Joseph Conroy, Jr., formerly president and co-founder of

Envapower, has sold that company for $12.2 million. He also served as Chief

Technology Officer. Conroy is now partnering in a new business.

LOCAL SOFTWARE EXPERT’S COMPANY SELLS FOR $12.2 MILLION

South Portland-Joseph Conroy, Jr., formerly president and co-founder of

Envapower, has sold that company for $12.2 million. He also served as Chief

Technology Officer. Conroy is now partnering in a new business.

Among other skills, Conroy is a predictive software developer.

Envapower was the first company in the U.S. to use artificial neural

networks developed by Conroy, a type of self-learning algorithm, to predict

electricity prices which are traded on the New York Mercantile Exchange.

Conroy says, “the predictive pricing algorithm had about 4400

variables that it used to forecast the price of electric power.”

He has been involved for more than 20 years in industrial

engineering, engineering design, project management, and testing and

analysis of high-tech equipment. He plans to bring his analytical skills and

software knowledge to his new partnership business.

With the sale of Envapower, Conroy is now engaged in using his

business and software expertise in the diversified fixed index annuities

market. He says, “We will have a public announcement in the near future

about this newly-formed company which we call CostaConroy, LLC.” Conroy will

be CEO of the new company.