Green Plug, the first developer of digital technology enabling real-time collaboration between electronic devices and their power sources, today announced that it has received a Series A investment from Peninsula Equity Partners of Menlo Park, Calif. The amount of the investment was not disclosed.
Green Plug made the announcement at DEMO 08, the exclusive conference for emerging technology being held January 28-30 in Palm Desert, Calif. Green Plug is exhibiting in station #28 at the show.
Green Plug will apply the investment proceeds to expanding the sales of its Universal Power Protocol chip, which embeds Greentalk - the company's secure, digital protocol for real-time communication between devices that require power and their power sources - and to securing partnerships with OEMs that will bring to market intelligent Green Plug-enabled DC power charging hubs.
"Green technology has been in hype mode for a couple years now, and largely ignored by the consumer electronics industry," said Chris Shipley, executive producer of DEMO 08. "Green Plug's emergence is a positive sign that a universal DC power standard may one day become a reality, and the company itself is a prime example that environmentally-friendly devices will find a market with green consumers."
"Green Plug technology offers unprecedented levels of convenience, cost- effectiveness and environmental friendliness to consumers, electronics manufacturers, utility companies and regulators," said Greg Robinson, Managing Director, Peninsula Equity Partners. "By enabling a single external power supply to power any DC-powered product, regardless of the device's power requirements, Green Plug's intellectual property represents an enormous breakthrough."
According to Frank Paniagua Jr., CEO and founder of Green Plug, "we chose to go with Peninsula Equity Partners because the firm truly understands what Green Plug is seeking to accomplish. Today, the power model is broken -- 3.2 billion external power supplies are estimated to be designed, manufactured and shipped in 2008. Peninsula recognizes the opportunity this represents and we are pleased to be working together in building a company and a global standard around Green Plug technology. We're delighted to formally unveil that standard at DEMO 08 this week."
Green Plug is the first green technology company to apply two-way digital communication to convert a universal power source to a device's specific power requirements. The Greentalk digital protocol enables devices to collaborate with power supplies to dynamically monitor, control and optimize power delivery for changing conditions. Highly efficient, stylish DC power hubs enabled with Green Plug's UPP chip are able to simultaneously power multiple devices, each with its own specific voltage and power requirements. Green Plug technology minimizes solid waste by allowing consumers to keep their chargers for use with future devices after their current devices have become obsolete. -- Green Plug
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