logo-loader

Buddy Platform Ltd updates on energy management acquisition

Published: 15:00 25 Jul 2016 AEST

au_acquisition_350_579573e55d442

Buddy Platform Ltd’s (ASX:BUD) acquisition target Noveda Technologies, Inc. has been selected to be part of The New York State Energy Research and Development Authority US$36 million pledge to increase the energy efficiency of New York's commercial buildings.

NYSERDA is a public benefit corporation promoting energy efficiency and the use of renewable energy sources in the State.

In May, Buddy Platform executed a letter of intent to acquire all the assets of Noveda Technologies for US$3 million plus additional milestone payments.

Noveda is one of only two providers (and the only U.S. provider) for NYSERDA’s $36 million Real Time Energy Management (RTEM) program.

NYSERDA’s program is designed to accelerate the adoption of RTEM installations in existing buildings and facilities across New York by funding 30% of the costs of integrating such installations.

The recipients of this funding will need to purchase their RTEM system and ongoing services from one of the approved providers.

Noveda’s product – powered by the Buddy Platform - enables analytics and intelligence that is used by building owners, managers and service providers to monitor and track energy consumption and savings.

Last week, Buddy Platform achieved its first performance milestone ahead of schedule by successfully marking 20 million discrete connections per day for 3 consecutive weeks.

The traffic is sourced from a wide variety of devices including over 4,600 electrical, solar, water and wind meters in over 80 countries around the world.

Buddy Platform completed a share placement earlier this month to raise $4.5 million from sophisticated investors at $0.10 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

7 hours, 46 minutes ago