Redaptive Raises $100 Million to Scale Energy-Saving Decarbonization Solutions

09/11/2024

Energy-as-a-Service solutions provider Redaptive announced ON 22 October 2024 that it has raised $100 million through an equity investment from the Canada Pension Plan Investment Board (CPP Investments).

Founded in 2015, Denver-based Redaptive helps organizations to reduce energy waste, lower costs and cut emissions, with a focus on large Commercial & Industrial companies. The company provides a solution to manage long-term energy efficiency programs, covering all aspects from diagnostics and project development to funding, procurement, project management, and monitoring through a shared savings model, at no upfront cost to customers. Redaptive also offers proprietary metering technology providing real-time, asset-level energy data, to help users gain deeper insights and control over their energy use.

According to Redaptive, the new capital will help the company to accelerate its growth in projects and enhance its service offering, as its growing customer base and ecosystem of energy performance developers and contractors increase their demand for decarbonization solutions to reach net zero goals.

Arvin Vohra, CEO of Redaptive, said:

“CPP Investments has recognized Redaptive’s success in transforming energy management for enterprises and has increased its stake to drive our continued growth. This investment is a reflection of the strength of our team and the impact we’re making in the industry. With CPP Investments as a partner, we’re now positioned to accelerate our mission and help more organizations overcome the barriers to energy efficiency and carbon reduction.”

The announcement follows a $200 million investment by CPP Investments in Redaptive in 2022 as part of the company’s Series E funding round.

Edwina Kelly, Managing Director and Head of Sustainable Energies, U.S. at CPP Investments, said:

“As enterprises increasingly focus on sustainability, Redaptive is well-positioned to enable them to more efficiently achieve their energy and sustainability goals. This investment in Redaptive aligns with our goal of promoting the smart, sustainable use of energy resources and supporting initiatives that promote the transition to a low-carbon economy.”

According to esgtoday.com

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