Technical Solutions and Insurance Coverage combine to decrease risk even further for building owners turning energy waste into guaranteed financial value
SAN FRANCISCO, (PRNewswire) — Carbon Lighthouse, a clean energy services company, and Hartford Steam Boiler (HSB), a global leader in equipment insurance and part of Munich Re, today announced a portfolio level insurance program to further de-risk clean energy and efficiency projects for commercial building owners by integrating HSB’s Energy Efficiency Insurance into Carbon Lighthouse service agreements. This provides a secondary level of insurance beyond the existing Carbon Lighthouse energy savings guarantee, making it even more enticing for building owners to tap the financial value of energy waste.
“Carbon Lighthouse is a clean energy services company, but in a way we’re also in the risk management business,” said Brenden Millstein, Co-founder and CEO of Carbon Lighthouse. “By making it easy and profitable for building owners to eliminate energy waste, we help improve climate change resilience while generating guaranteed revenue. Our energy efficiency insurance policy with HSB ‘mitigates the risk of mitigating risk’ for clients even further as we expand our Efficiency Production service to more building owners across the country.”
Efficiency Production is Carbon Lighthouse’s unique, data-driven approach to helping building owners tap into Efficiency Reserves — building energy waste from existing assets valued at over $100 billion in the United States alone. The company goes deep into buildings using its CLUES® software to uncover hidden and scattered inefficiencies that add up. After correcting them, Carbon Lighthouse makes sure they stay corrected and proactively optimizes controls through active and ongoing performance management — even adding clean supply-side technologies like solar when possible. This allows the company to guarantee savings between 10 and 30 percent without the need for costly and disruptive equipment replacement — effectively turning energy waste into a guaranteed, bankable financial product.
“Carbon Lighthouse’s Efficiency Production approach brings consistent financial value to building owners,” said Richard B. Jones, HSB senior vice president for engineering and research. “HSB’s Energy Efficiency Insurance adds another level of confidence for building owners who will benefit from clean energy and efficiency projects.”
Carbon Lighthouse approaches 2019 with mounting momentum to create even stronger sustained impact. Last month, the company closed its third and largest project financing to-date — a $65 million deal with Generate Capital to support the rapid growth of Carbon Lighthouse’s clean energy and efficiency business. The company also recently secured a $7.5 million follow-on equity investment to its $27 million strategic growth round announced earlier this year, bringing total investment to $34.5 million.
Carbon Lighthouse has worked in more than 600 buildings from Hawaii to New York and eliminated the equivalent of six power plants, with nine more currently under contract. By 2020, the company aims to cut the equivalent of 50 power plants, and will be on track to eliminate 50 more every year after that.
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. The company’s 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.
Hartford Steam Boiler (HSB), part of Munich Re, is a multi-line specialty insurer and provider of inspection, risk management and IoT technology services. HSB insurance offerings include equipment breakdown, cyber risk, specialty liability and other coverages. HSB blends its engineering expertise, technology and data to craft inventive insurance and service solutions for existing and emerging risks posed by technological change. Throughout its 150 year history HSB’s mission has been to help clients prevent loss, advance sustainable use of energy and build deeper relationships that benefit business, public institutions and consumers. HSB holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit www.hsb.com and connect on LinkedIn, Twitter and Facebook.