ROYAL OAK, April 19, 2022 — Powerley, a joint venture between DTE Energy, a Detroit-based diversified energy company and Vectorform, a digital innovation consulting company, announced today that Rahul Prakash has been named its new chief executive officer (CEO).
In this role, Prakash will guide the company’s operational progression and define the next round of expansion and go-to-market strategies. Prakash brings over 25 years of experience as an investor, manager, advisor to his new role.
Previously, he served as president and CEO of Everest Telecom Management and co-founder of Binary Fountain; founder, chairman and CEO of Global Services Partners Acquisition Corporation; and president of Telecom Ventures. He also serves on several boards of companies in the US and overseas.
“I look forward to working with the team at Powerley in the exciting and fast-growing industry of home energy management,” Prakash said. “Home energy management has proven to be relevant for climate change, and the opportunities for growth are even more robust. Powerley is now well poised to capitalize on the market potential this industry offers.”
DTE vice president and chief information officer, Steve Ambrose, who is also a Powerley board member, said Prakash’s expertise will drive additional benefits for the company’s customers.
“DTE’s partnership with Powerley helps our customers gain deeper understanding and control of their energy use so they can maximize energy savings and minimize their carbon footprint,” Ambrose said. “Rahul’s demonstrated expertise guiding companies from concept through successful execution will enable us to deliver even more impactful tools and technology for its customers.”
Vectorform CEO, Jason Vazzano, said Prakash offers a unique perspective that helps companies realize the best value for their shareholders.
“Rahul is a valuable addition to Powerley as CEO given his strength as a tenured executive and financial strategist. His strong leadership will expertly guide Powerley’s business strategy, financial planning, execution, and market expansion,” he said.
Prakash takes the reins from Manoj Kumar, a former McKinsey Partner, who led the company from its inception and has established a solid team and foundation for growth. Under his leadership Powerley delivered the first real-time energy software as a service business in the world with customers paying monthly for energy awareness, education, and insights to help eliminate energy waste and reduce carbon footprints.
Today, Powerley has access to a total area market of more than 10 million homes across its utility footprint and delivers 12 percent monthly savings per home. The Powerley board of directors thanks Manoj for his relentless hard work in building Powerley and for helping the company identify Prakash to lead the next phase for the company.
About Powerley
Powerley designs, develops, and delivers custom-labeled DIY Home Energy Management solutions. Powerley’s product offering includes hardware, software, and UX that works together to empower households to control their energy utilization, waste, and carbon footprints through web, mobile and voice actions. Working in partnership with 10+ utilities, Powerley is helping them modernize their digital customer engagement and provide utilities with a tool to accelerate the transition to clean energy.
Powerley has created a SaaS business centered around home energy management by combining its features, ease-of-use, and user experience. www.powerley.com
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If you would like more information about Powerley, please contact Amber Clement at aclement@powerley.com