Redaptive, a San Francisco-based Energy-as-a-Service provider of energy-saving and energy-generating equipment, has secured $200 million from Canada Pension Plan Investment Board (CPP Investments).
The investment will also include participation from a few current investors, including Linse Capital and CBRE. Early in 2023, the business plans to announce a second closure.
To assist enterprises in reducing energy waste, saving money, lowering their carbon emissions, and achieving sustainability goals, the startup finances and installs energy-generating and -saving technology.
“We are excited about funding Redaptive’s growing business which helps organizations to rapidly reduce energy consumption, save internal capital, and meet GHG emission reduction targets across their entire real estate portfolios,” said Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments.
Many of the most technologically advanced companies in the world benefit from Redaptive’s initiatives in reducing energy waste, saving money, reducing carbon emissions, and achieving sustainability targets throughout their entire real estate portfolios.
“This investment is consistent with our focus on investing in best-in-class companies supporting the global energy transition by innovating in energy efficiency, sustainable energy, and the deployment of data solutions,” added Bruce Hogg.
Redaptive provides enterprise customers with data-driven energy generation
Since its founding, the Energy-as-a-Service provider startup has grown significantly, with 2022 bookings anticipated to increase by over 100 percent year over year.
The company is in an excellent position to keep gaining market share in the growing Energy-as-a-Service sector because of its cutting-edge, comprehensive sustainability solutions for major global corporations.
The market for energy as a service in North America is anticipated to increase from $4.8 billion to $38.5 billion between 2022 and 2030, at a 30 percent CAGR, according to recent research1.
Redaptive offers enterprise customers data-driven energy generation and efficiency programs that may be implemented at prominent locations or across distributed real estate portfolios. These programs include HVAC, LED lighting, solar, EV, and other utility upgrades.
Redaptive covers the up-front costs, enabling clients to get past the financial and practical obstacles to investing in sustainability and energy efficiency.
“This funding gives Redaptive the capability to accelerate our growth and help more customers reach and exceed their energy efficiency and sustainability goals,” said Redaptive CEO Arvin Vohra.
