By: Ankit Mishra
For the last 15 years, the Cleantech Forum has been organized by the Cleantech Group. Most recently it took place in San Francisco on January 25-27, 2016. Energy storage, China and the Internet of Things (IoT) were key topics at the forum, with investors and entrepreneurs confident on their respective futures.
Internet of Things (IoT) improves resource efficiency and creates positive impacts
The potential for IoT solutions to be deployed in the energy landscape has created opportunities to drive efficiencies, increase productivity and promote economic growth. Joe Costello, CEO at Enlighted, whose company was named in the 2015 Global Cleantech 100 and also won the North American Company of the Year award, believes that IoT is not only good for the environment and reducing costs, but also for creating new innovative tools for doing business.
“Our clients who use the sensor technology save 50 to 75% of their energy costs,” says Costello, who was named the top American CEO in 1997 by Chief Executive Magazine. Enlighted’s client list includes Google, LinkedIn and HP.
Costello, does, however, point out that the capital-intensive aspect of implementing sensor technology has hindered growth. To accommodate this, Enlighted created an innovative financing model for its customers. “This type of technology does require a large amount of capital. Small companies would require around $10 million, and large companies $100 million to implement our system. This was our biggest constraint to growth; so we put all the money down for our customers, and they pay us back from the energy savings that the system provides,” he explains.
Through their innovative financing model, called GEO, Enlighted customers receive full energy benefits and have a sensor network that enables them to optimize commercial space with zero upfront cost.