Redaptive, an energy-as-a-service (EaaS) proptech company, announced Tuesday that it has secured a $100 million strategic investment from Canada Pension Plan Investments (CPP Investments).
Founded in 2015, Denver-based Redaptive aims to help large organizations achieve energy efficiency, sustainability, and resiliency at scale.
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“Our mission is to drive global impact and limit climate change,” said Irvin Vohra, CEO and co-founder of Redaptive. “Success with existing customers, business growth and market desire for a more sustainable business model led to the compensation from the Canada Pension Plan.”
Redaptive says the capital injection will help it expand its customer base of 150 companies, including more than 40 Fortune 500 companies. Vora, a former investment banker at Lehman Brothers and Barclays who focused on energy structured finance such as wind and solar projects, said the latest funding also includes investments from channel partners CBRE and Honeywell. Including this, Redaptive’s total capital raised will be more than $1 billion.
Redaptive bills itself as one of the oldest EaaS companies in the U.S. and claims to make it easier for customers to achieve their energy and sustainability goals faster and at scale than they could on their own. The company focuses on sustainable energy and efficiency solutions such as EV, HVAC, LED and solar power in its large building portfolio. The company’s customers include Cintas, Iron Mountain, McKesson, and T-Mobile.
Redaptive is targeting commercial, industrial and medical building and mechanical contractors who want to use the company’s technology to measure and measure their energy usage more quickly and efficiently, Vohra said. .
“We leverage a lot of technology on the analytics side,” he said. “From an industry perspective, we focus on data analytics and automation to optimize energy use and provide deeper insights. We physically deploy HVAC and other products into facilities. We are a software and data platform with financing that enables existing players in the industry to do more work at scale. Rather than competing with individual products or projects, we are building the software platform that the industry depends on. We are the best friends of the ecosystem.”
Global carbon emissions from fossil fuels will skyrocket in 2023, including an estimated 37 billion tonnes of carbon emissions from fossil fuels. Overall emissions increased by 1.1 percent compared to 2022 levels and 1.5 percent compared to pre-pandemic levels, remaining flat for a decade.
Redaptive saves its customers in industries with high emission levels, such as the commercial and industrial building sectors, which it claims equates to a 2.3 million tonne CO2 reduction.
Philippe Russo can be reached at prusso@commercialobserver.com.
