Parity is excited to announce we closed a $4 million loan facility from NY Green Bank to finance our HVAC Optimization as a Service solution to improve energy efficiency in New York State.
This is NY Green Bank’s first transaction focused on a software-as-a-service solution for energy-efficiency building upgrades.
There was a lack of precedent and limited appetite from traditional commercial debt providers to finance transactions tied to utility incentives. Utility incentives may not fit into any one asset class or may be too small individually to generate sufficient interest from traditional debt investors.
NY Green Bank’s transaction addresses this gap in the market by bridging the utility incentive payments and freeing up capital for the borrower to focus on business expansion and accelerating the deployment of its SaaS solution.
Brad Pilgrim, CEO of Parity, says, “We are extremely excited to be working with NY Green Bank. This is a significant partnership for us with a US lender. Our organization’s goals, when it comes to reducing GHG emissions from buildings in New York City, are very closely aligned.
We look forward to leveraging this partnership with NY Green Bank and capital facility to help building managers and asset owners implement the necessary technology to minimize wasted energy in buildings and build a greener, more sustainable future.”
Parity remotely controls and optimizes HVAC systems 24/7/365 to deliver automatic energy savings and revenue to multifamily residential buildings and hotels.
Optimizer is our HVAC Optimization as a Service solution that micromanages your HVAC systems 24/7/365. Optimizer remotely and automatically adjusts set points, motor speeds, and other related performance parameters. This minimizes energy consumption and reduces your staff’s workload while maintaining a comfortable building climate for your occupants.
The full Optimizer service consists of our control optimization software, Parity Insights (Pi) dashboard, automated demand response curtailment, and support from our team of remote and onsite HVAC experts.
For more information, email contact@paritygo.com or read the full case study from NY Green Bank here.
We are pleased to announce the company has received $1.25 million in venture debt from Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors. The investment will help accelerate our planned expansion into the US market.
“Silicon Valley Bank (SVB) is known across North America for successfully helping innovative companies identify and seize the opportunity,” said Brad Pilgrim, CEO, Parity. “We are excited to work with their team of experts. Their support adds additional fuel to our building momentum, and we look forward to leveraging their investment and confidence as we look to grow across North America.”
Parity’s Optimizer service controls existing HVAC equipment in multi-residential buildings with our Optimizer service to guarantee 20 – 30% energy savings. Our capital-light, non-intrusive model stands in contrast to more traditional energy retrofits, which typically require substantive investments in equipment and can be disruptive to occupants.
This investment supports Parity and our ongoing expansion of our services across North America.
“Silicon Valley Bank (SVB) is committed to supporting innovative businesses that are shaping the future,” says Win Bear, Head of Business Development in Canada, Silicon Valley Bank (SVB). “Parity’s approach to innovative energy management in buildings helps make buildings smarter and our urban environment more sustainable. SVB is pleased to support Parity as they disrupt the status quo and turn their vision into growth.”
SVB’s investment supports Parity’s strategic plan for expansion. The company expects to start installing its newly optimized energy management platform into multi-residential buildings in the North Eastern United States by the first quarter of 2020.
“We are confident that as we continue to introduce Parity to buildings and customers both here at home and across North America, they will be quick to appreciate how our smart solutions can not only help them improve their energy efficiency but will also help an entire industry reimagine how we think about energy use,” says Pilgrim.
We are pleased to announce that we have closed a Series A investment from ArcTern Ventures, a leading North American cleantech venture fund.
The $5 million Series A round, the first deal for ArcTern Venture’s Fund II, will be used to fund Parity’s expansion into the US market. Parity’s proprietary control algorithms enable substantive energy savings across the built environment, with an initial focus on multi-residential buildings and hotels.
Parity’s capital-light, non-intrusive model stands in contrast to more traditional energy retrofits, which typically require substantive investments in equipment and can be disruptive to occupants. Parity controls existing HVAC equipment with cloud-based artificial intelligence (AI) to deliver 30 – 40% energy savings. The system is cash-flow positive from day one and requires no up-front capital.
“We are pleased to partner with ArcTern Ventures for our Series A to bring our prop-tech solution to the US market,” said Brad Pilgrim, CEO, Parity. “Having proven our technology in Toronto over the last couple of years, we’re eager to expand on that lead. We expect to be operational in two additional markets shortly.”
Photo by Markus Winkler on Unsplash
Parity has made significant progress in HVAC optimization with customers in Toronto by simply collecting data and applying developed proprietary algorithms for better control of energy use. The company has now developed second-generation Deep Learning algorithms in collaboration with Professor Jenn McArthur and her team in Ryerson’s Smart Building Analytics Living Lab. These algorithms incorporate online predictive control optimization currently being tested in the field that has proven to achieve unprecedented performance with significant energy savings.
“Using ML will allow our algorithms to autonomously learn from ongoing building performance letting the algorithm tune itself to individual buildings on their own and permit mass customization of the algorithm across building portfolios actions to deliver the best result,” explains Pilgrim. “We are striving for greatness and the goal of being able to manage any building HVAC system autonomously while maintaining the lowest levels of energy consumption possible and continuously improving performance for our customers.”
The cumulative energy and GHG savings are expected to be substantial. Buildings account for 40% of energy use, but traditional retrofits remain sluggish. A low-capital alternative is expected to accelerate the market adoption of energy savings retrofits.
“Energy efficiency remains the unsung hero of any credible emissions scenario,” said Tom Rand, Managing Partner of ArcTern Ventures. “With our investment, we expect Parity to deliver GHG reductions equivalent to taking half a million cars off the road, permanently. And every customer will be wealthier for having done so.”
We thank ArcTern Ventures for their investment in Parity’s current and future success.