTRAK solution across their portfolios.
Industry leaders such as Shea Homes, Archstone-Smith (NYSE: ASN),
BRE Properties (NYSE: BRE) and Lockheed Martin (NYSE: LMT)
selected WeatherTRAK to reduce water expenses and to protect
property investments and local environments from landscape
runoff pollution.
"HydroPoint revolutionized landscape irrigation by offering
proven water-saving technology combined with flexible
professional services that enable our customers to focus on
their core competencies while they achieve dramatic ROI through
intelligent water management," said Chris Spain, president and
CEO, HydroPoint. "This investment is a powerful acknowledgement
of the size and momentum of our market. Over the last year, we
quadrupled our subscriber base and grew revenue by 160 percent."
About HydroPoint Data Systems, Inc.
HydroPoint provides WeatherTRAK smart irrigation solutions
directly and through the Toro® and Irritrol® brands to more than
10,000 customers including the Fortune 1000, private
individuals, municipalities and water districts. Twenty-two
independent studies prove that WeatherTRAK systems maximize
water conservation and improve landscape health. In particular,
a California EPA-funded study demonstrated the WeatherTRAK
solution's ability to reduce non-point source runoff pollution
by 71 percent. Additionally, the WeatherTRAK product line
received perfect scores across the board on the Smart Water
Application Technology™ protocol, developed by a consortium of
agencies and civic leaders to objectively measure smart
controller performance. Based on this track record of success,
WeatherTRAK solutions are eligible for all public agency rebate
programs and meet the State of California's new performance
standards for irrigation equipment. Headquartered in Petaluma,
California, HydroPoint is privately owned and operated. For more
information, visit
www.weathertrak.com.
About RockPort Capital Partners
RockPort Capital Partners is dedicated to investing in and
supporting the most promising entrepreneurs and technologies in
the energy and power, advanced materials, and process and
prevention sectors. RockPort has deep business and industry
knowledge gained from years of management, technical, financial,
and operations experience. RockPort's mission is to work
alongside entrepreneurial management in order to create value,
foster rapid growth and deliver outstanding returns to
investors. To learn more about Rockport, visit
www.rockportcap.com.
About Chrysalix Energy
Chrysalix Energy invests in compelling technologies and
entrepreneurial management teams that address the changing
demands of the global energy industry. Founded in 2001,
Chrysalix actively supports its client Companies with deep
industry and technical knowledge, management and board
assistance, organized networking with industrial and financial
partners, and management of intellectual property. To learn more
about Chrysalix Energy visit www.chrysalix.com
