CEDAR RAPIDS, IA — Van Meter Inc. has invested a 25 percent stake in Eyedro Green Solutions Inc., an Ontario-based business that produces electronic systems to monitor residential, commercial and industrial electricity consumption.
In a similar fashion to the hit television show “Shark Tank,” Van Meter hosted a four-day investment forum in June 2015, where select entrepreneurs pitched their business to company leadership. After a period of due diligence, Van Meter recently chose to invest funds in Eyedro as a separate LLC. In addition, Van Meter’s vice president of diversified business, Scott Cornish, will have a seat on Eyedro’s board of directors.
“Eyedro is the right fit for us because their product offering is in line with our business and provides our customers with a quality electricity monitoring solution at a fraction of the cost of what’s currently on the market. In addition, the free Eyedro cloud service allows real-time visibility to make better informed decisions about your energy usage,” explained Cornish.
The Eyedro commercial and residential monitoring systems display real-time detailed data such as power usage, cost streaming, bill estimates, usage comparisons, notifications of power outages, an understanding of tenant usage and more. Data can be viewed from the cloud at any time from any device, including mobile.
Unlike competitor solutions, its price point begins at $129 per building and installation can be done in a matter of minutes. Additional product information can be found at www.eyedro.com.
The recent investment means the employees of the 100 percent employee-owned Van Meter can expect to see continued company growth, leading to a positive effect on their stock retirement accounts.
“We can’t allow the world to evolve around us,” stated Cornish. “We are fortunate to be in a strong financial position, giving us the ability to plant seeds for the future beyond our day-to-day business. We want to be generational and lay the groundwork for future employee-owners.”
While this is the first time Van Meter has taken equity in another company, Cornish foresees there being more on the horizon.
Van Meter – No. 28 on Industrial Distribution's 2015 Big 50 List – is based in Iowa with more than 425 employee-owners in 14 locations throughout the state. As a distributor of automation, energy, data communications, electrical, lighting and medium voltage supplies and support, Van Meter serves the construction, commercial, industrial and institutional markets.
Read more: Van Meter Inc. Acquires Chicago's Bright Electrical, Will Open Omaha Facility
