Redaptive Inc., a San Francisco, CA-based provider of Efficiency-as-a-Service solutions for commercial and industrial customers, closed a $156.5m funding round.
The round was led by CarVal Investors with participation from existing investors CBRE, Engie New Ventures, Evergy Ventures and Linse Capital.
The company will use the funds to expand its energy efficiency offerings and deploy over $1 billion in new projects.
Led by CEO Arvin Vohra, Redaptive enables energy efficiency retrofit programs without upfront capital and guarantees results using directly measured building data. Current offerings include energy-efficient lighting and heating, ventilation and air conditioning (HVAC) systems, including boilers, chillers and rooftop units. This allows companies to reduce their costs while continuing to scale their operations. They have partnered with a growing number of companies around the world, including Iron Mountain, McKesson, Saint-Gobain, SRS Distribution, Avantor, Swedish Health Services and more.
Thus far, the company has enabled over $380 million in sustainability projects and a total energy reduction of 1.1 billion kilowatt-hours, which is equivalent to approximately 778,000 metric tons of CO2 or 1.8 million barrels of oil consumed.
Redaptive also has offices in Denver and Pune, India.