Retroficiency said it raised $3.32 million in an initial round of financing led by Point Judith Capital and angel investors. Retroficiency also said it is acquiring the energy efficiency division of Nexamp, known as Clean Energy Solutions. Retroficiency is a Boston-based company developing products for the buildings energy efficiency market.
Retroficiency Closes $3.32M Investment Led by Point Judith Capital; Acquires Clean Energy Solutions Division of Nexamp
Acquisition and Related Hires Bring Key Talent and Software IP to Expand Capabilities for Energy Service Providers and Target the Utility Market With New Solutions
BOSTON, MA–(Marketwire – Nov 30, 2011) – Retroficiency, provider of the on-demand Building Efficiency Intelligence (BEI) platform, today announced that it secured a $3.32 million initial round of financing led by Point Judith Capital, an early stage venture capital firm with deep expertise helping companies in the clean technology ecosystem, and angel investors. As part of the transaction, Retroficiency is acquiring the energy efficiency division (known as Clean Energy Solutions or CES) of Nexamp, a leading independent power producer of distributed and utility-scale solar projects.
Additionally, Hugh Gaasch, who has worked with utilities and other service providers for the last 20 years, has joined the company as its Vice President of Energy Efficiency. Gaasch brings with him innovative, market-tested software IP that enables utilities and others to cost-effectively prioritize high-potential commercial buildings and identify low- and no-cost efficiency improvements, while only needing a building’s address and energy interval consumption data.
“With more than $400 billion in energy retrofit opportunities waiting to be realized, this financing and acquisition will help us tackle the challenge of scaling energy efficiency evaluation, which is currently expensive and time consuming,” said Bennett Fisher, founder and CEO at Retroficiency. “We’re now fully equipped to deliver rapid, accurate and cost-effective energy efficiency solutions with a flexible platform that maximizes whatever data our clients have available, whether it’s building asset or energy interval consumption data. We’re committed to working closely with customers to help them meet energy savings targets.”
The financing, acquisition and hires will help Retroficiency scale to meet demand for its current solutions and instantly target utilities. With the acquisition of CES, the energy efficiency division of Nexamp, Retroficiency doubles its headcount and bolsters its executive team with more than 75 years of experience in the energy services market. New executives joining the Retroficiency team include:
• Karim Bibawi, as Chief Operating Officer;
• Hugh Gaasch, as Vice President of Energy Efficiency;
• Paul Gagne, as Vice President of Software Development; and
• Richard Huntley, as Vice President of Sales.
“Teaming up with Retroficiency is a real win for the energy efficiency industry because we’re now able to accurately prioritize large portfolios of commercial buildings for efficiency and identify the specific operational and retrofit technologies that will get them there — with as much, or as little data as available,” said Bibawi, formerly President of CES, the energy efficiency division of Nexamp. “And we can do this while saving considerable time and effort; building evaluations which previously took months can now be done in minutes. ESCOs, facility management firms and commercial property owners all depend on Retroficiency, and we are piloting offerings that will make Retroficiency the utility company partner of choice as well.”
Retroficiency’s Building Efficiency Intelligence Platform
Retroficiency’s platform leverages sophisticated data analytics to deliver highly accurate, actionable insights at each step of the process — from initially isolating over-consuming buildings and specific energy sources within, to qualifying retrofit projects, to tracking post-implementation performance — without ever deploying expensive hardware or requiring site visits. Retroficiency’s platform has been proven to increase energy auditing productivity by more than 50 percent.
Retroficiency’s tools include an online dashboard as well as customizable reporting capabilities to help clients deliver value in the form they desire with a simple-to-use product. With Retroficiency, a building or a portfolio of buildings can be evaluated in minutes rather than weeks or months.
“We have deep expertise helping companies in the clean technology ecosystem succeed — and our team is excited to partner with a disruptive company like Retroficiency,” said Zaid Ashai, General Partner at Point Judith Capital. “The Retroficiency acquisition of CES, the energy efficiency division of Nexamp, is a marriage of two emerging energy efficiency players whose combined commercial building solutions will accelerate the adoption of energy efficiency measures in the commercial sector.”
Ashai will be joining the board and bringing his expertise in helping build companies in the clean technology sector.
Retroficiency recently announced a series of new customer wins as well as the company surpassing the 25 million square feet mark in total commercial building space evaluated. For more information on Retroficiency, visit: www.retroficiency.com
About Retroficiency, Inc. Retroficiency enables energy service providers and utilities to cost-effectively prioritize high-potential commercial buildings and evaluate thousands of energy efficiency measures in minutes. Our Building Efficiency Intelligence (BEI) platform delivers accurate, actionable insights and recommendations aligned with target goals. Retroficiency is trusted by some of the largest energy management companies in the world. For more information, please visit www.retroficiency.com.