Waterloo, Ontario. May 31, 2013 – Waterloo North Hydro today announced it has invested in Eyedro Green Solutions Inc. eyedro.com, a local software and electronics design company that helps consumers better understand their electricity usage and help them reduce costs.
Through its holding company, Waterloo North Hydro purchased 23 per cent of Eyedro with an option to purchase an additional 10 per cent within a year.
“This is an important strategic investment for us,” said Tim Jackson, Chair of Waterloo North Hydro’s Business Development Committee. “It aligns well with our goals of being a leader in the energy industry and seeking investments that create value for our customers and shareholders over the long term.”
Eyedro is a privately-owned company with a focus on affordable energy management products. Their flagship electricity monitoring products allow consumers to visualize electricity usage in real time which helps them identify waste and reduce electricity consumption and costs.
“One of the few tools available to homeowners and businesses is to monitor electricity usage,” said Trevor Orton, CEO and Co-Founder of Eyedro. “Smart meters are a good start, but real time information is the goal. We are very pleased to be associated with a long standing and reputable company such as Waterloo North Hydro.”
Eyedro is one of the startup companies participating in the Waterloo Accelerator Program and is based at the Communitech Hub. With this new funding, Eyedro plans to accelerate growth of its product development and sales teams. The capital will also allow the company to focus on value-add partnerships with other complementary energy saving products.
“Eyedro is offering a unique and low cost solution to help consumers better manage their energy usage and reduce costs” said Rene Gatien, President and CEO of Waterloo North Hydro Holding Corporation. “There is a growing need for Eyedro’s products due to the increasing cost of energy and conservation initiatives being introduced by various jurisdictions including Ontario. We are very excited to be part of the Eyedro team.”
About Waterloo North Hydro Holding Corporation
Waterloo North Hydro Holding Corporation is a holding company that owns Waterloo North Hydro Inc., the local distribution company and is jointly owned by the City of Waterloo, The Township of Wellesley and the Township of Woolwich.
For further details, please contact:
Waterloo North Hydro Holding Corporation
Rene Gatien, President & CEO
Eyedro Green Solutions Inc.
Trevor Orton, Co-Founder & CEO
eyedro.com & myFreeMonitor.com