eVolution Networks, a provider of energy savings solutions for Mobile Network Operators (MNOs) received an investment from the subsidiaries of Berkshire Hathaway and General Electronics Company.
IES Holding, the energy subsidiary of Berkshire Hathaway and GE Ventures invested $225 million in eVolution Networks.
Assets in private equity and venture capital strategies have seen significant growth in recent years. In comparison, assets in the hedge fund industry have experienced slowing growth rates. Q2 2021 hedge fund letters, conferences and more Over the six years to the end of 2020, hedge fund assets increased at a compound annual growth rate Read More
eVolution Networks is poised for tremendous growth
Bill Fehrman, president of Berkshire Hathaway IES Holding, noted that eVolution Networks is a leader in telecommunications energy efficiency market, and it is poised to achieve tremendous growth.
“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,” said Fehrman.
Evolution Networks to expand its global footprint worldwide
According to Evolution Networks, it would use the funding received from Berkshire Hathaway IES Holding and GE Ventures to expand its global footprint. It would also promote its solutions to new industries such as data center energy.
In a statement, eVolution Networks CEO 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).”
He noted that current network designs do not allow mobile operators to right-size their energy use based on live traffic demand. He emphasized that Smart Energy Solutions eliminate that problem.
eVolution Networks Smart Energy Solution
The Smart Energy Solutions of eVolution Networks is a software-based solution that analyzes the traffic needs of mobile networks. It also adjusts the use of the network’s resources based on real-time demand from subscribers.
According to eVolution Networks, Tier-1 operators such as Telefonica Group already deployed Smart Energy Solutions to manage their resources. The operators are saving millions of dollars in energy bills.
GE Ventures Senior Director, Jonathan Pulitzer said, “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. GE Ventures is investing in eVolution Networks because of this potential for savings and the positive impact on global energy consumption.”