Joule Assets Completes Acquisition and Forms Subsidiary JouleSmart Solutions
JOULE ASSETS COMPLETES ACQUISITION OF NORTHWRITE AND FORMS JOULESMART SOLUTIONS TO OFFER A PROVEN TURNKEY, COMPREHENSIVE ENERGY MANAGEMENT PRODUCT FOR THE SMALL AND MEDIUM COMMERCIAL MARKET
BEDFORD HILLS, N.Y., May 19, 2017 /PRNewswire/ -- Joule Assets, in line with its mission to streamline the energy efficiency industry, has acquired NorthWrite, a cloud-based energy information management services company with a tested and proven approach for small- and mid-sized businesses (SMB). The transaction was the first act of business completed by JouleSmart Solutions, a newly formed, fully-funded subsidiary of Joule Assets.
"Our message to the business community is simple: with JouleSmart, you can fix your energy costs for years, at no more than what they have been. We will upgrade your facility at no upfront cost and maintain those upgrades. The Lion's share of money saved through smart energy management we pass to you," said Mike Gordon, Founder and CEO of Joule Assets.
Through JouleSmart, Joule Assets can now scale energy efficiency in SMBs, a typically unaddressed market that comprises 98% of U.S. commercial building stock. The JouleSmart Building offering incorporates:
- Heating, ventilation, air conditioning (HVAC) and lighting controls with active oversight. This unique turnkey product offers an upgrade to a 21st century building without any capital outlay or assumption of risk for energy savings by the business owner. Local contractors can resell the JouleSmart solution or JouleSmart Direct Install will subcontract the work, locally.
- "As a service" financing for facility owners and contractors seeking lighting or other single measure upgrades.
Dennis Quinn, President of JouleSmart Solutions remarked, "This combination allows us to scale this unique turnkey offering to utilities seeking to offer their SMB customers a proven solution that delivers both energy efficiency and automated demand management through a financed pay for performance model."
"We have been working closely with Joule for the last several years to develop this compelling business model for the SMB market. From the beginning, our customers have been telling us that simplicity is key. The combination of Joule and NorthWrite reduces the complexity of the customer experience by creating a single provider for financing, technology, and ongoing operations for JouleSmart," notes Patrick O'Neill, Chief Operating Officer of JouleSmart Solutions and founder and Chief Executive Officer of NorthWrite.
About JouleSmart Solutions
JouleSmart Solutions (JouleSmart) integrates innovative technical, operational, and financial solutions to help small and mid-sized businesses access the benefits of "smart" building management. The JouleSmart approach provides immediate cost reduction as well as ongoing oversight and management—a combination that generates the energy performance upon which our financing model depends, as well as a greater degree of customer control over facility operations. JouleSmart's energy expertise and unique performance-based financing integrates into a seamless system that attracts small- and mid-sized building owners seeking to strengthen financial performance through increased productivity, improved customer experience, increased asset value, a reduced carbon footprint, and reduced utility expenses. Through our easy-to-understand, transparent approach, JouleSmart seeks to deliver to small- and mid-sized businesses the benefits of active energy management that are traditionally reserved for only the largest, most advanced, commercial buildings.
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