BuildingIQ Experiences Strong Adoption in Key Markets and Closes 2015 with Successful ASX Listing
Cloud-based energy management platform expands presence in government, education and healthcare sectors following A$20 million IPO
Sydney – 25 February 2016 – BuildingIQ, a leading energy management software company, today announces key achievements that demonstrate its significant growth in 2015. The company has strengthened its position as a market leader within the commercial property sector as well as the government, education and healthcare industries by reaching numerous milestones, including:Commenced trading on the Australian Securities Exchange (ASX: BIQ) following raising of A$20 million in Initial Public Offering Year over year revenue and other income growth of greater than 300 percent Surpassed 140 buildings under management and over 38 million total square feet Future contracted revenue grew at a rate of $1 mill a quarter in 2015, surpassing $12 mill in total Selected as a technology provider for multiple government programs Attained patents for its pioneering Predictive Energy Optimization™ (PEO) platform in Australia and Japan Recognized in Australia with a National iAward for Sustainability and in the United States as one of the 15 Smart Grid Companies to Watch in 2015 by Smart Grid News Secured pilot programs with major United States utilities Secured multi-year, long term renewals with iconic buildings both in Australia and the United States Executed an agreement with Australia’s BSA Group to promote BuildingIQ’s offerings to its portfolio of commercial building clients This year, BuildingIQ has seen notable success within the government sector, with its PEO platform being selected for numerous initiatives in both Australia and the United States. The platform was 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. Building on this commendation, the company secured partnerships with the City of D.C. as well as the New York State Energy Research and Development Authority (NYSERDA) and Energy Solutions for scaled deployment of its platform.
Similarly, the platform’s measurement and verification (M&V) capabilities helped fortify its place in the Australian market, where it became an official way to directly generation Energy Savings Certificates under the New South Wales Energy Savings Scheme as well as an approved supplier for services by the New South Wales Office of Environment & Heritage (OEH). As a result of these initiatives, NSW building owners are able to receive additional financial benefits and incentives by using the platform.
In addition to government projects, BuildingIQ substantially expanded its presence among higher education institutions in the United States, deploying its management solution at the University of California Los Angeles (UCLA); California State University; Jefferson State Community College; University of South Florida; and the University of Miami.
BuildingIQ also made progress in advancing its pilot programs with major U.S. utilities, including Xcel Energy and San Diego Gas & Electric Company (SDG&E). While its work with Xcel Energy is still underway, a third party analysis of the SDG&E program, conducted by kW Engineering, verified the platform’s daily energy reduction and demand response capabilities.
“BuildingIQ has made great strides over the past year in pushing forward the adoption of smart grid infrastructure across numerous industry sectors,” said Michael Nark, president & CEO of BuildingIQ. “We’ve developed a cost-competitive, easy-to-install solution that can adapt to the unique needs of each of our customers, which has really resonated within the market. In 2016 we’re looking forward to continuing our growth and to further expand within the Asian market, thanks to the support of our partners, clients and investors.”
BuildingIQ is a leading provider of advanced energy management software that actively predicts and manages heating, ventilation and air conditioning (HVAC) loads in commercial buildings. As the only supplier of patented Predictive Energy Optimization technology, BuildingIQ’s cloud-based solution is powering energy and operational savings in buildings with reductions in HVAC energy costs as high as 25 percent. BuildingIQ delivers measurable results and has received backing from tier one industry leaders, including the Venture Capital unit of Siemens Financial Services, 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 has received a number of awards most recently the National iAward for Sustainability in Australia. BuildingIQ is trading on the Australian Securities Exchange under the ASX code BIQ.
Contact – United States
Vantage PR for BuildingIQ
Sean Welch, +1-407-767-0452 ext. 228