DALLAS, TX--(Marketwired - Apr 1, 2014) - SCIenergy has raised $12 million to fuel the company's strategy to fundamentally disrupt the economics for implementing energy solutions in buildings. The new round was led by Braemar Energy Ventures and includes new investors Edison Energy, a subsidiary of Edison International, and Mitsui USA. Existing investors The Westly Group, DFJ Core, DFJ Growth and Triangle Peak Partners also participated in the round.
SCIenegy is developing the first energy infrastructure as a service integrated platform, delivering a blend of cloud-based software and project capital to drive the mass deployment of comprehensive energy solutions in large buildings. Through its core solutions Energyscape™ and the Managed Energy Service Agreement (MESA™), SCI's objective is to drive all stakeholders throughout the value chain to fundamentally transform energy from a complex commodity into a simple service that integrates with infrastructure to deliver a reliable, consistent, high-quality environment.
"Energy efficient buildings enjoy lower vacancy rates and higher rental rates and achieve higher sales prices for more than comparable buildings," said Steve Gossett Jr., CEO of SCIenergy. "Our goal is to deliver Energy-Infrastructure-as-a-Service. Building owners and tenants receive the benefit of building upgrades without the complexities or financial risk. Contractors and financial institutions, meanwhile, will see a huge increase in opportunities and deal flow."
"SCIenergy is tackling one of the biggest challenges in the energy industry, namely, how do you make energy initiatives easy and effective for property owners," said Bill Lese, managing partner at Braemar. "The company's cloud-based platform and innovative financing model streamlines projects and transforms energy initiatives from a distraction with an uncertain outcome to an integral element of the overall business strategy for owners."
SCIenergy projects do not impact debt covenants or tax liens, require independent public policy programs or place the risk of the performance of the project on the building owners or tenants. By de-risking building investments and providing consistent results, SCIenergy expects to be at the forefront of the emerging market for securitizing energy upgrades.
"Commercial buildings consume nearly 19% of all of the energy in the U.S. and most of them have not been optimized for energy performance," said Oded Rhone, Vice President of Strategic Planning at Edison International. "SCIenergy is pioneering a business model that can recover a substantial amount of energy while improving the indoor environment for building owners and occupants. Energy customers need solutions like this to help them drive efficiency."
Mitsui USA launched a joint venture to fund MESA projects in 2011. "We are pleased to expand our relationship with SCIenergy," said Matthew Maher, Director of New Business Development at Mitsui USA. "The techniques being pioneered by SCIenergy and its partners will ultimately be exported to multiple regions around the world."
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at www.braemarenergy.com or on Twitter at www.twitter.com/braemarenergy or @BraemarEnergy.
About Edison Energy
Edison Energy, a subsidiary of Edison International, is focused on providing energy services to industrial and commercial customers across the nation. Edison Energy is identifying opportunities that capitalize on industry change and leverage the company's core strengths. Prime areas of interest are distributed generation, electrification of transportation, water purification and power management services to the commercial and industrial sectors.
Edison International (NYSE: EIX), through its subsidiaries, is a generator and distributor of electric power and an investor in energy services and technologies, including renewable energy. Headquartered in Rosemead, Calif., Edison International is the parent company of one of the nation's largest electric utilities.
About Mitsui & Co. (U.S.A.), Inc.
Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world with 147 offices in 67 countries/regions as of March 1, 2014. Mitsui is multilaterally pursuing business that range from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Service, and Innovation & Corporate Development. Mitsui USA aspires to meet the needs of its customers as "Your Global Business Partner®", while remaining committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.
SCIenergy integrates technology, services providers, and capital markets to transform how building owners and occupants interact with energy. SCIenergy enables the world to leverage energy efficiency as an asset to make the world cleaner, more sustainable, and more profitable. For more information, visit www.scienergy.com