Noesis Energy, a financing and savings platform for energy-efficiency projects, capitalized on the growing market demand for Noesis Financial Services and its SaaS-based Noesis Pro platform by signing up 28 new energy-efficiency project developers during the first quarter of 2014. Also during the quarter, Noesis announced an innovative financing vehicle and associated $30mm debt fund expected to open up a multi-billion dollar opportunity for performance contracting within mid-market commercial and industrial energy projects. Finally, the company extended Noesis Pro, its popular web-based platform for selling energy efficiency projects, with new tools that aid project developers in prospecting for new project opportunities.
Continuing its trend to sign up leading commercial and industrial energy-efficiency project developers onto its platform, Noesis signed 28 new agreements in Q1, with companies that collectively represent over 600 employees who propose over 2,300 projects per year at a combined value of nearly $500mm and an average proposal size of $200k. These new customers span the energy-efficiency industry spectrum and include equipment manufacturing, energy management, efficiency consulting, energy engineering and design/build services for a wide range of efficiency technologies, such as lighting, HVAC, building controls and solar.
New customers include Alliance Cost Containment, Alternative Energy Development Group, Atlantic LED Solutions, Bright Idea Energy Solutions, Central Mechanical Wichita, Cleantech PMG, Creekwood Energy, Dynamic Energy Management, Energetics, Energime, Energy Efficiency Done Right, Evolved Lighting Solutions, Infinilume, Kaizon-West, LighTec, Halvorson Trane, Path Energy, Recurrent, rEnergy Solutions, Solar First/FirstPV, Streamline Power Resources, TraneOregon Energy Services, The Wasmer Company and Yoehk Energy Solutions.
“The common thread among all of our customers is that they’ve identified a gap or inefficiency within their sales or post-sales process where Noesis financial services and/or our Noesis Pro platform can help,” said Scott Harmon, CEO of Noesis. “They’re all looking for that extra edge so they can win more efficiency projects and grow their business.”
In March, Noesis announced a $30mm debt fund to finance efficiency projects using its new, innovative Shared Savings Agreement. Noesis’ new fund will build on the momentum of Noesis Financial Services by expanding financing options to meet the varying needs of building owners—from basic capital leases to off-balance sheet shared incentive contracts. The SSA is designed for mid-sized projects (between $500k and $3mm) and the contractors and developers that sell them, allowing mid-sized firms to position themselves as “virtual ESCOs” and greatly extend their customer reach without over-burdening their balance sheets with risk.
“The biggest challenge we always face that holds back energy efficiency projects from moving forward are budget constraints and perceived risk with return on investment from savings,” said Pete Kramer, Energy Service Sales Leader of TraneOregon. “The Noesis Shared Savings Agreement model directly addresses both of these barriers. Having a simple solution where the customer only pays if the project delivers the promised savings just makes sense.”
Noesis also released v2.0 of Noesis Pro, its SaaS-based web platform for selling C&I energy efficiency projects. This latest version aims to dramatically reduce the time it takes to identify and qualify opportunities before project developers go on-site for time-intensive and costly “free audits” through its project estimation technology and auto-generated Efficiency Business Proposals.