Noesis Energy is targeting the estimated $70B in annual U.S. energy waste by helping commercial and industrial customers drive greater energy efficiencies out of their operations. Backed by an initial investment of $6.5M from Austin Ventures, and support for follow-on acquisitions, the company plans to unveil a cloud-based energy management platform that combines free analytics tools, energy market data, educational resources and a community of experts to help in-house energy managers and third-party consultants make more informed energy management decisions. The service is expected to debut in early 2012.
As part of today’s news, Noesis Energy is announcing the acquisition of Managing Energy Inc. (MEI), an established provider of energy management and analytics software that will serve as the foundation for Noesis Energy’s offering. Launched in 1994 by seasoned energy engineers, MEI was one of the first web-based energy management solutions and is a recognized leader in the energy management space. The company is based in Ontario, Canada and has more than 6,000 buildings, 13,000 meters and 290 million square feet under management.
“Today’s energy management market is characterized by fragmented technologies and business processes that continue to breed rampant waste and inefficiencies amid escalating economic and regulatory pressures,” said Steven Meyers, president and founder of Rational Energy Network. “Despite good intentions, the majority of commercial and industrial users struggle to identify, implement and measure meaningful energy savings opportunities. It’s a huge information management and decision support problem that Noesis Energy is tackling head on.”
Lack of decision-quality data is a key challenge in helping organizations understand their energy consumption, define energy conservation initiatives and measure ongoing energy efficiency. This issue is particularly acute in commercial and industrial markets due to the sheer size and complexity of energy contracts and usage. While some of the largest institutional customers outsource these processes entirely, for most mainstream businesses the responsibility falls to in-house energy managers and third-party consultants who are often inadequately staffed or equipped to implement a comprehensive plan. Through technology, Noesis Energy will help all energy professionals implement more efficient and effective energy management decisions.
“With billions of dollars wasted each year from energy inefficiency, our goal is to bridge the gap between people, processes and technology, and reinvent how the commercial and industrial market thinks about and manages its energy consumption,” said Scott Harmon, CEO and founder of Noesis Energy. “Information is power. Noesis Energy is changing the way energy data is captured, analyzed and shared to help energy professionals make more informed, actionable energy management decisions.”
Where it makes sense, Noesis Energy will pursue ongoing development, merger and acquisition opportunities in the energy management space including but not limited to: energy spend management/accounting, energy efficiency/optimization and energy management services.