Energy management company and the recipient of a CCN Leadership Award earlier this year, BuildingIQ, today commenced trading on the Australian Securities Exchange (ASX).
The listing follows the successful raising of $20 million in its Initial Public Offering (IPO). BuildingIQ offered approximately 20 million Chess Depository Receipts in the company at A$1 each, with an indicative market capitalisation of approximately $85 million (on a fully-diluted basis).
BuildingIQ provides energy management and optimisation solutions for owners and managers of large commercial buildings.
Based on technology developed by the CSIRO, BuildingIQ’s Predictive Energy Optimisation platform works with a facility’s Building Management System (BMS) to make real-time changes to heating and cooling operations based on variables such as weather forecasts, energy prices, tenant comfort, building characteristics and demand response events.
Small changes in temperature and pressure result in savings of up to 25 per cent in heating, ventilation and air conditioning energy costs.
Earlier this year the company won the 2015 Emerging Leader in Energy Savings Award at CCN's HVACR Leadership Awards.
Accepting the award, the company's chief technology officer, Peter Dickinson, said BuildingIQ has been fighting to transform the market's perception of cleantech and green technologies.
“Finally these solutions are seeing their well-deserved focus and those not embracing this change are falling behind,” he told attendees at the CCN Live 2015 breakfast event. "Let's continue to show the world how its done.”
BuildingIQ president and CEO, Michael Noark, said today that with global energy demand, rising electricity prices, and the growing requirement for efficiency and sustainability, building owners and managers are increasing their focus on controllable operating costs, such as energy.
“As this landscape continues to advance, intelligent and dynamic platforms like ours are becoming an integral part of the facility management tool kit,” he said.
“We are excited to begin this next phase of growth by using the investment support we’ve gained to expand our reach and build upon our product offerings for both customers and partners.”
BuildingIQ chair and non-executive director, Alan Cameron, said that by leveraging the 'Internet of Things', advancements in machine learning and cloud technology, the BuildingIQ platform is able to offer a faster return on investment compared to traditional energy-saving upgrades, with less upfront capital required. “This is a significant pain point within the market that we have been able to overcome,” Cameron said.
Currently, over 3.25 million square metres (more than 35 million square-feet) is under the management of BuildingIQ’s platform in more than 140 buildings. Customers include utilities, hospitals, universities, office buildings, casinos, hotels, and government facilities spread across Australia and the United States.
Cameron said that behind every customer deployment is a team of energy engineers monitoring the technology’s performance and lending further support to customers.
BuildingIQ has partnerships with major industry players such as Siemens and Schneider Electric and is headquartered near San Francisco.