Northbrook, IL (March 19, 2012) – Independence Equity I LP, an early-stage venture fund, announces an investment in Intellihot Green Technologies, Inc (IGT). IGT’s tankless water heater reduces water and energy waste and reduces installation and operating costs.
With conventional water heaters, a substantial amount of water is wasted after a user opens the tap and awaits the arrival of hot water; the IGT design can provide instant hot water, reducing water wasted when people run their faucets excessively before use.
IGT units can be installed in both retrofits and new construction. The company has demonstrated 40% lower natural gas consumption with its unit and a capital investment up to 50% lower than the boiler/tank system that it replaces in commercial applications. The IGT unit also provides a more consistent heat profile than systems in the market today, a common complaint from users of existing tankless water heaters.
IGT has filed several patents covering fundamental design as well as specific elements of the system. Novel features include a self-learning software system, de-scaling techniques, remote monitoring, and master-less cascading that eliminates over-designs commonly used to ensure peak period hot water availability
According to Independence Equity Partner Laurence Hayward, “It is rare that we see an opportunity to invest in a technology that preserves two precious natural resources. The Intellihot technology saves energy and water. While “tankless” water heaters have been around for several years, Intellihot has built a much better mousetrap, which should enable tankless solutions to capture a much greater share of the large market for water heaters. This in turn reduces energy use and reduces water waste. We are pleased to take part in bringing this important technology to market.”
IGT is located in Galesburg, IL, making it the only company that designs and assembles tankless water heaters in the United States. It serves both residential and commercial markets and has several large scale deployments including the federal penitentiary in Pekin, IL.
About Independence Equity: Independence Equity I, LP is an early-stage venture capital fund focused on technologies that improve resource utilization. These include technologies reduce input costs such as raw materials, energy and labor, improve yield in production processes, or decrease waste or scrap. The fund’s interests comprise sectors such as material science, industrial innovation, and clean technologies (“cleantech”).
Contact: Laurence K. Hayward, 847.739.0100