When you run a small editorial operation like we do here at EarthTechling, you often end up with interviews and other stories half finished as other news of the day and obligations take hold and push certain items to the backburner. Such was the case with an interview we did in mid-December with Hug Energy, a home energy management start up out of San Francisco. Sad to say we will never get to publishing the interview as we’ve just learned Hug is closing its doors.
In an email to users of the Hug Energy service we just got in our inbox, Hug mastermind Marcus Tallhamn had this to say:
“What a ride it’s been… 2010 has been a crazy and wonderful year. We’ve tried a gazillion different things on paper, worked graveyard shifts and pushed tens of thousands of lines of code in our quest to cut energy waste. Things have finally come to an end though, and I’m unfortunately writing to let you know that we’re in the process of winding things down. Most importantly though, I’m writing to thank you for your support. Every single person that installed the software or signed up for our waiting list has helped move the company forward.”
Tallhamn details the decision further in a blog post, talking about how he and a dedicated group of other entrepreneurs focused upon building “a free Social Energy Analytics product requiring almost zero effort to adopt, delivering both financial savings and an emotionally satisfying experience” around home energy management. The product morphed into an idea to build “a user base before the smart energy devices hit the market, so that we’d be in a great position for becoming the leading supplier of analytics and control software once they had arrived.”
Sad to say, Hug was unable to secure funding needed to continue the venture, saying that “the investment community’s perspective on this space had become significantly more critical since we got started, and probably for good reasons. A lot of capital has been destroyed in Series A-Z rounds of funding by our competitors, and most investors made it clear that they’d want to see massive traction before committing capital.”
And so winds down what looked to be a very promising home energy management venture. Sorry to see you guys go – you were definitely a classy act.