C3 Energy Releases Fiscal Year 2014 Results [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) C3 Energy, a provider of Smart Grid Analytics SaaS solutions for energy companies, announced the results that it achieved and the milestones that it accomplished in the fiscal year ended March 31.
In a release on May 14, the Company noted that bookings, defined as guaranteed total contract value, grew by 385 percent over the prior fiscal year. The company's cash balance increased by 50 percent over the prior fiscal year. The company has no debt.
"In the past twelve months, C3 Energy has experienced tremendous growth. These results demonstrate the demand in the marketplace for smart grid analytics and strong confidence in the C3 Energy Smart Grid Analytics solutions," said Ed Abbo, President and CTO, C3 Energy. "We believe that C3 Energy has the right combination of people, partners, technology platform, and analytics solutions to provide the greatest value to our customers, and we look forward to continued growth in fiscal 2015."
New customers and contract renewals
C3 Energy's customer list expanded in fiscal year 2014 and now includes major utilities in the United States, Canada, and Europe. A selection of new and renewing customers includes:
Baltimore Gas & Electric Company (BGE)
BGE has deployed C3 Revenue Protection and C3 AMI Operations across BGE's two million meter smart grid network, to help achieve its goals of ensuring cost-effective, efficient, and reliable energy delivery. See May 13, news release.
GDF Suez Ecometering
In February 2014, GDF Suez Ecometering selected C3 Residential to provide an online energy information portal for residential customers of GDF Suez utilities, Electrabel in Belgium and CHP Dolce Vita in France. It has also selected the C3 Energy Analytics Engine to serve as the analytics platform for its forecasting and demand- side smart grid applications.
Pacific Gas and Electric Company (PG&E)
C3 Energy has been selected by the Pacific Gas & Electric Company, a utility serving about 15 million customers in Northern and Central California, to deploy its C3 Enterprise energy analytics solution to support a recently launched, invitation-only energy efficiency program that ties incentives to savings measured using interval meter data.
PG&E also uses the Business Energy Checkup, powered by C3 Commercial, to help its small-and-medium-sized business (SMB) customers understand their energy use and ways they can save. The Business Energy Checkup has been live since 2012 to help customers visualize their energy usage and spend, complete an energy profile of their business, receive tailored energy savings recommendations, and create energy savings plans.
In May 2014, Hydro Quebec selected the C3 Residential and C3 Commercial software solutions to create a customer engagement platform for residential and business customers across the enterprise.
San Diego Gas & Electric Company (SDG&E)
In March 2014, SDG&E selected C3 Commercial and C3 Enterprise to provide critical energy usage insights and tailored energy-saving recommendations to a broad range of its business customers, from small-and-medium businesses (SMB) to a limited number of large commercial and industrial (LCI) customers.
Commonwealth Edison (ComEd)
C3 Energy will provide a portion of ComEd's customers with Home Energy Reports. ComEd is a unit of Chicago-based Exelon Corp., the nation's leading competitive energy provider, and provides service to approximately 3.8 million customers across northern Illinois.
In March 2014, Entergy Arkansas renewed its subscription to C3 Residential, which powers Entergy Solutions Rewards. Entergy Solutions Rewards relies on C3 Residential to integrate and analyze 24 months of Entergy Arkansas residential customers' energy usage, along with home characteristic information and implemented energy actions in order to deliver personalized energy usage profiles and tailored energy savings recommendations to up to 550,000 residential Entergy Arkansas customers.
C3 Energy was selected by Westar Energy, a 700,000 customer utility serving Eastern Kansas, to deploy C3 Commercial, C3 Energy's customer engagement portal for small and medium businesses, and C3 Outage Analysis, Prediction & Restoration, C3 Energy's outage management product, across all of Westar's customers and meters.
Detroit Edison (DTE)
DTE deployed C3 Commercial to maximize the energy savings opportunities for its small-and-medium size business customer base through participation in an online audit/energy assessment program that is integrated with the portfolio of DTE energy efficiency offerings and services.
Public Service Company of Oklahoma (PSO)
PSO is using C3 Commercial to power My Energy Advisor, an online portal where business owners can find energy-saving ideas that reduce operating costs. Business owners can explore financial incentives for building upgrades, high-efficiency equipment and other energy-saving services.
Citizens Utility Board of Illinois (CUB)
Citizens Utility Board of Illinois, which serves as an advocate for utility customers throughout the state of Illinois, has renewed its subscription to C3 Residential. CUB Energy Saver (CES) is a third party-administered energy efficiency program that has been utilizing C3 Residential since June 2012. The CUB Energy Saver program engages customers with advanced energy savings recommendations, feedback, and rewards through the C3 Residential online portal.
"We are seeing significant uptake and competitive wins in our customer engagement and energy efficiency applications and significant interest in our grid analytics SaaS products," said Ed Abbo. "Having recently deployed the largest smart grid analytics deployment to-date and seen the validation of our platform at some of the largest global utilities, enabling them to solve some of the most complex scalability and machine learning issues, C3 Energy is well positioned to help utilities deliver on the $300/meter/year in value through smart grid analytics."
C3 Energy significantly expanded its smart grid analytics SaaS portfolio across customer engagement, grid operations, and analytics Platform-as-a-Service (PaaS) solutions in fiscal year 2014.
In the area of C3 Energy Customer Analytics, C3 Energy released new versions of its C3 Residential, C3 Commercial, C3 Enterprise, and C3 Customer Segmentation and Targeting products in the past six months, allowing utilities to more effectively engage their customers through their preferred channels, including call center, mobile, direct mail, and web portals. Through the use of dynamic customer segmentation based on machine learning, utilities can now better understand their customers' needs, enabling them to proactively engage customers with the right products and services.
In the area of Analytics Platform-as-a-Service, C3 Energy's latest version of the C3 Energy Analytics Engine enables utilities to build custom grid analytics applications that seamlessly integrate and manage the massive volumes of data from their smart grid infrastructure. Deployable in a virtual private cloud or in a private cloud behind the utility's firewall, the C3 Energy Analytics Engine takes advantage of elastic cloud computing to process over 1 million transactions per second. The latest version of the C3 Analytics Engine provides data scientists with an integrated data discovery, machine learning model development, and model execution environment. The new data discovery interface for data scientists and business analysts allows users to develop new machine learning algorithms and run them iteratively against their entire data sets, in-memory.
In the area of C3 Energy Grid Analytics, C3 Energy released six new applications in fiscal year 2014. These applications include C3 Revenue Protection, C3 AMI Operations, C3 Asset and System Risk, C3 Predictive Maintenance, C3 Grid Investment Planning, and C3 Demand Response Analytics. The new grid operations applications leverage a deep analytics library and machine learning techniques to significantly improve the overall yield of identified non-technical loss opportunities and asset failure predictions, as well as to improve the accuracy of load forecasts.
"C3 Energy solutions are architected upon a secure, scalable, and extensible analytical platform, the C3 Energy Analytics Engine," said Ed Abbo, President and CTO, C3 Energy. "Customers integrate their data sources to the platform once, and then they can deploy multiple C3 Energy Smart Grid Analytics solutions over time. This fast, modern, and flexible approach has proven compelling with customers, as we see more and more customers deploying multiple C3 Energy solutions over time."
Expansion in headcount and locations
Since the beginning of the 2014 fiscal year, C3 Energy has added 34 new employees primarily in software engineering and customer service. The number of locations has also expanded, as C3 Energy services a rapidly growing US and international customer base. In addition to the company's new headquarters in Redwood City, California, the company's US-based locations now include Boston, Atlanta, and Boulder. International expansion includes locations in France, Italy, Japan, and Hong Kong.
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