BuildingIQ, a energy management software provider, has raised A$20 million for its IPO. The stock began trading Wednesday on the Australian Securities Exchange. It is backed by Aster Capital, Siemens Financial Services‘ venture capital unit, Paladin Capital and the energy division of the Commonwealth Scientific and Industrial Research Organisation.
SYDNEY–(BUSINESS WIRE)–BuildingIQ Inc., a leading energy management software company, is pleased to announce that it commenced trading on the Australian Securities Exchange today (ASX:BIQ). The listing follows the successful raising of A$20 million in its Initial Public Offering.
BuildingIQ offered approximately 20 million Chess Depository Receipts in the company at A$1.00 each, with an indicative market capitalisation of approximately A$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 percent in heating, ventilation and air conditioning energy costs.
President & CEO of BuildingIQ Michael Nark said, “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. 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.”
Alan Cameron, Chair and Non-executive Director of BuildingIQ added, “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 been able to overcome.”
Currently, over 3.25 million square meters (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. 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 Siemens and Schneider Electric. It is headquartered near San Francisco with key operations in the US and Australia.
BuildingIQ is a leading provider of advanced energy management software that actively predicts and manages heating, ventilation and air conditioning (HVAC) loads in commercial buildings. As the only supplier of patented Predictive Energy Optimization technology, BuildingIQ’s cloud-based solution is powering energy and operational savings in buildings across the globe with reductions in HVAC energy costs as high as 25 percent. BuildingIQ delivers measureable results and has received backing from tier one industry leaders including Aster Capital (backed by Schneider Electric, Alstom and Solvay), the Venture Capital unit of Siemens Financial Services (SFS VC), Paladin Capital and the Energy Division of the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Recognised as a leader in its industry, BuildingIQ most recently was named winner of a National iAward for Sustainability, a National Energy Efficiency Industry Award for Best Commercial Energy Efficiency Project, Bloomberg New Energy Pioneers Award, Fierce Innovation Awards’ “Best in Show”, a Cool Vendor in Green IT and Sustainability by Gartner and listed on the Global Cleantech 100 and AlwaysOn Going Green Global 200.