Venture Capital: Energy-As-A-Service Provider Redaptive Raised $200M

The fundraise came after Redaptive canned its plans for an IPO.

Redaptive offers energy-efficiency upgrades as a service to commercial buildings including fully-funded, end-to-end sustainability solutions that save money, build resiliency and meet ESG goals. The company raised about $200 million from the Canada Pension Plan Investment Board. Certain existing investors, including Linse Capital and CBRE, will also be participating in the investment. Redaptive is expecting to announce a second close in early 2023. (CPP Investments)

According to Bloomberg, the company was valued at close to $1 billion in the round.

According to recent research, the Energy-as-a-Service market in North America is forecasted to grow at a 30% CAGR between 2022 and 2030, from US$4.8 billion to US$38.5 billion, and Redaptive is likely to be a beneficiary if this growth because it provides enterprise customers with data-driven energy generation and efficiency programs including HVAC, LED lighting, solar, EV and other utility upgrades that can be deployed at large sites or across distributed real estate portfolios.

Founded in 2015, Redaptive is estimated to have secured bookings growth of over 100% year-over-year in 2022.

Last year, it also filed listing documents with the US Securities and Exchange Commission. However, it later scrapped plans for the IPO.

“This funding gives Redaptive the capability to accelerate our growth and help more customers reach and exceed their energy efficiency and sustainability goals,” said Redaptive CEO Arvin Vohra.

Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments said: “This investment is consistent with our focus on investing in best-in-class companies that are supporting the global energy transition by innovating in energy efficiency, sustainable energy, and the deployment of data solutions.”

Related Story: DeepMind Uses Reinforcement Learning (AI) To Boost HVAC Efficiency

Photo by Federico Beccari on Unsplash

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Klarna’s All-In Efforts To Achieve Profitability Getting Traction
May 26, 2023     FinTech, News

Swedish fintech company Klarna achieved a significant improvement in its financial performance during the first quarter, as it halved its net loss compared to the same period last year. The…
Alternative Investments/AI: Euclidean Technologies Launches ETF For AI-Selected Value Stocks

Seattle-based investment advisor Euclidean Technologies Management has launched its first exchange-traded fund (ETF), the Euclidean Fundamental Value ETF (ECML US). The actively managed US equity fund utilizes artificial intelligence (AI)…
Venture Capital: Matrix Partners Raises $550M For Its Fourth India Fund
May 26, 2023     News, Venture Capital

Matrix Partners India, a venture capital firm focused on investments in India, has announced the closure of its latest fund, securing over $550 million in commitments. This new fund from…
Artificial Intelligence: AI Helps Researchers Find A Compound To Kill The Drug-Resistant A. baumannii Bacterium

Scientists at MIT and McMaster University have used artificial intelligence (AI) to identify a new antibiotic that can combat drug-resistant infections caused by Acinetobacter baumannii. The bacterium is commonly found…