EnergyX Solutions Inc. Continues to Accelerate Its Growth in North America With an Additional Raise of $1 Million led by BDC Capital
Toronto-based cleantech company EnergyX Solutions Inc. has raised an additional $1 million as it looks to accelerate its expansion into the U.S. Financing was led by BDC Capital's (News - Alert) Growth and Transition Capital division (BDC Capital) in the form of non-dilutive capital.
This new round brings the total amount raised by EnergyX to $5M in equity and non-dilutive financing since its inception in 2016.
EnergyX helps utilities run energy efficiency programs end-to-end. Through machine learning, customers with high energy savings potential are automatically identified, targeted and enrolled in utility energy efficiency programs. Customer communication and tracking is streamlined through an active dashboard that also provides insights into program performance. Utility organizations white-label the platform and roll it out to homes and businesses across North America with the objective to increase customer engagement, participation and streamline workflows in their energy efficiency programs.
Buildings account for thirty-six percent (36%) of global energy use and thirty-nine percent (39%) of energy-related carbon dioxide emissions annually. Improving buildings is the most straightforward way to reduce emissions - often with net economic benefit. The challenge in unlocking these savings is identifying the homes and buildings that are most in need of upgrades and deep retrofit opportunities. Using EnergyX's Retrofit AI software, these buildings can be identified instantaneously and at scale. EnergyX estimates that if every home in North America used Retrofit AI, greenhouse gas emissions could be reduced by 10%.
"Energy efficiency remains the most cost-effective option to meet our climate change goals and support people who are battling high energy costs," said Nishaant Sangaavi, CEO and Co-Founder of EnergyX Solutions, "We are excited to welcomeBDC Capital as an investor in EnergyX. This recent round of financing will be instrumental in further accelerating our growth in North America and beyond."
To date, EnergyX's software tools have served 5 million homes across North America and its product suite has been proven and validated by professional engineering teams at government organizations, educational institutions and large utilities. In 2019, EnergyX was able to successfully expand within the U.S. market, and is currently providing its solution to utilities across California, Washington DC, Ohio and New England.
"We have a track record of investing in enterprise SaaS (News - Alert) businesses and EnergyX Solutions fit our investment criteria perfectly - business software, a great product and impressive customer traction within a large addressable market that solves a significant global problem," said Kyle Feucht, Director, Growth & Transition Capital at BDC Capital's Toronto office. "EnergyX has strong leadership, a great team and we look forward to a long-term relationship with them," added Kyle, who led the financing.
COVID-19 created an unprecedented need for utilities to rethink day-to-day processes and the way they manage relationships with customers. Organizations are seeking new tools to help them embrace a digital strategy, including remote work for employees and remote engagement with their customer base. EnergyX's Retrofit AI solution optimizes on-site visits and minimizes truck-rolls by intelligently segmenting a customer base and streamlining incentive delivery. In a world where remote engagement and digital workflows have become paramount, EnergyX is helping energy organizations maximize employee and customer satisfaction by creating a data-driven and automated journey toward energy efficiency.
About EnergyX Solutions:
EnergyX Solutions Inc. is an AI-powered SaaS company that enables utilities to increase customer participation in energy efficiency programs while simultaneously lowering the utility's cost to engage and serve a customer. Their MIT (News - Alert)-award winning technology is white-label licensed by utilities and government organizations to help them engage customers, manage programs and hit energy efficiency targets. Visit www.energyxsolutions.com.
About BDC Capital:
BDC Capital is the investment arm of BDC - Canada's only bank devoted exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to the country's most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
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