Funds Enable More Commercial Real Estate Owners & Investors to Make Energy Efficiency Profitable
SAN FRANCISCO, CA. — June 12, 2019 — Carbon Lighthouse, a clean energy services company, announced it has closed a $32.6 million growth round to expand Efficiency Production, its ongoing service that enables building owners to significantly reduce their energy costs and environmental footprint with no upfront cost. The oversubscribed round was led by National Grid Partners, with participation from Cox Enterprises, Ulupono Initiative and other existing and new investors.
With the global market for energy-efficient building technologies expected to grow to over $360 billion by 2026, the company’s energy optimization technology and ongoing service is set to help commercial real estate owners and investors turn energy savings into guaranteed revenues.
“We must do work that is profitable for clients and ourselves, otherwise there is no way to scale large enough and quickly enough to stop climate change,” said Brenden Millstein, CEO and Co-founder of Carbon Lighthouse. “As we continue to double year-over-year for the next many decades we are grateful for existing investors and new partners who are committed to growing companies for long-term impact.”
Carbon Lighthouse will use the funding to hire more software developers, data scientists, and engineers to continue scaling nationwide in the commercial real estate, hospitality, industrial, and educational industries. To date, Carbon Lighthouse has worked in more than 600 buildings from New York to Hawaii, and eliminated emissions equivalent of nearly eight power plants with another nine under contract.
“Carbon Lighthouse fits within our investment focus of driving towards a smarter energy future for socially conscious consumers and commercial and industrial customers,” said Lisa Lambert, Chief Technology and Innovation Officer, and Founder and President of National Grid Partners. “We’re confident in the Carbon Lighthouse solution and team to help National Grid accelerate a clean energy transition, especially in our US customer footprint.”
“Our investment in Carbon Lighthouse aligns perfectly with our mission to be a force for good in the world,” said Alex Taylor, President and CEO of Cox Enterprises. “At Cox, we strive to build great businesses that also have a positive impact on both our people and our planet.”
Efficiency Production is Carbon Lighthouse’s unique, data-obsessed clean energy and efficiency approach that can save building owners $0.40 to $0.60 per square foot, boosting net profit by $5 to $10 per square foot when a building is sold — a 10 million square foot portfolio can gain $50 million to $100 million in new, bankable profit.
The company deploys dozens of sensors throughout a building to collect thousands of original thermodynamic data points — from air and water temperature and flow rates in HVAC (Heating, ventilation, and air conditioning equipment), to lighting and occupancy. Supplementing this with utility, weather, and other available data, Carbon Lighthouse uses its proprietary CLUES® software — recently honored by Fast Company as a “World Changing Idea” — to model thousands of energy scenarios and optimize existing equipment to arrive at the most financially and environmentally beneficial solution. Carbon Lighthouse guarantees the real dollar value of its estimated energy savings by staying engaged with the property and its on-site teams to ensure the energy efficiency measures persist long term. This translates into sustained building financial value and increased tenant comfort.
About Carbon Lighthouse
Carbon Lighthouse is on a mission to stop climate change by making it easy and profitable for building owners to eliminate carbon emissions caused by wasted energy. Their unique approach to Efficiency Production goes deep into buildings to uncover and continuously correct hidden inefficiencies that add up to meaningful financial value and carbon elimination that lasts. Since 2010, commercial real estate, educational, hospitality and industrial customers nationwide have chosen Carbon Lighthouse to enhance building comfort, increase net operating income and achieve their sustainability goals. For more information visit: www.carbonlighthouse.com.
About National Grid Partners
National Grid Partners (NGP) is the venture investment and innovation arm of National Grid plc. NGP makes and manages strategically and financially attractive investments and leads company-wide disruptive innovation efforts. The organization focuses on innovation, incubation, corporate venture capital, and business development, providing a multi-functional approach to change the status quo. NGP is headquartered in Silicon Valley with offices in Los Gatos and San Francisco, and is also located in Boston, London, and New York. Visit ngpartners.com or follow us on LinkedIn (National Grid Partners) and Twitter (@ngpartners_).
About Cox Enterprises
Cox Enterprises is dedicated to building a better future through our leading communications, automotive services and media companies. Our major operating subsidiaries include Cox Communications, Cox Automotive and Cox Media Group. Headquartered in Atlanta, Georgia, Cox is a global company with $21 billion in annual revenues and brands that include Autotrader, Kelley Blue Book and Cox Homelife. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business committed to its people, communities and the planet. To learn more about Cox, visit coxenterprises.com, view our Sustainability Report at coxcsrreport.com, or follow us on Twitter via @CoxEnterprises and @AlexTaylor_Cox.