Partnership brings distributed energy management technology and new financing options to small-to-midsized commercial customers in New York State
VANCOUVER, British Columbia, July 21, 2016 – Enbala Power Networks and Joule Assets were selected by the New York State Energy Research and Development Authority (NYSERDA) to implement a program aimed at hastening implementation of distributed energy resource (DER) management technology by small to midsized commercial and institutional businesses in New York State. Enbala will provide its leading edge DER optimization and control technology; Joule Assets will provide financing to install onsite building automation and controls technology-enabling site communication with Enbala’s platform.
The new three-year market transformation project reinforces the goals set out in New York State’s Reforming the Energy Vision (REV) program by delivering comprehensive DERs under an innovative, privately financed pay-for-performance structure.
Energy used by commercial buildings accounts for two-thirds of the state’s power consumption, and small to midsized businesses comprise 99 percent of New York’s commercial enterprises. Thus, these businesses present substantial opportunities to help the state meet its energy efficiency goals, reduce greenhouse gas emissions, reduce energy costs and boost clean energy measures. Historically, however, smaller businesses have lacked the funding or economies of scale needed to leverage the cost and energy-saving benefits of DERs and associated optimization technologies.
This partnership between Enbala and Joule provides smaller businesses with a turnkey distributed energy management solution that leverages the Symphony by Enbala platform with capital provided by Joule’s innovative financing options. This allows businesses to bid into NYISO and ConEd demand response programs, while also reducing operating costs. NYSERDA projects that, as a result of the project, small and midsized business in New York will reduce annual electricity consumption by 1,400,000 kilowatt-hours and produce 500 kW of distributed energy assets.
“This is a significant milestone in the transformation of our electric grid and energy markets,” said Arthur “Bud” Vos, Enbala CEO. “New York is a strong leader with its forward-thinking REV program, and this NYSERDA initiative is an important step towards fulfilling the state’s goals of delivering multiple stakeholder value streams through distributed energy resources. It will clearly demonstrate how a networked ecosystem of diverse utility customers can be a critical component of the grid edge landscape, giving utilities the resource flexibility they need, while rewarding the customers with cost savings and new revenue opportunities.”
Joule’s pay for performance financing, backed with investment grade insurance by HSB, a Munich RE subsidiary, provides a clear path to value and scale for energy retrofits in historically underserved small and midsized enterprises (SMEs). Bringing sophisticated financing solutions to SME retrofits, Joule’s Energy Reduction Asset (ERA) Fund is committed to delivering on the multiple sources of value these projects produce. The financing component of the project provides a clear path to demonstrating New York’s priorities—animating markets and attracting private capital sources to fund infrastructure upgrades.
“There is significant economic potential in providing financing to smaller-scale contractors, a market segment whose needs have been largely unaddressed until now,” said Dennis Quinn, COO and co-founder of Joule Assets.
Mike Gordon, CEO and co-founder of Joule Assets, points out, “This project will demonstrate the valuable opportunities we can create at the grid edge under New York’s changing energy paradigm.”
About ENBALA Power Networks®
Enbala Power Networks is focused on making the world’s power grids greener and more reliable, efficient and predictable by harnessing the power of distributed energy. Enbala’s real-time energy-balancing platform is transforming energy system operations through its revolutionary, highly flexible approach for creating controllable and dispatchable energy resources. It unobtrusively captures and aggregates available customer loads, energy storage and renewable energy sources to form a network of continuously controlled energy resources. The platform dynamically optimizes and dispatches these resources to respond to the real-time needs of the power system – all without impacting customer operations. For more information, visit http://www.enbala.com or follow us on Twitter at https://twitter.com/Enbala.
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About Joule Assets
Joule Assets (Joule) actively empowers businesses, investors, communities, and individuals to capitalize on reductions of energy consumption through innovative financing, creative business models, and regulatory policy in the U.S. and Europe. Through its market intelligence, expertise and performance-based financing approach, Joule enhances projects by generating and integrating new value and revenue streams. Each business unit—Joule Energy Reduction Asset Fund, Joule Energy Services, Joule Community Power, and Joule Europe—supports the overarching mission to develop, enhance, improve and catalyze the energy efficiency, control and clean generation markets. Learn more about Joule Assets at www.jouleassets.com. Follow us on Twitter @JouleAssets.
MissionCTRL for Joule Assets