Energy-Tech Firm Raises $65 Million to Make Buildings Efficient
(Bloomberg) -- A clean-energy company that uses sensors and software to help businesses cut their carbon emissions and energy costs has lined up $65 million in funding to serve hundreds of commercial buildings.
Carbon Lighthouse, an 8-year-old San Francisco-based company, plans to use the funds it raised from Generate Capital Inc. to extend services to 200 to 300 more buildings from its current 500, Chief Executive Officer Brenden Millstein said in an interview.
Clients pay Carbon a flat monthly fee to trim their buildings’ energy use by 20 percent to 30 percent -- without requiring the owner to install expensive new equipment. If Carbon Lighthouse fails to hit a specified target for savings, the company must pay to cover the difference.
“You can think of this like getting your car tuned up, but automatically and in real time,” Millstein said. He counts Hilton Hotels Holdings Corp. and Tesla Inc. among Carbon’s customers.
The project funding is in addition to $34.5 million in equity financing raised this year. A $27 million round closed in March and Carbon announced $7.5 million Tuesday in a follow-on investment from CEAS Investments LLC .
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