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Thursday, November 19, 2009

EcoFactor Wins World's Largest Clean Tech Business Competition With Its Personalized Residential Energy Management Solution

EcoFactor Wins World's Largest Clean Tech Business Competition With Its Personalized Residential Energy Management Solution

Redwood City-Based Startup Named Cleantech Open National Award Winner

REDWOOD CITY, CA- - November 19, 2009- EcoFactor, the premier provider of personalized solutions for managing residential energy use, announced today that it has won the grand prize in the Cleantech Open national business plan competition, the largest competition of its kind. EcoFactor was recognized for its personalized residential energy management solution, which offers real benefits to consumers, utilities, energy retailers and home service providers.


The Cleantech Open included 278 contestants from three regions -- California, Rocky Mountain and the Pacific Northwest -- competing in multiple rounds of regional competition judged by prominent venture capitalists and clean tech industry experts. In October, EcoFactor was named the winner in the smart power category, giving them the opportunity to present on the main stage of the Cleantech Open Awards Gala on November 17 and vie for the national grand prize.


"While energy efficiency isn't the flashiest corner of clean tech, and HVAC management isn't the most exciting story to tell, we're offering tangible, real-world value that can have a huge impact on energy savings," said John Steinberg, EcoFactor CEO and co-founder. "Considering all of the innovative clean technology ideas coming out of Silicon Valley and around the world, this recognition truly shows that people are looking for energy efficiency solutions that don't ask people to change behavior or sacrifice comfort."
"This year's competition was full of exceptional companies. EcoFactor's win speaks to its unique strengths: a smart, capital-efficient and scaleable business model; solving a real need in the market today; and providing a compelling go-to-market strategy," said Cleantech Open judge and Cleantech Circle Managing Partner Christopher O. Vargas. "The judges felt EcoFactor will make a substantial contribution to the clean tech industry, measurably reduce energy use and carbon consumption and, most importantly, deliver immediate bottom-line cost savings to customers."

EcoFactor's SaaS-based solution works with a two-way communicating thermostat and a broadband Internet connection to develop a dynamic, customized heating and cooling strategy that can save homeowners an average of 20-30 percent on their HVAC energy spend. The company's personalized approach to HVAC management takes into account thousands of data points, including weather patterns, a home's unique thermal characteristics and occupant preferences, in order to provide a more effective solution that is responsive to the conditions at each individual home. In addition to consumer savings, EcoFactor offers cost-effective and self-validating energy efficiency, demand response and load forecasting to utilities and energy retailers. The company recently announced its first commercial deployment with Oncor, a regulated electric utility delivering power to more than three million homes and businesses in Texas.

"Being chosen as the national award winner in the CleanTech Open is a huge honor and goes a long way towards validating our business model," said Scott Hublou, EcoFactor co-founder and senior vice president of products. "From the beginning we've been determined to find a solution that finds common ground for energy providers and consumers in reducing energy usage, and now we feel even more confident in the value that we are delivering to both parties."


About EcoFactor
EcoFactor provides personalized solutions for managing residential energy use for heating, ventilation and air conditioning (HVAC). Its SaaS platform collects, analyzes and acts upon thousands of data points relating to a home's HVAC needs and preferences to help utilities improve demand management, and enable consumers to lower energy costs and save money on utility bills without sacrificing comfort or giving up control. EcoFactor is working with leading energy and home service providers to maximize energy efficiency programs. Based in Redwood City, Calif., EcoFactor was founded in 2006 to provide an effective alternative to one-size-fits-all residential energy management solutions. More can be found online at www.ecofactor.com.





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