US-based energy efficiency company SCIenergy has raised $12m in equity funding from investors including Edison Energy, a subsidiary of utility Edison International, and the US division of Japan-based conglomerate Mitsui.
SCIenergy, which has just re-emerged from an 18-month stealth period it spent reconfiguring its software, is creating what it refers to as the first energy-infrastructure-as-a-service integrated platform.
The platform comprises the company’s cloud-based software and managed energy service agreements (MESAs), which enable external investors to finance energy efficiency retrofits in commercial buildings that are owned by installers and ultimately paid for through efficiency savings. Mitsui USA established a joint venture to fund MESA projects in 2011.
The round was led by venture capital fund Braemar Energy Ventures and also included existing backers Westly Group, DFJ Core, DFJ Growth and Triangle Peak Partners. Greentech Media reported in 2012 that SCIenegy had raised $50m in equity up to that point, which would mean its overall funding now totals $62m.
“Commercial buildings consume nearly 19% of all of the energy in the US and most of them have not been optimised for energy performance,” said Oded Rhone, vice president of strategic planning at Edison International. “SCIenergy is pioneering a business model that can recover a substantial amount of energy while improving the indoor environment for building owners and occupants. Energy customers need solutions like this to help them drive efficiency.”
Matthew Maher, director of new business development at Mitsui USA, added: “We are pleased to expand our relationship with SCIenergy. The techniques being pioneered by SCIenergy and its partners will ultimately be exported to multiple regions around the world.”