Business
HONEYWELL INVESTS IN ENERGY-AS-A-SERVICE MARKET LEADER REDAPTIVE TO DRIVE PRIVATE SECTOR ENERGY CONTRACTING
Leverages complementary abilities and expertise to enable energy efficiency and sustainability upgrades with little-to-no upfront capital investment for
About this update from Honeywell International Inc.
[{"type":"text","content":"Leverages complementary abilities and expertise to enable energy efficiency and sustainability upgrades with little-to-no upfront capital investment for private-sector-owned commercial buildings\nATLANTA, March 29, 2023 /PRNewswire/ -- Honeywell (NASDAQ: HON) today announced a strategic investment in Redaptive, which will accelerate a collaboration to bring Energy-as-a-Service (EaaS) capabilities to private sector-owned commercial and industrial buildings.\n\nThis investment helps enable the rapid deployment of technologies designed to reduce carbon emissions across a large portfolio of buildings. This collaboration combines Honeywell's experience in energy savings performance contracting (ESPC) and building controls capabilities with Redaptive's innovative data technology and EaaS platform. It provides customers with more ways to baseline current energy usage and reduce consumption to achieve their sustainability goals - with little-to-no upfront investment.\nTerms of the investment were not disclosed.\nThe energy-performance-contracting market and associated funding mechanisms enable energy improvements without upfront customer capital investment by using the energy savings to fund the work. This approach is well-developed in the public sector, as well as in the education and healthcare markets. However, there remains significant opportunity with private-sector commercial building owners and operators who have traditionally made the full investment in energy audits and upgrades, potentially impeding the opportunity to fully capture energy savings. \nThis collaboration will create the opportunity for customers to generate meaningful energy savings in a capital efficient manner. It also offers accelerated technology deployment to upgrade existing building infrastructure, support capabilities such as on-site renewable energy assets, and deploy advanced controls software, such as Honeywell Buildings Sustainability Manager powered by Honeywell Forge. As part of the collaboration with Redaptive, Honeywell will deploy the Redaptive platform in its own facilities.\n\"The time to reduce the energy use and carbon impact of buildings is now,\" said Del Misenheimer, president of Honeywell Building Solutions. \"We must find ways to bring much-needed technologies and capabilities to many more buildings. Our work with Redaptive will enable u...