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ESCO, Energy Management Company Announces $3 Million Series C-1 Offering

June 5, 2018

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Copyright 2010-17 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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ETS (Energy Technology Savings), an energy technology, behavior management and smart building service provider which also acts as an ESCO in New York and energy supply procurement advisor, today announced a priced offering of $3 million of its Series C-1 Preferred Stock and milestones for its Smart Building AI Platform (SmartKit AI), an integrated mobile software suite for building operations and energy management.

As part of the $3 million offering, the company has already raised $1.8 million from existing investors and is looking to new strategic partners to complete the funding round over the next six months. ETS will use the funds for continued development of its artificial intelligence (AI) software and geographic expansion, with a particular focus on the West Coast.

"The offering is priced at a pre-money valuation of the company at $44 million and comes at a time of rapid growth for ETS: the company has doubled its SmartKit AI contracts over the last 12 months," the company said

ETS customers have brought the platform to 186 buildings across the Northeast and the West Coast. Current SmartKit AI users represent approximately 60 million square feet of commercial and multifamily residential buildings and 50 megawatts (MW) of electric load.

"SmartKit AI’s mobile software suite provides real-time data transparency, monitoring, predictive analytics and digital management tools that reduce energy and operating costs by 10 to 20 percent. SmartKit AI’s innovative technology optimizes performance of building systems; generates revenue from onsite assets, including heating, ventilation, and air conditioning (HVAC) systems and other distributed energy resources; and links energy saving actions to efficiency goals and rewards. Supported by ETS’ Concierge Service team, ETS’ deep archival data library and predictive analytics, SmartKit AI acts as a versatile tool for digital building management, empowering staff with insights to streamline operations while improving tenant comfort and achieving sustainability goals," the company said

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