Redaptive, a leading Energy-as-a-Service (EaaS) provider, announced it has secured an additional $100 million equity investment from the Canada Pension Plan Investment Board (CPP Investments). This funding will support Redaptive’s acceleration of project growth and enhancement of its service offering to better serve its rapidly growing customer base and ecosystem of energy performance developers and contractors in their growing demand for decarbonization and drive significant progress toward their net-zero goals.
Canada Pension Plan Investment Board is a professional investment management organization that manages the Fund on behalf of the 22+ million contributors and beneficiaries of the Canada Pension Plan.
Last year, global carbon emissions from fossil fuels reached record highs, increasing by 1.5% from pre-pandemic levels. And Tthe buildings and construction sector alone accounted for a large percentage of these emissions.
Redaptive works with major corporations to support their net zero goals through fully-funded, end-to-end energy-saving and renewable upgrades. And the company’s proprietary technology solutions are utilized at over 40 Fortune 500 companies, including McKesson, Iron Mountain, and Saint-Gobain.
Redaptive enables organizations to accelerate sustainability, energy efficiency, and carbon reduction goals with ease and at scale. Specializing in large Commercial & Industrial companies, Redaptive provides a comprehensive solution that manages every aspect of long-term energy efficiency programs, from diagnostics and project development to funding, procurement, project management, and monitoring.
These programs, which typically spans 5 to 15 years, are delivered at no upfront cost to customers through a shared savings model, where Redaptive shares in the savings achieved from reduced energy consumption. And Redaptive’s proprietary metering technology provides customers with real-time, asset-level energy data, helping them gain deeper insights and control over their energy use.
This news also comes on the heels of Redaptive hiring their new CTO, Monish Sharma, who is prepared to help expand Redaptive’s innovative data and technology offerings. And Sharma specializes in driving the delivery of next-generation platforms and products, and brings over 20 years of experience working with Fortune 500 customer executives to operationalize and transition companies to advanced technology models.
KEY QUOTES:
“CPP Investments has recognized Redaptive’s success in transforming energy management for enterprises and has increased its stake to drive our continued growth. This investment is a reflection of the strength of our team and the impact we’re making in the industry. With CPP Investments as a partner, we’re now positioned to accelerate our mission and help more organizations overcome the barriers to energy efficiency and carbon reduction.”
-Arvin Vohra, CEO of Redaptive
“Redaptive has demonstrated strong execution in driving energy savings in a volatile market. As enterprises increasingly focus on sustainability, Redaptive is well-positioned to enable them to more efficiently achieve their energy and sustainability goals. This investment in Redaptive aligns with our goal of promoting the smart, sustainable use of energy resources and supporting initiatives that promote the transition to a low-carbon economy. Our additional investment will help Redaptive to continue to scale its business while providing strong risk-adjusted returns to the CPP fund.”
-Edwina Kelly, Managing Director and Head of Sustainable Energies, U.S. at CPP Investments
