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Cornerstone Angels Funds Intellihot Green Technologies, Inc.

Cornerstone Angels has announced it's participation in the Series A funding round for Intellihot Green Technologies, Inc., a smart tankless water heater company based in Galesburg, IL

 
PRLog - Oct. 1, 2012 - NORTHBROOK, Ill. -- Cornerstone Angels, a private membership-based investment network of high net-worth individuals and families has announced it has participated in the Series A funding round for Intellihot Green Technologies, Inc., a smart tankless water heater company based in Galesburg, IL  

Intellihot Green Technologies Inc., based in Galesburg, IL, designs and manufactures intelligent water heating systems.  The Intellihot system incorporates advanced control logic, sensors, remote monitoring, self-cleaning and self-learning capabilities, which combined with other patent-pending features enable instant and continuous hot water.  

According to Cornerstone Angels Founder and Managing Director Michael C. Gruber, “Intellihot is an incredibly exciting company given that it has developed a highly innovative solution to address issues surrounding our growing water and energy usage.  The company is targeting a huge market with an elegantly engineered solution that provides a clearly compelling economic return.  Lastly, the company is targeting commercial and industrial users who do not have another viable alternative solution.”

Water heaters are major contributors to global problems of wasted energy and wasted water.  Today’s conventional heaters keep large tanks of water hot even when the water is not being used, and people waste significant amounts of water by running the faucet until hot water arrives.  Inefficient water heaters account for $19 billion annually in wasted energy costs in the U.S. alone based on a DOE study. Intellihot will be able to address this tremendous problem and has demonstrated its ability to save customers 20-40% in energy savings.

         Sri Deivasiamani, CEO of Intellihot, stated that he is excited to add Cornerstone to his investor base given the level of expertise and experience within its membership base.  I look forward to their ongoing support to accelerate our growth.”

         Cornerstone joins Independence Equity I, LP, Central Illinois Angels, and other high net worth individuals as shareholders in the Series A round.

About Cornerstone Angels

Cornerstone Angels is a private membership-based investment organization composed of successful executives, entrepreneurs, and investors who seek to provide financial capital and mentorship to early-stage companies.  Cornerstone Angels through its strong relationships attracts in excess of 250 deals annually for investment consideration.  

Cornerstone Angels meets on a monthly basis By Invitation Only in Chicago, IL, while attracting investor and company interest and participation nationwide.  Cornerstone has recently re-opened up its private membership to a select group of individuals and families for participation.

For more information: www.cornerstoneangels.com

About Intellihot Green Technologies

Intellihot Green Technologies Inc., based in Galesburg, IL, designs and manufactures intelligent water heating systems that enable significant water and energy savings.  The Intellihot tankless water heaters are the first condensing tankless gas water heaters designed and assembled in the USA.  The Intellihot system incorporates advanced control logic, sensors, remote monitoring, self-cleaning and self-learning capabilities, which combined with other patent-pending features enable instant and continuous hot water. For more information, visit: http://www.intellihot.com

Contact:  Cornerstone Angels, 1064 Western Avenue, Suite 170, Northbrook, IL  60062

   Michael C. Gruber, 847.739.0100, michael@cornerstoneangels.com

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Contact Email:
***@cornerstoneangels.com Email Verified
Source:Cornerstone Angels
Phone:8477390100
Zip:60062
Location:Northbrook - Illinois - United States
Industry:Engineering, Finance
Tags:tankless water heater, angel investment, Chicago, intellihot, Small Business
Shortcut:prlog.org/11988193
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