Warren Buffett invests in Israeli co eVolution Networks

Warren Buffett

The Ramat Gan based energy savings solution company has raised $22.5 million from Berkshire Hathaway and GE Ventures.

Israeli energy savings solutions company eVolution Networks today announced that it has raised $22.5 million from Warren Buffett's Berkshire Hathaway Energy subsidiary IES Holding, and GE Ventures. With the funding, eVolution Networks, which develops energy savings solutions for Mobile Network Operators (MNOs), plans to expand its worldwide presence and promote its solutions to new industries, such as data center energy management.

eVolution Networks was founded in 2011 by CEO Roy Morad and CTO Idan Cohen. The company, which had previously raised $4 million from Breslau Capital, has 50 employees, and has its offices in Ramat Gan.

Roy Morad said, "Energy costs are a huge problem for mobile operators. Operators are constantly forced to expand their network to support the growing data demand from subscribers and the Internet of Things (IOT). However, the way networks are designed today doesn't allow operators to wisely "right size" their energy use according to live traffic demand. eVolution Networks' Smart Energy Solution eliminates this problem."

eVolution Networks' Smart Energy Solution is a software-based solution that analyzes the mobile network's traffic needs and adjusts the use of the network's resources based on real-time demand from subscribers. This adaptive and unique approach to managing the network's resources has been deployed by Tier-1 operators such as Telefonica Group and has proven to save millions of dollars annually on energy bills.

"This team's management experience and strong technical background have helped establish eVolution Networks as a leader in the telecommunications energy efficiency market. eVolution Networks is poised for tremendous growth as more customers and business partners realize the benefits provided by the technology," said Bill Fehrman, president of Berkshire Hathaway Energy subsidiary IES Holding. "This funding will be used to capitalize on this potential, boost the company's growth worldwide and establish eVolution Networks products and technology as an industry standard."

"Given that energy costs are the largest portion of operating expenses for telecom operators, a 35 percent reduction in energy usage with Smart Energy Solution will have a significant impact on profitability," said Jonathan Pulitzer, Senior Director at GE Ventures. "GE Ventures is investing in eVolution Networks because of this potential for savings and the positive impact on global energy consumption."

Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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