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It's been a whirlwind few months for Packetized Energy, the energy sector start-up spun off from a large Department of Energy project in 2016 by three University of Vermont electrical engineering faculty, Paul Hines, Jeff Frolik and Mads Almassalkhi.
Since late last year, the firm completed a pilot with the Burlington Electric Department, launched ambitious demonstration projects with Green Mountain Power and the Vermont Electric Cooperative; welcomed Scott Johnstone, former head of the much admired Vermont Energy Investment Corporation, as CEO; hired three full time staff; completed a month-long stint at the energy accelerator, Accel-VT, earning acclaim as one of the top firms among the national companies in its cohort; licensed the founders' technology back from UVM; and left the co-working Inspire space at Green Mountain Power's headquarters it has occupied for the past year-and-a-half to move into its very own offices in Burlington's Chace Mill.
Vermont - Unicorn
A Vermont Unicorn?
What's behind the impressive series of breakout moves?
Packetized - Energy - Commodities - Utility - Circles
Packetized Energy, it turns out, is the hottest of hot commodities in electric utility circles, the creator of a set of clever algorithms with products to match that could go a long way toward addressing the great challenge facing the energy sector and the planet: how to harness the increasingly abundant, but fickle, power of renewables like wind and solar when the sun doesn't shine and the wind doesn't blow.
If the company delivers on its promise, it could be a very big deal indeed, says private equity guru and serial entrepreneur Bob Zulkoski, chairman of the Vermont-focused investment firm Vermont Works, an early investor in Packetized Energy.
Founder - Company - Energy - Resource - Field
As the founder of a successful company "also in the energy resource field, I'm very familiar with this space," he says. "Packetized is one of the few companies I've seen in Vermont that could become what's called a unicorn," a company...
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