Governor Andrew M. Cuomo today announced $2.5 million in support to four winners of the 76West Clean Energy Business Comp...
30% of energy consumed by buildings is wasted
The state of energy consumption in the US right now is dangerous and expensive. Energy waste from buildings alone in the U.S. results in over 300 million metric tons of carbon emitted into the environment and $55B thrown out the window every year. That's equivalent to having over 70 million cars on the road. Global warming poses considerable threats in the near future. We need to decrease our emissions by 45% to reduce temperature changes. Buildings and fossil fuel power plants are a great place to start.
Utilities reserve more power for each building to avoid blackouts
Every time we flip on the light switch we expect the light to turn on. Utilities, therefore, must provide sufficient energy in the event that every customer turns on all of their lights, runs their A/C for max cooling, and operates all of their equipment. The costs for utilities to provide energy for this “peak demand” are enormous and it is wasteful.
As a result, utilities and grid operators have created energy efficiency incentive programs, such as demand management, which pay customers to optimize their energy use during times of peak demand - in the US alone these programs are expected to exceed $4.5B by 2025. Utilities look to increase participation in these programs from 10% to 35% by 2025. However, businesses are often not aware of these programs. Additionally, service providers take a line share of the value of the programs so customers do not retain 100% of their savings.
Post-COVID, companies must reduce expenses as much as possible. Given the increase in space per employee and hybrid models of in-office and remote working, companies need to align their energy costs with building utilization. With buildings making up 80% of energy usage and 30% of energy waste, this represents the biggest opportunity to help companies lower costs and protect our environment.
COI Energy: Creating Smart Buildings through real-time ML-driven Insights
COI Energy offers a disruptive technology platform that enables companies to maximize their potential savings from real-time demand management insights.
Our mission is to empower businesses to achieve their energy goals and reduce their carbon footprint, enhancing their financial stability and long-term success. Our comprehensive platform provides a dynamic overview of customers’ energy assets, collecting real time data to uncover resource availability. This allows both businesses and utilities to generate value from these unused and often wasted energy sources.
We connect utilities and businesses to work towards a more climate friendly economy by optimizing the grid, improving energy performance of buildings and reducing carbon emissions.
A SaaS based digital energy manager
We developed and deployed a user-friendly platform to help businesses save on energy costs, reduce peak demand and save the planet - all with the touch of a button on their desktop or mobile device. Our unique artificial intelligence and machine-learning algorithm offers insights and predictive analytics around energy assets and usage, and allows the monetization of those resources.
For utilities, COI Energy streamlines the entire demand management program with simple two-way communication and comprehensive reporting. Utilities are now able to view behind-the-meter (BTM) assets from a single application, allowing them to optimize the supply of energy across their network.
Exclusive utility partnerships with TECO and NYPA
We've established partnerships with billion dollar utility companies: Tampa Electric Company (TECO) and New York Power Authority (NYPA) for our white label solution. These combined partnerships represent a huge opportunity in these jurisdictions alone. We currently have over 150 paid users on the platform.
In addition, we recently partnered with SAP and COI is now the only Energy on-demand platform application on the SAP App Center.
We were also named finalists in Rise of the Rest, 76West Clean Energy Competition and the Urban Future Prize Competition. Our founder, SaLisa Berrien, was selected to participate in Morgan Stanley’s Multicultural Innovation Lab, SAP.iO Foundry and MassChallenge for her work in creating an innovative company that's solving big world problems.
Making businesses money and supporting utilities
Our current clients include Citi, US Foods, PBS Studios, Amalie Arena, USF, Publix Supermarkets, and more. We have a 100% lifetime customer retention rate due to our superior energy optimization software and integrated market platform. Through COI Energy, businesses are paid for their flexible energy capacity, increasing their earnings potential.
Utility companies are able to access real-time data on energy behaviors and asset availability to streamline their work in optimizing the grid. It also reduces overhead costs by providing valuable reports at the touch of a button. According to a representative from TECO, “COI’s real-time visibility and automatic M&V has streamlined our process by six (6) months and dramatically reduced our cost.”
A simple subscription model makes it easy for customers to see their savings
We offer a simple subscription model that makes it easy for customers to budget and see their savings. Our subscription rates are monthly along with a one-time activation fee. On average, our customers see monthly savings with a payback period of less than six months. With our current traction, we expect to achieve nearly $25M ARR by 2022.
Positioned to be the digital energy manager leader
Now, more than ever, businesses need to reduce their carbon footprint to offset both financial and economic burdens. This is happening across the board from investors to insurance to employees and customers.
Using our proven SaaS sales and marketing playbook, we are targeting and closing major demand management customers, positioning ourselves as the market leader. We are targeting both enterprise and Mid-Market accounts through direct sales and channel partners. COI Energy's total addressable market is $6B based on 6.5% of all business customers.
Transparency & clear customer value elevates COI Energy above the rest
Unlike the competition, COI Energy offers customers 100% of the savings and revenue generated on the platform. It is the first solution that charges a simple monthly subscription fee - allowing customers to easily budget for the service and take full advantage of the savings.
Our full service Digital Energy Manager not only offers Demand Response and Energy Efficiency management, but it also enables customers to integrate Renewable Energy resources to ensure they are optimizing for price and performance.
As a mission-based company, COI Energy is the only digital energy management solution that is also committed to bringing energy security to underserved communities. We believe access to energy is essential to living a productive and dignified life, regardless of socioeconomic status - and part of that means ensuring communities most affected by climate change have access to clean energy. We partner with housing authorities, Habitat for Humanity and others to gift clean energy solutions to the most vulnerable.
Reducing our carbon footprint through a true energy marketplace
Over the next three years, COI will reduce energy utilization by more than 1M MWH, resulting in the reduction of 400K metric tons of carbon. But this is only the beginning. We plan to expand our relationships with all customers to include a full suite of energy efficiency products and services, eventually becoming the world's leading hub for the "transactive" energy marketplace, where all energy prosumers and consumers can trade with each other.
Over $1M raised from a strong network of investors
The company has raised a $1M on a convertible note, which will convert to equity at the first priced round of raised equity.
An experienced, visionary founder with unmatched expertise in energy
SaLisa Berrien has spent her entire career devoted to bringing energy efficiency to our world. She has over 25 years experience in the electric power and smart grid spaces and actively supports collaboration between utilities and businesses to help the grid and the planet. Beyond her leadership at COI Energy, SaLisa is a Board Trustee at the University of Pittsburgh and Board Chair & Founder of STRIVE, Inc., a non-profit dedicated to increasing high school graduation rates and post-secondary school matriculation of culturally diverse youth. She is an active speaker and noted leader in the energy sector.
One of SaLisa’s core values is philanthropy. She believe that to whom much is given, much is required. Her mission in life is to positively impact the space she occupies by leaving it better off than she found it.