Logical Buildings, the sustainability, smart building and virtual power plant (VPP) software and solutions provider for the built world, has closed a $10 million funding round, led by Keyframe Capital. The funds will facilitate a national rollout of Logical Buildings’ VPP software, allowing real estate owners and managers to fulfill increasingly stringent Environmental, Social and Governance (ESG) requirements.
The GridRewards mobile app enables consumers to participate directly in VPPs that earn them hundreds of dollars a year in rewards, create outsized carbon footprint reductions and prevent brownouts. GridRewards integrates with utility smart meters, thermostats and energy/carbon markets, turning millions of residential and small business customers into grid-interactive, efficient consumers instantly, fundamentally improving how energy markets function.
“With investors, regulators, and the general public demanding greater ESG transparency and accountability, GridRewards is the best tool to help reduce the carbon emissions of real estate owners and managers in a measurable and sustainable way,” said Jeff Hendler, CEO at Logical Buildings. “As the first personalized energy intelligence and revenue-generating software for residential and small commercial energy users in New York and Westchester, GridRewards is an incredible new tool for owners and managers to engage their residents and tenants with software to slash carbon emissions and earn money doing it.”
In the New York City metro area, GridRewards harnesses the nearly $2 billion Con Edison electric and gas advanced metering infrastructure (AMI) hardware upgrade to create the highest payout, self-signup, energy monetization app in the country. GridRewards is available to both commercial and residential owners as well as the 3.5 million tenants in New York City.
Logical Buildings’ technology suite has been featured in the ESG reports of some of the largest real estate companies in the U.S., including AvalonBay, UDR, Mack-Cali and Jamestown, and provides residents with crucial insights into their energy use during the massive redistribution of energy usage from commercial offices to residences caused by the COVID-19 pandemic.
With $10 million in new funding, Logical Buildings will accelerate its national expansion, bringing GridRewards and its many benefits to major urban markets in California, Illinois, Texas, Florida, Ontario and other high-population regions.
