Cloud-based platform, offered on a subscription basis, creates free cash flow by optimizing day-to-day cooling operations
San Francisco – May 18, 2015 – BuildingIQ, a leading energy management software company that helps leading organizations control energy costs and reduce energy consumption, today announced results from its fiscal first quarter of 2015. Building on the breakthrough success of 2014, in Q1 2015 BuildingIQ’s revenue grew by more than 185 percent on a year-over-year basis and increased by 80 percent over Q4 2014. The results registered so far have set the pace for another record-breaking year in terms of growth.
Additional highlights included:
- Improved square footage under contract by 25 percent over last quarter and 110 percent over last year;
- Achieved 155 percent increase in backlog on a year-on-year basis;
- Increased bookings growth by 30 percent on a year-on-year basis;
- Delivered more than $1 million of free cash flow in Q1 2015 to clients based on energy savings;
- Deployed just under 3 million square feet into the PEO platform in Q1 2015.
During Q1 2015, BuildingIQ closed on a Series B funding further demonstrating the market’s confidence in BuildingIQ’s business model and results. The company is backed by industry leaders including, Siemens Financial Services, Paladin Capital Group and Exto Partners.
In addition, BuildingIQ’s Predictive Energy Optimization™ (PEO) software was also recognized by the Department of Energy’s Office of Energy Efficiency and Renewable Energy as a reliable and cost-effective way to reduce energy consumption. As part of this award, BuildingIQ is offering to conduct low-risk pilots assisted by the Lawrence Berkeley National Laboratory to improve the energy-efficient operations of large, complex buildings without sacrificing occupant comfort.
“BuildingIQ was able to keep the momentum we built last year going into the first quarter of 2015,” said Michael Nark, president & CEO of BuildingIQ. “Our team prides itself on being able to create value for our clients, which is why the BuildingIQ platform only reports verified savings and is backed by an industry differentiating savings guarantee. Being able to deliver a million dollars in free cash flow for our clients speaks to our commitment.”
BuildingIQ’s measurement and verification (M&V) capabilities also helped it to reinforce its position within the Australian market. Its M&V module was named an approved way to directly generate Energy Savings Certificates under the New South Wales Energy Savings Scheme in Australia. The company has given hospitals, shopping centres, museums and commercial buildings across New South Wales the ability to easily start generating certificates with its software, which can be turned into an additional source of revenue.
BuildingIQ is a leading provider of advanced energy management software that actively predicts and manages HVAC loads in commercial buildings. As the only supplier of patent-pending Predictive Energy Optimization™ technology, BuildingIQ’s cloud-based solution is powering energy and operational savings in buildings across the globe with reductions in HVAC energy costs by as much as 25 percent. BuildingIQ delivers measureable results and has received backing from tier one industry leaders including the Venture Capital unit of Siemens Financial Services (SFS VC), Paladin Capital, Exto Partners and the Energy Division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Recognized as a leader in its industry, BuildingIQ most recently was named winner of a 2014 National Energy Efficiency Industry Award for Best Commercial Energy Efficiency Project, 2013 Bloomberg New Energy Pioneers Award, Fierce Innovation Awards’ “Best in Show”, a 2013 Cool Vendor in Green IT and Sustainability by Gartner and listed on the 2014 Global Cleantech 100 and AlwaysOn Going Green Global 200.
Vantage PR for BuildingIQ
Sean Welch, +1-407-767-0452 ex 228