BuildingIQ Raises Nearly $14 Million in Its Initial Public Offering

BuildingIQ Inc., an energy management software company, has commenced trading on the Australian Securities Exchange. The listing follows the successful raising of AU$20 million ($14 million) in its Initial Public Offering.

BuildingIQ offered approximately 20 million Chess Depositary Receipts in the company at AU$1.00 each ($0.69), with an indicative market capitalization of approximately AU$85 million ($60 million) on a fully-diluted basis.

BuildingIQ provides energy management and optimization solutions for owners and managers of large commercial buildings. Based on technology developed by the CSIRO, BuildingIQ’s Predictive Energy Optimisation platform works with a facility’s Building Management System (BMS) to make real-time changes to heating and cooling operations based on variables such as weather forecasts, energy prices, tenant comfort, building characteristics and demand response events. Small changes in temperature and pressure result in savings of up to 25 percent in heating, ventilation and air conditioning energy costs.

President and CEO of BuildingIQ Michael Nark says: “With global energy demand, rising electricity prices, and the growing requirement for efficiency and sustainability, building owners and managers are increasing their focus on controllable operating costs, such as energy. As this landscape continues to advance, intelligent and dynamic platforms like ours are becoming an integral part of the facility management tool kit. We are excited to begin this next phase of growth by using the investment support we’ve gained to expand our reach and build upon our product offerings for customers and partners.”

Alan Cameron, chair and non-executive director of BuildingIQ adds: “By leveraging the Internet of Things, advancements in machine learning and cloud technology, the BuildingIQ platform is able to offer a faster return on investment compared to traditional energy-saving upgrades, with less upfront capital required. This is a significant pain point within the market that we have been able to overcome.”

Currently, more than 3.25 million square meters (35 million square feet) is under the management of BuildingIQ’s platform in more than 140 buildings. Customers include utilities, hospitals, universities, office buildings, casinos, hotels and government facilities spread across Australia and the U.S. Behind every customer deployment is a team of energy engineers monitoring the technology’s performance and lending further support to customers.

Be the first to comment on "BuildingIQ Raises Nearly $14 Million in Its Initial Public Offering"

Leave a Reply

%d bloggers like this: