PRESS RELEASE
SYDNEY & SAN MATEO, Calif.–(BUSINESS WIRE)– BuildingIQ (ASX: BIQ) today announces that it has received a United States Patent for Predictive Energy OptimizationTM (PEO) technology that serves as a cornerstone for its 5i Platform. The platform enables services ranging from ticket management, to managed retro-commissioning, to predictive closed-loop control that tunes a building’s HVAC settings every four hours. BuildingIQ’s intelligent energy management platform currently helps optimize operations in more than 950 buildings and approximately 75 million square feet. The new patent underscores BuildingIQ’s position as the leading software services provider in the building energy management space, and could further enable the company to pursue opportunities in commercial buildings and corporate campuses, as well as in healthcare, education and government facilities.
“Our partnership with BuildingIQ has provided operational insight and real energy savings due to the technology’s ability to control and dynamically adjust the HVAC system and the company’s whole building approach to diagnostics,” said Zach Dobelbower, Associate Director, Sustainability and Energy, at the DC Department of General Services. “Automated system optimization and cloud-connected platforms with smart performance algorithms will be essential to cities meeting aggressive targets for lowering carbon emissions while saving money.”
Using a five-pillar approach consisting of data capture and analysis, modeling, measurement & verification, control, and human expertise, BuildingIQ has invented a better method to creating Internet of Things (IoT)-enabled buildings. BuildingIQ is able to deliver energy savings without upfront capital, thus optimizing previous investments in building infrastructure. In fact, in 2016, commercial customers at one West Coast utility generated nearly $15 in energy savings for every dollar investment in the BuildingIQ subscription.
“Within the energy management space, we’ve seen more acceptance of data-driven analytics approaches,” said Michael Nark, President and CEO of BuildingIQ. “The key is to offer a platform that supports services that fit the financial, environmental, and market needs of building, city, and other portfolio holders. Our expertise in modeling, diagnostics, control and measurement resides at the interface between physical control of the building and the big data. This gives us unrestrained flexibility in leveraging new and existing technologies that provide actionable data or even closed loop control. The United States patent we’ve received is just one of many proof points supporting how truly innovative our approach is.”
About BuildingIQ
BuildingIQ (ASX: BIQ) helps building owners and operators worldwide lower energy use, increase building operations efficiency, and tenant comfort.
The company’s 5i cloud-based platform and managed services deliver on the promise of IoT for buildings with none of the drawbacks. Approximately 75M square feet of building space is serviced by BuildingIQ.
Investors in BuildingIQ include the Venture Capital unit of Siemens Financial Services, Paladin Capital and Exto Partners.
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