HydroPoint Secures Investment from Citi Alternative Investments |
Smart Water Management Emerges as the Most Compelling "Green" SolutionPetaluma, Calif., September 25, 2007 – HydroPoint Data Systems, Inc., provider of WeatherTRAK® smart water management systems, today announced that it received a material investment from Sustainable Development Investments (SDI), a unit of Citi Alternative Investments, a division of Citi. This infusion of capital accelerates expansion of HydroPoint's sales and services capabilities and deployment of WeatherTRAK smart water management systems to property owners and public sector leaders who are planning economically sustainable green initiatives. As part of Citi's investment, Gisele S. Everett, a director at SDI, will join HydroPoint's board of directors."SDI's investment focus is on companies with significant growth potential that can deliver both compelling financial gains and proven environmental benefits, and HydroPoint is a perfect example," said Ms. Everett. "Not only does the company's WeatherTRAK solution deliver dramatic ROI for its customers, it also provides a multitude of environmental benefits including water and energy savings and improved water quality." "The efficient utilization of environmental resources is key to promoting sustainability – Citi is very pleased to have HydroPoint join the SDI portfolio," said Pamela Flaherty, Director of Corporate Citizenship at Citi. "Citi, a world leader in green technology investments, has made a $50 billion commitment to addressing global warming and other environmental issues. Their investment in HydroPoint highlights the critical importance of intelligently and dynamically managing water, an increasingly scarce resource we cannot live without," said HydroPoint President and CEO Chris Spain. "Our WeatherTRAK solution created a new green technology category. Now Citi's broad network of resources significantly strengthens our leadership in smart water management." HydroPoint's WeatherTRAK solution is proven to conserve more water than any other urban water technology solution by a factor of four. Fifty-eight percent of urban water is applied to landscapes, which are typically over-watered by 30 to 300 percent. The WeatherTRAK system is proven in public agency studies to eliminate 95 percent of that waste and, in doing so, reduce urban runoff pollution by as much as 71 percent. Conserving water is also a powerful means of reducing energy demand. 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 WeatherTRAK solution monitors and adjusts landscape water use based on plant needs and daily weather conditions. The company's Web-enabled commercial product allows customers to automate smart watering practices for all of their properties from a single online interface. HydroPoint customers frequently reduce outdoor water use by 20 to 60 percent and achieve positive return on their investment within two years through reduced maintenance, water and sewer expenses. Additionally, WeatherTRAK customers earn LEED® green building points for water efficiency. Public agencies encourage adoption of the WeatherTRAK smart irrigation system through a variety of measures. Already more than 50 public agencies across the U.S. offer rebate programs that cover up to half the cost of the product. The California cities of Newport Beach and Petaluma offer free WeatherTRAK systems to qualified homeowners. New California legislation will mandate the use of smart controllers such as the WeatherTRAK system. "The WeatherTRAK solution is a great example of how technology can deliver on a win, win proposition, saving companies money and protecting the planet's most precious resource," said Mr. Spain. "With half the U.S. in a drought and water demand rapidly escalating, this kind of double bottom line benefit has never been more pressing. Every company serious about implementing low-risk green programs with proven financial rewards needs to look at the WeatherTRAK solution." Citi's investment is in addition to HydroPoint's series C round funded earlier this year by RockPort Capital Partners, Chrysalix Energy Venture Capital, Firelake Strategic Technology Fund, Monitor Ventures and Shea Ventures. About HydroPoint Data Systems, Inc. The WeatherTRAK smart water management solution from HydroPoint Data Systems, Inc. provides smart irrigation to more than 10,000 customers. WeatherTRAK-enabled™ solutions are also available through the Toro® and Irritrol® brands. Twenty-two independent studies prove that WeatherTRAK systems maximize water conservation and improve landscape health. A California EPA-funded study proves WeatherTRAK's ability to reduce 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 public agencies to objectively measure smart controller performance. WeatherTRAK solutions are eligible for all public agency rebate programs and meet the highest U.S. standards for irrigation equipment, the State of California's. Headquartered in Petaluma, California, HydroPoint is privately owned and operated. For more information, visit www.weathertrak.com. About Citi Sustainable Development Investments (SDI) is a private equity investment unit of Citi Alternative Investments focused on renewable energy, alternative energy, clean technologies, water management, waste management, energy efficiency and environmental credits investments. Citi Alternative Investments is an alternative investment platform that manages a wide range of products across five asset classes, including private equity, hedge funds, real estate, structured products and infrastructure. CAI manages capital on behalf of Citi, as well as third-party institutional and high net worth investors. As of June 30, 2007, CAI had approximately $59.7 billion of un-levered assets under management, ranking CAI among the world's largest alternative asset managers. CAI's goal is to enable its 16 investment centers to retain the entrepreneurial qualities required to capitalize on evolving opportunities, while benefiting from the intellectual, operational and financial resources of Citi. Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com. |
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