TORONTO--(BUSINESS WIRE)--EnergyX Solutions Inc., a graduate of the Ryerson DMZ, L-SPARK and Creative Destruction Lab (CDL) accelerator programs, has raised an additional $500,000 CAD from the MaRS Investment Accelerator Fund. The resources will be used to continue the company’s strategic expansion into the United States.
In August of 2018, EnergyX Solutions raised a $1.3 million CAD investment round led by Globalive Capital Inc. and included Verstra Ventures Inc., Armco Group of Companies and Impact Investment Partners. The additional money raised will bring their seed round total to $1.8 million.
EnergyX helps homes and businesses save up to 25% on their energy bills by licensing their MIT award-winning online energy audit and marketplace platform, MyEnergyXpert, to utilities and government organizations. These organizations white-label the platform and roll it out to homes and businesses across North America with the objective of increasing customer participation in their energy efficiency programs.
Almost one-third of U.S. households have struggled to pay their energy bills, according to a recent report from the Energy Information Administration. The situation is exasperated in low-income communities, where people are spending 35% of their earnings on energy bills, and one in five households has reported reducing or forgoing food or medication to afford energy payments.
“EnergyX will continue to expand into the U.S. with the goal of helping 3 million home and business owners reduce their energy bill by as much as 25%,” said Nishaant Sangaavi, CEO and Co-Founder of EnergyX Solutions. “We estimate that if every home in North America used MyEnergyXpert, we’d see a significant reduction in household energy costs, and greenhouse gas emissions could be reduced by 10%.”
MyEnergyXpert provides utilities with a turnkey platform to increase customer participation and user engagement in their energy efficiency programs compared with traditional marketing methods. MyEnergyXpert tracks the entire program enrolment process from referral to conversion, while storing valuable behavioral and building data for the user. Utilities use this data to send targeted incentive offers to the customers that need them the most, while simultaneously reducing the cost to serve each customer. To date, more than 300,000 customers (home and business owners) are using MyEnergyXpert to access energy-saving incentives and sustainably lower their energy use.
MyEnergyXpert has been proven and validated by professional engineering teams at government organizations, educational institutions and large utilities across North America. In addition, EnergyX has licensed its platform to some of the largest utilities, energy retailers and energy efficiency program consultancies across North America including Enbridge Gas Distribution, CLEAResult and Summerhill.
EnergyX achieves this level of growth by providing their enterprise clients with cost-effective customer engagement tools that increase program conversion by up to 250% by utilizing AI and machine learning.
"Given EnergyX’s growth trajectory, their industry experience and the value they provide to their utility clients, we are looking forward to supporting their team as they continue to expand into new geographical markets," said Michael Ho, Investment Director, MaRS Investment Accelerator Fund (IAF).
About EnergyX Solutions Inc.
EnergyX Solutions Inc. is a marketing automation company that uses AI and machine learning to increase customer participation in utility-run energy efficiency programs while simultaneously lowering the utility’s cost to engage and serve a customer. Their MIT-award winning software platform, MyEnergyXpert, is white-label licensed by utilities and government organizations to hit their energy efficiency targets.
Visit energyxsolutions.com for additional disclosures about the Company, its business and results of operations.
About MaRS IAF
Investment Accelerator Fund (IAF) is a leading seed-stage fund investing in high-potential IT, health and cleantech companies. Funded by the Province of Ontario, IAF has a 10-year history of successfully providing innovative firms with the capital, mentorship and networks needed to validate ideas and bring products to market.
This keeps Ontario’s talent and technology local while helping its companies go global.
For more information, please visit marsiaf.com.