Tuesday, December 9, 2008

MVM Funds Energy Management Firm

Los Angeles-based Momentum Venture Management has funded a firm in the energy space, PhoenixESG, PhoenixESG said this morning. The company, which is based in New Jersey, develops energy management, monitoring, control systems and services. Amount of the funding was not disclosed. Matt Ridenour, who is a Managing Partner at Momentum Venture Management, has been named CEO of PhoenixESG as part of the funding. According to PhoenixESG, the funding will go towards expansion and to strengthen the firm's sales and marketing efforts. PhoenixESG's products are used by large enterprises to reduce their energy costs. Momentum Ventures takes both equity stakes and an operational role in promising companies. More information »