Mitsui Ventures, the corporate venturing unit of the Japanese conglomerate, has made a $15m investment in Viridity Energy.
On the 6th August, Viridity Energy said it had received the money from Mitsui Ventures in new Series C equity funding. Existing backers include AltEnergy, Braemar Energy Ventures, Intel Capital and Novus Energy Partners.
Viridity Energy is a company, which provides large energy consumers with tools to reduce energy spending whilst helping to create energy revenues, was formed in 2008 in Conshocken, Pennsylvania.
According to data provider CB Insights, Viridity has previously received funding grants of $1.2m in October 2009 from the Department of Energy. In September the following year, the Southeastern Pennsylvania Transportation Authority invested $0.9m. The most recent grant was a sum of $1.7m from California Public Utilities Commission in October 2010.
In January 2011, backers Intel Capital and Braemar Energy Ventures invested $14m in a Series B financing round.