With funding, FirstFuel to expand in Europe
The Boston Globe, April 9, 2015
The European Union is putting more teeth into its own plans for improving energy efficiency, and that’s prompted more interest in software providers.
One of Europe’s largest energy providers, E.On, is an investor in FirstFuel and has used its software.
FirstFuel now has about 100 employees and 25 customers, including utilities and such government agencies as the General Services Administration and Defense Department. The company doesn’t disclose its revenues, but Shah said FirstFuel does expect revenue to double or even triple this year.
The latest investment should last FirstFuel the next two years or so, “to a point where we contemplate either an IPO or a large institutional round of funding,” Shah said.