CEFC funds high-tech meters
The CEFC has given $5 million in support for a company that makes energy-saving thermostats.
The Clean Energy Finance Corporation (CEFC), through its Innovation Fund, has made a $5 million equity investment in Zen Ecosystems’ series B capital raising for the further development and deployment of its Zen HQ and Zen Thermostat products.
The technological innovations and behind-the-meter management solutions offered by Zen Ecosystems could unlock major opportunities for reducing energy consumption for retailers, hotels and motels, schools, universities, car dealerships and fast food outlets.
“Traditionally, energy usage has been controlled by building management systems, which are usually only cost effective for large or industrial-use buildings,” says Innovation Fund Executive Director Ben Gust.
“Zen HQ is designed for smaller footprint businesses as a low cost, easy-to-use cloud platform for managing energy-intensive assets across single and multiple sites.
“Demand management is a critical part of the clean energy transition. We are pleased to support Zen Ecosystems in the expansion of this innovative homegrown technology. With this new wave of innovation and connectivity, controlling your energy consumption is now just a matter of checking in on your desktop or phone.”
The core products of Zen Ecosystems are the Zen Thermostat and Zen HQ.
The Zen Thermostat is a smart thermostat that allows homes to remotely control and reduce their energy consumption. Zen HQ is designed for smaller footprint businesses as a low cost, easy-to-use cloud platform for managing energy-intensive assets across single and multiple sites.
Zen Ecosystems was recently named one of the Fast Company World’s Most Innovative Companies in the energy industry, highlighting its ability to help businesses more intelligently manage their HVAC and lighting systems to reduce energy consumption.
“We've already seen great traction in the market for our energy solutions and this round of growth capital, headed by the Clean Energy Innovation Fund, will enable us to aggressively expand our product roll out in both Australia and the USA,” said Zen Ecosystems CEO, James McPhail.
“There are huge market segments, including retail chains with large portfolios of small to medium-sized buildings, crying out for smart, simple control of HVAC systems to reduce energy, peak load and maintenance costs, and Zen HQ is a simple and affordable solution to meet those needs.”
In Australia, Zen HQ is already being used by commercial customers such as the RACV, while the Zen Thermostat is part of the Telstra Smart Home range. Further development is underway to enhance compatibility across the broad range of heating and cooling systems used in the Australian market.
Zen Ecosystems is one of eight companies working with ARENA and AEMO as part of a demand response project which aims to remove electricity load from the grid and to keep energy supplies stable, reliable and affordable during periods of peak demand.
As part of the project, Zen Ecosystems will deploy a network of connected, smart thermostats in commercial buildings and households in Victoria and South Australia. The network will be able to be controlled by the Zen HQ cloud platform, allowing for the adjustment of set points of heating and cooling to reduce energy consumption when AEMO calls a demand response event.