Real estate services provider CBRE has led a $20m funding round for US-based energy efficiency technology supplier Redaptive that included energy utilities Engie and Great Plains Energy.
CBRE, Engie and Great Plains, which invested through their Engie New Ventures and GXP Investments unit respectively, were joined by growth capital firm Linse Capital.
Founded in 2014, Redaptive offers what it calls an efficiency-as-a-service (EaaS) product centred on its metering and building intelligence platform.
The company assesses the needs of each client and installs measurement and energy-saving equipment according to their individual specifications, allowing them to pay for upgrades in instalments.
Redaptive has not disclosed any earlier funding but will use the proceeds from the round to expand the range of products and services it offers.
Hendrik Van Asbroeck, Engie New Ventures’ managing director, said: “Our partnership with Redaptive aligns with Engie’s strategy to lead the energy revolution.
“In the past, a lack of capital and uncertainty over savings has plagued the energy efficiency industry. Redaptive’s EaaS offering removes these barriers and will help our clients move forward with energy efficiency projects quickly and with confidence.”