- Redaptive — a leading provider of Efficiency-as-a-Service solutions for commercial and industrial customers — announced it has raised $156.5 million in funding
Redaptive — a leading provider of Efficiency-as-a-Service solutions for commercial and industrial customers — announced it has raised $156.5 million in funding led by CarVal Investors. And existing investors CBRE, Engie New Ventures, Evergy Ventures, and Linse Capital also invested in the company. Redaptive will utilize the funding to expand its energy efficiency offerings to meet growing demand from existing and new customers.
These partnerships have been pivotal to the company’s continued growth and demand. And Redaptive’s guaranteed energy and cost savings, risk management, and program funding have resulted in reduced energy emissions for scores of customers as sustainable infrastructure rises as a global imperative. So far, Redaptive has enabled over $380 million in sustainability projects and a total energy reduction of 1.1 billion kilowatt-hours — which is equivalent to about 778,000 metric tons of CO2 or 1.8 million barrels of oil consumed.
Redaptive’s ability to lower facility maintenance costs, reduce reliance on the grid, and perform data-driven energy efficiency retrofits is accelerating their customers’ ability to exceed their sustainability goals while maintaining their bottom line. And current offerings include energy-efficient lighting and heating, ventilation and air conditioning (HVAC) systems, including boilers, chillers and rooftop units. With this funding round, the company will be able to expand its offerings and deploy over $1 billion in new projects.
KEY QUOTES:
“We’ve achieved record sales this year, despite the global pandemic. By reducing costs for our customers we’re seeing an increase in commitments from companies to make their facilities more efficient, resilient and sustainable.”
— Redaptive CEO Arvin Vohra
“We thank CarVal, and our existing investors, for their support as we expand our offerings to meet the broader global need.”
— Redaptive’s Executive Chairman John Rhow
“More companies are seeing the benefit of running their operations smarter, more efficiently, and more sustainably. Providing companies with a way to reduce their energy and carbon footprint and save on costs without having to spend any capital is the perfect innovation for times like these and we see a bright and bankable future for Redaptive and their model.”
— Jerry Keefe, a Principal at CarVal Investors
“Achieving our sustainability commitments and optimizing our capital allocation are key components to our business strategy and are important to our employees and customers around the world. Redaptive has played a fundamental role in helping us achieve broad emission and energy reductions, through our energy efficiency programs, while all along preserving internal capital for our core business in North America and across Europe.”
— Dan Anninos, Iron Mountain’s VP of Global Facility Management
