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Pg. 1 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
ENERGY IMPACT PARTNERS
Energy Impact Partners Environmental Metrics Report 2018
Update April 2020
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NOTICE FOR THIS DOCUMENT
This report is being made available by Energy Impact Partners LP (together with its affiliates, “EIP”) with
respect to the environmental performance of certain investments of funds managed by EIP. This report and
other information appearing in or linked from the report are for informational purposes only. Nothing in this
report or other information appearing linked from the report should be construed as investment, legal, tax,
regulatory, accounting or other advice of any kind. Nothing in this report constitutes an offer to sell, or the
solicitation of an offer to purchase, any security or a recommendation of a specific security or company, nor is
any of the information contained herein intended to constitute an analysis of any company or security
reasonably sufficient to form the basis for any investment decision.
The reproduction or distribution of the report or other information appearing on the linked webpages, in
whole or in part, or any disclosure of any of their contents may be prohibited or limited by the laws of certain
jurisdictions. By proceeding to any of the linked webpages you represent, warrant and agree to your
compliance with all such prohibitions or limitations.
Recipients should be aware that sustainability impact measurement is a developing discipline and the
sustainability impact of companies in the EIP portfolio is ultimately a matter of interpretation. EIP
commissioned ESG Capital Group (“ECG”), an independent research provider, to conduct the sustainability
impact assessments for the portfolio companies held in the EIP portfolio between 1 January 2018 and 31
December 2018. ECG has received or will receive a fee from EIP in connection with the preparation of the ESG
impact assessments in this report. However, EIP believes ECG was objective in preparation of the
sustainability impact assessments and was not influenced, either directly or indirectly, in assessing the ESG
benefits generated during the 2018 calendar year by the portfolio companies in the EIP portfolio as of 31
December 2018.
The information contained in this report is based on data obtained from sources deemed to be reliable,
including applicable portfolio companies; however, it is not necessarily reported according to established
voluntary standards or protocols, is not guaranteed as to accuracy, is subject to change, does not purport to
be complete and should not be relied upon.
The information appearing in or linked from the report is historical only and speaks only as of its respective
date. Additionally, this report contains forward-looking statements. All statements other than statements of
historical facts, including those regarding our expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions are forward-looking statements. Actual events or results
may differ materially from those reflected or contemplated in such forward-looking statements. No
representation or warranty is made, nor assurance given, that such statements, opinions, projections or
forecasts are correct or that the objectives of EIP will be achieved. EIP and ECG expressly disclaim any
intention or obligation to update or revise any information included in this report and do not accept any
liability for loss arising from the use of or reliance upon this report.
EIP, its employees, partners, consultants, and/or their respective family members may directly or indirectly
hold positions in the securities referenced.
If you have any questions relating to this report, please contact Bethany Gorham at
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TABLE OF CONTENTS
1. Executive Summary 4 Figure 1: Portfolio Cumulative Lifetime Carbon Savings by Company 5
Figure 2: EIP Portfolio Companies’ Direct Energy Savings 2018 5 Figure 3: EIP Portfolio Companies’ Direct Carbon Savings 2018 6 Figure 4: EIP Portfolio Companies’ Direct Water Savings 2018 6
2. Introduction 7 Figure 5: Global Total Net CO2 Emissions Reduction Pathways (IPCC) 7
Figure 6: U.S. Utility Carbon Reduction Targets by Service Territory 8 2.1 Target Sectors 9
Figure 7: EIP Target Investment Segments 9 3. Measurement Approach 10
3.1 Capital’s Role and Carbon 10 4. Impact 12
4.1 Direct Portfolio Impact 12 Figure 8: EIP Portfolio Companies with Directly Measurable Impact 12
Figure 9: EIP 2018 Portfolio Environmental Metrics 13 Figure 10: Assumed Product Lifetimes for EIP Portfolio Technologies 14 Figure 11: EIP 2018 Portfolio Lifetime Carbon Savings 14
4.2 Foundational Portfolio Impact 14 Figure 12: EIP Portfolio Companies with Foundational Impact 15
Case Study: Illustrating the Benefits of Foundational Technologies 15 Figure 13: Opus One’s Dynamic Hosting Capacity 16
4.3 Portfolio Benefits Beyond Environmental Metrics 16 4.4 Partner Impact and Leverage 17 Figure 14: Emission Reductions by EIP Utility Partners 17 4.5 EIP’s Impact from Its Own Operations 18
5. Conclusion 19 Appendix A: Company-Specific Methodology and Data 22 Appendix B: Details of EIP’s Carbon Footprint 27 Appendix C: U.S. Utility Carbon and Renewable Energy Targets 29 Appendix D: Portfolio Company Spotlights 30
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1. EXECUTIVE SUMMARY
Energy Impact Partners (EIP) is an investment company whose mission is to deliver top tier returns for our
investors, provide high strategic value for our partners and entrepreneurs, and as result accelerate the
transition to a clean energy future. Our unique ability to accelerate this transition arises from working with
the partner utilities in our investment coalition, who own and operate massive energy systems across the
world. As a result, they can contribute large emissions reductions, enable the massive deployment of clean
energy and help entire industries such as transportation convert to cleaner sources.
EIP recognizes that changes to the earth’s climate system caused by greenhouse gas emissions (GHGs) pose
an existential threat to human society. Human-caused climate change is already contributing to increasingly
severe weather changes that exacerbate environmental, social, economic, and political problems in many
parts of the world.
In response to scientific consensus, investors and leaders in every industry are starting to emphasize the
importance of reducing the climate and other environmental impacts of their operations. Many electric
utilities, including all of the partner utilities in EIP’s coalition, have made great progress in reducing their
environmental impacts, including by making commitments to reduce net carbon emissions to zero by 2050 or
sooner.
To measure our own performance towards these goals we hereby report on our 2018 environmental
performance. The purpose of our reporting is to contribute to a responsibility shared by all investors, funds,
and companies today -- to support sustainable development and climate solutions. Beyond reporting, this
information creates dashboard metrics we will use to monitor and improve our performance over time. Our
results are essential progress guides for our own investors, policymakers, and other stakeholders.
At EIP, we screen all investments qualitatively to ensure that they do not increase net emissions or impede
the clean energy transition, as these would not be part of our investment thesis. Today many of the largest
market opportunities map closely into the areas where carbon emissions are largest. In addition to
investments in renewables that directly displace fossil generation, or infrastructure that enables the faster
adoption of clean energy, we also target opportunities in transportation – the largest source of greenhouse
gases in the United States – the buildings sector, and methane.
Our investment efforts are focused on the transformative technologies that will be building blocks for the
energy infrastructure of the future. These are highly attractive segments because of their potential for
significant disruption, profitable growth, and the ability to lead and enable the transition to a cleaner, more
reliable and customer friendly energy ecosystem:
• Intelligent Operations
• Customer Engagement
• Distributed Energy Resources
• Mobility
• Smart Buildings and Cities
• Cybersecurity
We report five key environmental metrics in the report. The first are the current and lifetime estimated GHG
emissions savings enabled by our investments. In addition to measuring savings in carbon dioxide equivalent
(CO2e) – referred to simply as carbon -- we estimate savings of electricity, fuels, sulfur-dioxide (SOx) and
nitrous oxides (NOx), as well as freshwater consumption.
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Many of the products sold by our portfolio companies save energy, or replace fossil-fuelled electricity with
clean energy, in a direct and measurable way. Out of the 24 companies in our portfolio during our
measurement period, we have been able to directly quantify environmental metrics for 12 companies.
The results of our analysis for these 12 directly measured companies during calendar year 2018 include the
enabled savings of approximately:
• 772,360 metric tons of CO2-equivalent;
• 1.1 million megawatt-hours of electricity;
• 22.9 million gallons of gasoline;
• 474 metric tons of nitrogen oxides;
• 504 metric tons of sulphur dioxide; and
• 661.3 million gallons of fresh water
These 2018 enabled savings are equivalent to planting 12.8 million trees or taking 164,000 cars off the road.
Many of the companies in our portfolio sell products that, once installed, reduce environmental impact
throughout their installed and operating lifespan. Accordingly, for carbon savings only, we have computed the
emissions savings we help enable over the life of the installed measures. These savings total about 15 million
metric tons of CO2e, the equivalent of planting about 250 million trees or taking 3.2 million cars off the road.
The results of our CO2e estimates for each measured portfolio company are shown in Figure 1 above.
Lifetime C
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Savin
gs (M
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2e)
An
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al C
arb
on
Sa
vin
gs
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C0
2e)
Figure 1: Portfolio Cumulative Lifetime Carbon Savings by Company
Figure 2: EIP Portfolio Companies’ Direct Energy Savings 2018
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In addition, many companies in our portfolio play a critical foundational, supportive role in the creation of a
cleaner energy future, a role that does not lend itself to direct savings measurement. Although it is difficult to
estimate the directly attributable environmental savings from these companies, we cannot emphasize more
strongly the importance of these foundational technologies to a rapid and successful energy transition. For
example, our portfolio companies Opus One and AutoGrid sell software that allows for greatly improved
control of flexible loads, expanding renewable hosting capabilities of distribution system feeder lines, which
enables faster deployment of renewable energy. Marketing Evolution helps utilities improve the effectiveness
of all their marketing programs, increasing customer participation in energy efficiency and flexible load
programs, and Clevest helps utilities automate their fieldwork processes, significantly reducing paper
generation and vehicle-mile travel by work crews.
While striving for a 100% clean economy is important, it is also critical to make immediate progress and lay
the foundation for a full conversion in the coming decades. We need reliable and affordable infrastructure
that can accommodate the massive deployment of clean energy, improve and convert existing generation and
accelerate the electrification of carbon-intensive industries such as transportation.
This premise is at the core of our approach. The critical near impact on carbon reductions will only be
achieved by utilities, industry, innovators and capital working together. This is why we pioneered a uniquely
collaborative model to reshape the energy future and attracted more than 20 of the leading utilities and
energy companies in the world to work together towards this vision. This report also shares some principles
how we do this and what partners do to get there.
Lastly, EIP is also dedicated to make its own contribution to the clean energy transition within its own
operations. In the interest of transparency, we have estimated the Scope 2 carbon footprint of EIP itself
following the methodology of the Carbon Fund. EIP’s footprint amounts to just under 200 tons of CO2e for
Figure 3: EIP Portfolio Companies’ Direct Carbon Savings 2018
Figure 4: EIP Portfolio Companies’ Direct Water Savings 2018
Foundational Impact Direct Impact
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2018, including the impacts of our operations and business travel. EIP offsets all of its annual carbon
emissions, including all travel, and plans to continue to do this in the future. While offsets can mediate carbon
emissions retrospectively, the most significant impacts come from operational changes. Over the coming year,
we intend to pursue and document impact reduction strategies, including reducing travel through video
conferencing and more efficient itineraries.
We have made much progress in this attempt at environmental reporting, but we also recognize that much
work remains. In the year ahead, we plan to move forward in two major areas related to our environmental,
sustainability and governance (ESG) reporting. First, we plan to enhance our environmental metric assessment
of both directly measured and foundational portfolio companies. Second, we plan to expand our overall ESG
measurement framework to incorporate and report on initial “S” and “G” metrics. We welcome feedback and
suggestions for improving our measurement and reporting and look forward to working with the entire clean
energy industry and ESG community to accelerate a rapid and successful clean energy transition.
2. INTRODUCTION
It is now common knowledge that changes to the earth’s climate system caused by greenhouse gas emissions
(GHGs) pose an existential threat to human society. Human-caused climate change is already contributing to
increasingly severe storms, droughts, floods, and fires. These weather changes are, in turn, already helping to
exacerbate environmental, social, and political problems in many parts of the world. They are also beginning
to pose direct threats to the reliability and viability of energy systems, from fire risks that have led to
widespread blackouts and a bankrupt utility to storms that devastate an entire country’s power grid.
The Intergovernmental Panel on Climate Change has called on global leaders to limit global average
temperature rise to 1.5 degrees C, a goal enshrined in the 2015 Paris Climate accord.1 In response, investors
and leaders in every industry are starting to emphasize the importance of reducing the climate and other
environmental impacts of their operations, as well as supporting the sustainable development goals in Agenda
21.2
To achieve that goal, urgent action is needed now as warming ice caps are starting to release methane which
in turn accelerates global warming by releasing more methane. The 2050 goals of 1.5° Celsius can only be
achieved if we were able to reduce CO2 emissions by about 45 percent by 2030.3 Every year that action is
delayed makes it less probable that climate change can be stopped (see Figure 5).
Figure 5: Global Total Net CO2 Emissions Reduction Pathways (IPCC)
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While investing in the future development of completely carbon- free technologies is prudent, it is also critical
to make immediate progress now and lay the foundation for this conversion during this decade. To achieve
that, we first and foremost need to work with the largest emitters to reduce their output, put an
infrastructure in place that can accommodate the massive deployment of clean energy, and enable the
electrification of carbon-hungry industries such as transportation.
These facts drive our thesis, that the critical near impact on carbon reductions can only be achieved by
utilities, industry, innovators and capital working together. This is why we teamed with more than 20 of the
leading utilities and energy companies in the world in a collaborative model to shape the future of energy.
Many of these electric utilities, including all of the partner utilities in EIP’s coalition, have made great progress
in reducing their environmental impacts, and made commitments to reduce net carbon emissions to zero by
2050 or sooner (see Figure 6). We are working with them to make this happen -- hopefully faster.
To measure our own performance toward these goals we hereby report on our 2018 environmental performance. The purpose of our reporting is to contribute to the responsibility shared by all investors, funds, and companies today -- to contribute to sustainable development and climate solutions. Beyond reporting, this information creates dashboard metrics we will use to monitor and improve our performance over time. Our results are essential progress guides for our own investors, policymakers, and other stakeholders.
EIP is properly classified as a sustainable investment fund. Our goal is to exceed risk-adjusted market returns
as we invest in venture and growth-stage companies that directly or indirectly advance the clean energy
transition. We screen our investment options by carefully examining their potential to serve a specific need in
the future electric ecosystem and their likelihood for success in this role. Our ability to evaluate these factors
is amplified greatly by our large coalition of utility investors, who provide both strategic insights and market
opportunities that improve our investment outcomes.4
Today many of the largest market opportunities map closely into the areas where carbon emissions – and the
need to reduce them -- are largest. We invest in technologies that directly displace fossil generation,
Figure 6: U.S. Utility Carbon Reduction Targets by Service Territory (See Appendix C for Specific Utility Commitments by Target and Year)
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accelerate the conversion to clean energy or provide the infrastructure to advance the clean electrification of
sectors such as transportation – the largest source of greenhouse gases in the U.S. – the buildings sector, and
methane.5
2.1 Target Sectors
Our investment efforts are focused on the transformative technologies that will be building blocks for the
energy infrastructure of the future. These are highly attractive segments because of their potential for
significant disruption, profitable growth, and the ability to lead and enable the transition to a cleaner, more
reliable and customer-friendly energy ecosystem.
• Intelligent Operations: The fourth industrial revolution is underway, propelled by an explosion of IoT
data, artificial intelligence/machine learning capabilities, and widespread automation. These tools can
increase resilience and drive down costs across all industries relying on manufacturing, complex
supply chains, or heavy equipment. Utilities have dual roles to play in this transformation, acting both
as energy supplier to the new industrial economy, and as large industrial incumbents.
Representative EIP Portfolio: Clevest, BHI, AutoGrid, and Advanced Microgrid Solutions
• Customer Engagement: Virtually every citizen of the United States is a customer of electricity markets,
and while utilities are usually the default (and often sole) supplier of power, they are highly
incentivized by both regulators and disruptors to better engage their ratepayers, and to provide
customized, intuitive customer experiences.
Representative EIP Portfolio: ecobee, Sense, FirstFuel, Marketing Evolution, and Ring (sold to Amazon)
• Distributed Energy Resources: The proliferation of distributed energy resources (DERs), which range
from electric vehicles and home batteries to smart thermostats and controllable water heaters,
presents both an unprecedented challenge and an enormous opportunity for utilities. The challenge
lies in ensuring these resources are placed where they hold most value and are controlled flexibly in
accordance with the needs of the grid. The opportunity rests in the potential for aggregated DERs to
represent an entirely new class of assets in the electricity market, lowering both costs and emissions
across the sector. For utilities, navigating this proliferation and harnessing the value of DERs will be a
top priority for decades, and a raft of new technologies will scale up to address the challenges.
Figure 7: EIP Target Investment Segments
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Representative EIP Portfolio: Opus One Solutions, Advanced Microgrid Solutions, Enchanted Rock,
Mosaic, and Arcadia
• Mobility: The future of mobility will be shared, connected, autonomous, and most importantly,
electric. As all modes of transportation begin to converge toward an electric drivetrain, the
management of electricity – from production, storage, charging to trading – will increasingly become
one of the key capabilities determining the winners in this space. Massive industries will converge and
need to spend trillions of dollars to stay ahead.
Representative EIP Portfolio: Greenlots (sold to Shell), ViriCiti, and Remix
• Smart buildings and cities: The digital, connected and electrified future will offer the opportunity to
optimize our physical environment like never before. Our buildings will be intelligent, adjusting
temperature and lighting to our needs. Our cities will be responsive, using sensors and analytics to
monitor crime, traffic, air quality, and more. Electricity, and the urban infrastructure maintained by
utilities, will be the backbone of this intelligent built environment, and the data stream from utility
meters will be increasingly valuable.
Representative EIP Portfolio: Sparkfund, CIMCON Lighting, ecobee, Sense, and Ring (sold to Amazon)
• Cybersecurity: The past two decades of “smart grid” upgrades have brought significant operational
benefits, but they have also greatly increased the electricity sector’s exposure to cyber threats.
Recent attacks have greatly heightened awareness of this challenge and, in turn, increased utility
willingness to spend on protecting the grid. Power utilities, energy companies and industries across
the globe seek help in managing this challenge.
Representative EIP Portfolio: Dragos, Attivo, and Swimlane
3. MEASUREMENT APPROACH
We report five key environmental metrics in this report. The first is the current and lifetime estimated gross
Scope 2 GHG emissions savings enabled by the firms in our 2018 investment portfolio.6 In addition to
measuring savings in carbon-dioxide equivalent (CO2e) – referred to simply as carbon -- we estimate savings
of electricity, fuels, sulfur-dioxide (SOx) and nitrous oxides (NOx) as well as freshwater consumption. Because
our investment mission is focused almost entirely on privately held companies that are part of a clean energy
ecosystem, we believe the five metrics we report here are most material for us and an essential foundation
for expanded reporting in the future.
3.1 Capital’s Role and Carbon
Carbon accounting standards have long required that valid savings must be additional or counted only if they
would not have occurred by themselves. Formally speaking, additionality can only be proven by creating a
projection of the energy system without a product, investment, or system change and seeing whether this
“base case” system has higher emissions. In practice, additionality can be demonstrated using valid shortcuts
for many technologies. As an example, under most conditions a new windfarm added to a carbon-emitting
power grid is presumed to create additional carbon savings on that grid without the need to do before-and-
after simulations.7
But to which entity should these savings be allocated? The windfarm was developed, financed, constructed,
and contracted to an offtaker. Although it is customary and proper to attribute the savings to the offtaker
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who purchases the power, without the efforts of all the businesses in the value chain the windfarm would not
exist.
EIP’s portfolio faces similar attribution challenges. EIP invests in venture and growth-stage companies, helping
them to expand their sales of their products. These products are sold either to utilities for use on their own
systems or to end users, who then claim these carbon savings as their own.8
In accordance with accepted carbon accounting standards, we do not claim that the emissions savings that
our investments enable our companies to achieve for their customers belong in our “carbon savings account.”
We instead say that our investments have enabled the savings we report, not that we saved these tons within
our own operations. Our role in the clean energy transition is to provide capital, strategic advice, and sales
opportunities to promising companies with products that help reduce environmental impacts. In the same
sense that some of our portfolio technologies are foundations of industry technical change, our early-stage
investment and sales acceleration activities are foundational to a large, successful clean energy sector.9
Our financing role is designed to occur in the early-to-middle stages of the life of a company. The typical EIP
firm is selling products commercially at a very small scale, but poised to expand its sales substantially, moving
beyond the start-up stage into a full-fledged going concern. When this occurs, we sell our equity and no
longer play a role enabling the firm’s sales or future success.
We account for our transitory role by attributing enabled savings for installations only during the period in
which we provide significant capital to the company. Obviously, we cannot claim to have helped enable
savings prior to our ownership. Although we could claim to have enabled all the savings one of our companies
achieves for the rest of its history after it exits our portfolio, we do not believe this is appropriate. If it is fair to
attribute enabled savings to our investments while we own these companies, it is likewise fair to attribute
enabled savings to the capital sources who take over our financing role in the next stage of the company’s
success.10
This notwithstanding, many of our companies install capital goods that operate and provide environmental
benefits for many years once they are installed. Solar systems, for example, provide clean electricity for at
least 25 years if they are not prematurely decommissioned. While we do not include benefits enabled by
installations that occur after our exits, we do include the savings our portfolio products achieve over their
lifetimes for installations that occur during our financing period. We thus present both current-year and
lifetime-of-measure metrics below.
Our approach to additionality and crediting also relates to the description of the carbon accounting “scope” of
the emissions reductions. The emissions savings we quantify are Scope 2 for the customers who buy our
portfolio companies’ products – they reduce emissions from their own operations or purchased fuels. If one
were to view these savings as EIP’s, they would likely be considered indirect Scope 3 emissions. However,
because we are measuring carbon reductions in our portfolio companies’ customers, we regard our carbon
emission measurements as Scope 2.
Finally, we label our emission reductions gross because we do not have information sufficient to create net
savings numbers. To create net savings, we would need to cumulate the emissions associated with our
portfolio companies’ manufacturing and sales effort and the customer’s emissions associated with installation
and operation. An allocated portion of our own emissions and allocated portions of emissions from every
other investor and participant in the product value chain would also need to be included.11
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While we believe that gross emissions figures are far better than no impact measurement whatsoever, we
plan to study possible improvements in this area as we move forward. We report on our own carbon footprint
in a separate section below.
4. IMPACT
4.1 Direct Portfolio Impact
Many of the products sold by our portfolio companies save energy, or replace fossil-fuelled electricity with
clean energy, in a direct and measurable way. The Sense energy monitor and ecobee thermostats conserve
energy, reduce energy bills, and improve the environmental footprint of the households that install them.
These benefits are readily measured. Similarly, the solar systems Mosaic and Palmetto enable generate clean
power that directly displaces regional power from the grid, reducing that grid’s emissions and water use. All
these effects can be measured and attributed to specific use cases for the technologies sold by some of our
portfolio companies.
To develop our impact numbers for these portfolio companies, EIP worked with ESG Capital Group, which has
developed a reporting framework that compiles diverse environmental benefits into a simple yet
comprehensive summary: CLEANTM Environmental Investment Benefits.
Energy and carbon impacts were assessed on a net positive basis for each portfolio company’s products and
services. The impacts generated during the reporting period are compared against business-as-usual, which is
determined by benchmarking the products or services that are displaced. The bulk of the data regarding
company sales of products and their savings potential comes from the companies themselves and is explained
in more detail in Appendix A.
The analysis applies best practices and standards including the Intergovernmental Panel on Climate Change
(IPCC) and the Greenhouse Gas Protocol (GHG Protocol) to ensure uniformity and comparability. Additional
resources include peer-reviewed research and lifecycle assessments, government standards, company data,
and other sources as needed. Data on installed units, unit locations, and unit operations come directly from
our portfolio companies and are the one class of data we cannot release.
Benchmarks are selected for each company’s products and services as the baseline for comparison. Each
benchmark is selected based on business-as-usual environmental impacts that are displaced or altered by a
company’s activities. Each company’s impacts are calculated as a net contribution compared to the baseline.
Figure 8: EIP Portfolio Companies with Directly Measurable Impact
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The analysis yields the material net environmental benefits generated by the portfolio companies during the
reporting period:
• Carbon savings: emission of carbon dioxide (CO2) and other greenhouse gases, primarily from
avoided combustion of fossil energy, which also avoids air pollution and consumption of water for
thermal energy generation.
• Energy savings: emission of carbon dioxide (CO2) and other greenhouse gases, primarily from avoided
combustion of fossil energy, which also avoids air pollution and consumption of water for thermal
energy generation.
• Air pollution reduction: emissions of nitrogen oxides (NOx) and sulphur oxides (SOx) to the air.
• Water savings: avoided consumption of water from net energy savings.
The results of our analysis for the 12 directly measured portfolio companies during calendar year 2018 using
this metric are shown in Figure 9. As the table shows, our portfolio enabled the savings of approximately:
• 772,360 metric tons of CO2-equivalent;
• 1.1 million megawatt-hours of electricity;
• 22.9 million gallons of gasoline;
• 474 metric tons of nitrogen oxides;
• 504 metric tons of sulphur dioxide; and
• 661.3 million gallons of fresh water
These 2018 enabled savings are equivalent to planting 12.8 million trees or taking 164,000 cars off the road.
They are also about 3,500 times as large as the 2018 carbon footprint of EIP itself, which is a little under 200
tons of CO2e for 2018 (See Section IV.I)
Many of the companies in our portfolio sell products that, once installed, reduce environmental impacts
throughout their installed and operating lifespan. Accordingly, for carbon savings only, we have computed the
emissions savings we help enable over the life of the installed measures. The product lifetimes we have
Figure 9: EIP 2018 Portfolio Environmental Metrics
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assumed are shown in Figure 10. In the case of software, we have made a uniform assumption of a five-year
operating life, after which successive upgrades effectively replace the software from the impact standpoint. In
calculating lifetime savings, we have assumed that the carbon intensity of the grid in every part of the U.S.
(and Europe for ViriCiti) declines 2% per year between now and 2050.12 With the exception of PV systems,
which we assume degrade by 0.5% per year, we do not account for degradation of product performance
across the lifespans in our analysis.
Figure 11 shows the lifetime carbon emissions savings from our portfolio companies’ 2018 installations. These
savings total about 15 million metric tons of CO2e, the equivalent of planting about 247 million trees or taking
3.17 million cars off the road.
4.2 Foundational Portfolio Impact
While many of our investments have a significant and measurable direct impact on carbon reductions, other
companies in our portfolio play a critical foundational, supportive role in the creation of a cleaner electricity
sector or enable the clean conversion of other sectors, that does not lend itself to direct savings
measurement. The electricity grid, which technically includes every building and every electric device, is the
most essential and immediately interdependent system in use today. Products that change the performance
of this system must respect and/or be part of the planning, monitoring, and operating protocols used by the
utilities who operate and oversee the system. Many EIP portfolio companies play a critical role facilitating the
clean energy transition by allowing utilities to install and operate larger amounts of clean energy technologies,
or otherwise help the industry implement and adapt to this transition.
These foundational technologies, which the PRIME Coalition calls “system-enabling,”13 are every bit as
important to the clean energy transition as products with direct effects – perhaps even more so. Nonetheless,
it is generally infeasible to gather the data required to do before-and-after simulations of the impacts of these
products and thereby quantify their environmental impacts. Documenting the impacts of each use case would
require extensive data collection and forecasts that are highly complex, uncertain, and location-specific. Case
studies and illustrative calculations can shed useful light on these technologies’ impacts, but accurate savings
measurement remains impractical.
Figure 10: Assumed Product Lifetimes for EIP Portfolio Technologies
Figure 11: EIP 2018 Portfolio Lifetime Carbon Savings
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Illustrating the Benefits of Foundational Technologies
Opus One’s Dynamic Hosting Capacity The technical limit on the capacity of distributed generation (DG) that can safely be installed and operated on one portion of a distribution system feeder is referred to as the hosting capacity. Until now, hosting capacity has been a single, maximum level of aggregate DG that can be installed in all locations on the feeder and all time periods. Because it applies everywhere and at all times, it is properly set to the most conservative, or lowest, level that meets all reliability and safety criteria. Among other features, GridOS software can be run by a utility continuously to assess if hosting capacity can be much larger than the traditional, static level at different locations on the feeder during different time periods. Using this dynamic hosting capacity approach, the utility can allow solar systems and other DG that are much larger than the static limit to be attached to the feeder and then managed so these larger systems do not harm reliability yet provide much more distributed power.
Out of the 24 companies in our portfolio during our measurement period, 12 companies can be categorized in
such important foundational role.
While it is rather difficult to measure the direct environmental impact of these companies, we cannot
emphasize more strongly the importance of their foundational technologies to a rapid and successful energy
transition.
One good example of the critical foundational role these companies play comes from our portfolio company
Opus One. Opus One’s GridOS Enterprise Analytics Platform allows a utility to manage its distribution feeders
so as to substantially expand its ability to host and manage DERs as well as implement distribution locational
marginal pricing (DLMP) and other transactive systems.14 Applied to a standard utility test system known as
IEEE-123, GridOS allowed the system to install 43% more distributed solar capacity before reaching technical
limits, generating 38% more solar kilowatt-hours on the system in a typical year. These systems are important
building blocks for agile, resilient, and transactive distribution grids that are unquestionably part of a clean
future power industry. However, the amount of additional environmental benefits enabled by GridOS
depends on many factors specific to each host system, including the architecture of individual feeders, load
levels, local regulations, and the pattern of DER installations.
Figure 12: EIP Portfolio Companies with Foundational Impact
C A S E S T U D Y
Pg. 16 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
The ability of GridOS to enable increased solar production on a system is illustrated in Figure 13a and 13b. These figures show a hypothetical utility feeder with approximately 70 different locations at which a solar system could be connected. Figure 13a highlights the section of the feeder that has the lowest hosting capacity of any part of the feeder, 125 kW. Without the dynamic hosting capacity enabled by GridOS, the utility would be required to limit solar installations to this level. With dynamic hosting, the maximum capacity at each location on the feeder could be calculated for each time period, allowing for a much larger range of DG installations. Figure 13c shows the results of GridOS’ calculation of dynamic hosting capacity. In contrast to the static limit of 125 kW, the green-shaded locations allow systems of 138 kW, and the blue locations allow for vastly larger 3,578 kW systems to be installed. Overall, as noted in the main text, this system can accommodate 43% more capacity and integrate 38% more distributed energy generation than a system managed without GridOS. Source: E. Walker and H. Omara, The Evolution of Hosting Capacities, https://www.opusonesolutions.com/insights/ Opus One Solutions, May 2019.
Opus One is by no means the only foundational company in our portfolio. Other foundational contributions
made by our companies include:
• Marketing Evolution helps utilities improve the effectiveness of all their marketing programs, increasing customer participation in energy efficiency and flexible load programs, as well as overall customer satisfaction.
• AutoGrid creates software that allows for greatly improved control of flexible loads, expanding renewable hosting capabilities of individual feeders, much like Opus One Solutions.
• Clevest helps utilities automate their fieldwork processes, significantly reducing paper generation and vehicle-mile travel by work crews.
• Swimlane, Attivo Networks and Dragos safeguard the power grid against cyberattacks, creating a more secure and resilient power system.
4.3 Portfolio Benefits Beyond Environmental Metrics
In this first effort we focus primarily on environmental impact that is associated with emissions reductions and energy savings because these metrics are most closely associated with EIP’s fundamental business mission. Nevertheless, many of our portfolio companies contribute in ways beyond environmental impact, including technologies linked to strong social benefits. Appendix D contains snapshots of a selection of our portfolio
Figure 13a Figure 13b Figure 13c
Pg. 17 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
companies to highlight their social and governance outcomes as well as their environmental performance. A few examples include:
• Dragos, Attivo Networks, and Swimlane provide cybersecurity protection. Protection of the grid and the services it provides against outages and other dangerous outcomes is clearly an increasingly important social benefit.
• Remix’ transit, mobility, and street planning software builds social metric benefits directly into its design and measurement platforms. As an example, its transit planning software can quantify the benefits of increased transit access to underserved communities.
• Palmetto is a certified triple-bottom-line B corporation, so that its organizational mission and architecture fully integrates social and environmental metrics in its performance measurement.
4.4 Partner Impact and Leverage
Utilities are key players, and partners, for driving the required energy transformation. Much progress has
already been made in the electric power sector. Formerly the #1 emitter of C02 in the U.S., substantial CO2
emission reductions since 2007 have resulted in the electric power sector now being #2 behind transportation.
Our strategic utility partners have internalized the need for change and reduced their CO2 emissions by 40
percent from their baseline years. This represents a reduction of annual CO2 emissions of 278 MT. In addition,
many of our partners have voluntarily set aggressive goals to put them on a path for a carbon free future in
2050 (See Appendix C for individual company goals). These goals will lead to a total 90 percent emission
reduction from their baseline years – or 634 MT of CO2 equivalent less per year.
By arming these utilities with deployment-ready technologies and strategies, EIP is helping them to sustainably
and profitably hit their carbon reduction targets, provide an infrastructure for faster deployment of clean
energy, and convert carbon heavy industries faster to the clean electron. The importance of these enabling
investments and initiatives can't be understated. For example, according to EPA’s most recent inventory of
greenhouse gas emissions (2017) the transportation industry accounts for 29 percent of U.S. totals.
Electrification has the potential to significantly reduce these emissions. However, access to reliable charging
infrastructure remains a major stumbling block – a barrier EIP and its partners addressed, by forming the
Alliance for Transportation Electrification, which now includes 30 electric utilities, five automakers, and 15 other
members, all working towards a faster transformation to clean electric transportation.
Figure 14: Emission Reductions by EIP Utility Partners
Pg. 18 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
We act as force multiplier for incumbents and innovators and have developed sophisticated processes and
forms of collaboration to accelerate innovation. We collaborate with our partners to unlock strategic insights
on new technologies, companies, and markets. Next, we invest in those foundational technologies that allow
our partners to convert faster towards a carbon-free future. Then, we support their adoption of these new
technologies and business models to accelerate their transition. The results of this model have been
encouraging, with over 20 of our partners deploying technologies from our portfolio across more than 80
projects that have generated $200 million in revenue for our portfolio.
A good example of this approach is our investment in Urbint, a company that uses an AI-enabled processes to
help utilities reduce methane leaks. In 2017, Urbint CEO Corey Capasso knew that the company’s AI platform
would work well in many utility process applications, including reducing methane leakage from gas
distribution systems (Methane is a highly potent greenhouse gas (GHG) with 28 times the immediate warming
effect of carbon dioxide). However, Urbint was new to the utility industry and was servicing its first two utility
sector customers.
In 2018, EIP invested in Urbint and one of its leading coalition partners, Southern Company, chose to pilot
Urbint’s solutions. Working with EIP’s Team, Urbint was able to scale rapidly, adding five more EIP partners
and 31 other companies to its installed base in 2019. When Urbint’s 2019 impacts are tallied in our next
report we are confident that its GHG savings will have ramped up dramatically from 2018 levels.
Our impact on the clean energy transformation does not stop at the boundaries of our utility coalition. By
demonstrating success within our coalition, we position our portfolio's solutions to scale beyond our partners
into other global industries. Urbint for example now works with more than 30 other utility partners outside
our coalition! As we help our utilities succeed with their goals, we hope to help the entire global power sector
to accelerate its conversion towards carbon-free operations.
4.5 EIP’s Impact from Its Own Operations
EIP is also committed to strive for exemplary behaviour in its own operations as a firm. We operate from 6 offices with 40 employees, but we travel much to visit our partners and screen investments. As a result, EIP’s 2018 operations contributed 184 metric tons of CO2, or about 8.3 MT per employee. CO2 footprint per square foot of office space was 80 pounds. Our NOx and SOx emissions, and water use were 15.3 metric tons, 15.6 metric tons, and 25,000 gallons, respectively.
We estimate our 2018 impacts using a methodology that closely follows instructions outlined by the Carbon Fund.15 We include the daily commuting energy as well as the business travel of our employees, both of which are not considered Scope 2 emissions, along with the complete Scope 2 emissions sources. As a result, we categorize our footprint as “Scope 2 plus” (Scope 2+). Appendix B explains these results in more detail.
EIP has pledged to offset all of its annual carbon emissions, including all travel. Accordingly, we have purchased carbon offsets matching our entire footprint and plan to continue to do this in the future. EIP purchased travel offsets through Cool Effect, a non-profit organization seeking to reduce carbon emissions through the support of verified, 100% additional projects.16 The offsets are triple-verified by in-person reviews and verification from leading carbon standards like the Gold Standard, Verified Carbon Standard, American Carbon Registry, or the United Nations’ Clean Development Mechanism. EIP’s dollars will be used to support projects ranging from clean cookstoves in Uganda, reforestation projects in Brazil, Native American methane capture in Colorado, to orangutan protection in Indonesia. To make up for past emissions, we purchased offsets for each year spanning back to 2015, making our total offset emissions 423 metric tons.
Pg. 19 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
While offsets can mediate carbon emissions retrospectively, the most significant impact comes from behavioral change. EIP’s main emission contribution falls under Scope 3 emissions, specifically, emissions from business travel. More than 76% of our carbon footprint is linked to travel.
Recognizing this, we plan to reduce travel with video conferencing services, more efficient travel itineraries, or preference for rail over air where possible. Over the coming year we intend to explore and document additional strategies for reducing our environmental footprint on all our metrics. Measuring our internal footprint was the first step to recognizing the impacts our company has on the planet.
Leveraging this knowledge, EIP can effectively benchmark its progress year after year to ensure it is thoughtfully minimizing its footprint.
5. CONCLUSION
We have made much progress in our environmental reporting, but we also recognize that much work
remains. In the year ahead, we plan to move forward in three major areas related to our ESG reporting. First,
we plan to enhance our environmental metric assessment of both directly measured and foundational
portfolio companies. Second, we plan to expand our overall ESG measurement framework to incorporate and
report on initial “S” and “G” metrics. Third, we will work closely with our partner utilities to explore further
how we can have a larger and more immediate impact together.
We welcome feedback and suggestions for improving our measurement and reporting and look forward to
working with the entire clean energy industry and ESG community to accelerate a rapid and successful clean
energy transition.
Pg. 20 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
Authors
This report was written by Bethany Gorham (VP Impact), Peter Fox-Penner (Chief Impact Officer), and Hayley
McCurdy of Energy Impact Partners and Cliff Brown of the Environmental Capital Group. EIP takes full
responsibility for all opinions expressed in the document. Questions/comments are welcome at
About Energy Impact Partners
Energy Impact Partners (EIP) is an investment firm focused on the transformation of the energy industry
towards an increasingly decarbonized, decentralized, and electrified future. Founded in 2015, EIP manages a
family of growth-equity funds with more than $1.2 billion USD in assets under management and is backed by
a global coalition of some of the world’s largest energy, utility and industrial companies including Southern
Company (NYSE: SO), National Grid (NYSE: NGG), Xcel Energy (NYSE: XEL), AGL Energy (ASX: AGL.AX), Ameren
(NYSE: AEE), Fortis (NYSE: FTS and TSX: FTS.TO), Avista (NYSE: AVA), Evergy, Inc. (NYSE: EVRG), MGE Energy
(Nasdaq: MGEE) and Tokyo Electric Power Company, Inc (“TEPCO”), TransCanada (NYSE:TRP), PTT (BKK:PTT).
EIP invests almost entirely in businesses aimed at transitioning the power industry into a resilient, customer-
friendly, affordable, and fully-decarbonized future.
About ESG Capital Group (ECG)
Starting in 2007, ECG served as an environmental advisor to CalPERS’ Clean Energy and Technology Program,
developing the largest program of sustainability impact accounting and reporting in the world - encompassing
$9 billion of investments in over 24 funds, consisting of over 200 portfolio companies. This approach to fact-
based sustainable investment analysis has continued with funds from the original CalPERS mandate as well as
top-tier global funds and their portfolio companies. Cliff Brown, Managing Director of ECG, has led this work
for the last 10+ years, advising investors and companies on strategy and sustainability issues, including ESG
and impact measurement.
Acknowledgements
The authors would like to extend their gratitude to EIP’s portfolio companies that devoted significant time and
resources to make this project possible, especially Natalie Rizk, Joel Gamoran, and Kiran Bhatraju, Arcadia;
Jesse Bryson, Manal Yamout, and Lydia Rudnick, AMS; Eric Danziger and Siddhartha Sachdeva, Innowatts; Alan
Schurr and Teri Ainslie, Enchanted Rock; Darren Sankbeil, Peter Vescuso, and Matt Bodman, Dragos; Aleta
Verrips, and Freek Dielissen, ViriCiti, Bob Flaherty and Anil Agrawal, CIMCON Lighting; Joshua Wong, and
Andrea Coelho, Opus One Solutions; Josh Troy, Benjamin Berry, and Mishal Thadani, Urbint; Susan Warner,
Ellyn Kirtley, Swimlane; Fatima Crerar, Brent Huchuk, Lisa Scott, and Stuart Lombard, ecobee; Carol McGarry
and Mike Phillips, Sense; Knut Gustavsen, Henriette Forsetlund, and Lana Dzabic, eSmart Systems; Mike
Schanker and Caroline Angwright, Remix; Billy Parish and Lakshmanan Venkatesan, Mosaic; Pier LaFarge and
Taylor Griffith, SparkFund; Carolyn Crandall, Mackenzie Blaisdell, Attivo Networks; Sharon Parker, Clevest;
Nancy Covey and Ashley Friedman, AutoGrid; James Koehler, Clinton Cutchins, and Dallas Henry, Palmetto.
We would also like to thank Austin Whitman, Climate Neutral; Patrick Starr, Nike; Benjamin Gaddy, Clean
Energy Trust; Scott Burger, PRIME Coalition; Riche Goode, Ernst & Young; and Emily Davenport, SJF Venture
Fellow, for valuable information and counsel. Finally, and lthough he is also one of the authors of this report,
EIP would also like to give special thanks to Cliff Brown of the ESG Capital Group.
Pg. 21 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
List of Acronyms
AI Artificial intelligence
CO2e Carbon-dioxide equivalent
DERs Distributed energy resources
DG Distributed generation
DLMP Distribution locational marginal prices
EIP Energy Impact Partners
ESG Environmental, social and governance
GHG Greenhouse gas emissions
LED Light emitting diode
MT Metric tons
NOx Nitrous oxide
RECs Renewable energy credits
SOx Sulfur-dioxide
US DOE US Department of Energy
US EPA US Environmental Protection Agency
Pg. 22 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
Appendix A: Company-Specific Methodology and Data
Arcadia: Clean Energy for Anyone
Arcadia provides renewable energy directly to retail utility customers in 50 states by purchasing renewable
energy certificates (RECs) matched to the electricity use of each customer. In 2019 the company also began
offering shares in physical community solar projects, thus far located in five states. Under carbon accounting
rules the purchase of RECs on a short-term basis does not meet the test of additionality. To adhere to these
rules, we measure carbon savings from renewable energy displacing grid power only from the community
solar projects, which are clearly additional. Since these projects all occur in 2019 or later, their savings does
not appear in the 2018 annual savings.
Carbon savings for the community solar projects subscribed by Arcadia were determined by evaluating all
projects subscribed by Arcadia in each state. Output of projects installed during 2019 was measured on a
partial-year basis through September 2019, with full-year operation for 2020 and onwards. For each state,
solar output factors sourced from NREL were applied to estimate the actual clean energy output of each kW
of installed capacity, with a result of 130,800 MWh of clean energy generated annually (enough to power
15,800 households). This clean energy is assumed to displace non-baseload grid energy, including assumed
net transmission and distribution losses of 5%. Using eGRID emission factors for each project location, the
resulting avoided emissions are 94,667 metric tons of CO2e, equivalent to planting 1.5 million tree saplings
that grow for 10 years.
In future years Arcadia plans to evolve its renewables purchasing methods to become additional, thereby
triggering even larger savings.
Advanced Microgrid Solutions: Tomorrow’s Energy Grid
AMS provides an array of resources and services for storage developers, microgrids, and large power
customers. These products play an important enabling role for expanding clean generation in a variety of
ways. We have chosen to measure carbon savings conservatively from only one major use case, the daily
time-shift of electricity production. AMS’s fleet of batteries reduces carbon emissions by charging during
times when clean, renewable power is abundant and cheap, and then discharging during peak demand hours,
which offsets the need for inefficient peaking power plants. In this way, AMS helps customers consume more
clean energy and reduces the generation from fossil fuel sources. Nearly all of AMS’s battery projects are in
California and therefore affect California grid emissions.
To calculate carbon savings for AMS, marginal GHG emission data was collected through WattTime for 15-
minute intervals on the California Independent System Operator’s grid across an entire year (2018). Emissions
during charging periods were compared to discharge periods for the 50 MW of installed capacity in Southern
California, accounting for round-trip efficiency losses. Based on 2018 emissions data, the AMS projects will
yield an annual estimated carbon savings of 550 metric tons of CO2e and associated savings in other metrics.
Pg. 23 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
CIMCON: Outdoor Wireless Lighting Controls
CIMCON provides smart city solutions including street lighting management that provides intelligent controls
such as adaptive dimming. While there are many potential use cases for CIMCON’s system that reduce
environmental impacts -- improved EV charging locations and smarter traffic flow, to name two – we have
conservatively chosen two use cases with clearly attributable carbon savings: energy savings from dimming
streetlights as well as fuel savings due to reduced street light maintenance truck rolls.
Carbon savings from streetlight dimming were calculated by analyzing the energy consumption of the baseline
of 15,000 fully-on LED streetlights compared to CIMCON’s adaptive dimming, averaging 50% dimming for 5
hours nightly according to company sources. CIMCON saves 21% of the energy of already- efficient 45W LED
fixtures, which equates to 620 MWh of energy savings and 420 metric tons of CO2e savings using eGRID US
non-baseload emission factors. In addition, maintenance alerts cut truck rolls by 2/3 compared to traditional
streetlights, which saves over 1,000 gallons of fuel annually for 15,000 streetlights. This fuel savings yields an
additional 10 metric tons of carbon savings, for a grand total of 430 metric tons of avoided CO2e in 2018.
ecobee: Truly Smart, Connected Home Solutions
ecobee sells Wi-Fi enabled smart thermostats and room sensors that improve energy efficiency for heating
and cooling. Although there are several possible savings use cases, we focus on the main function of ecobee’s
smart stats: automatically adjusting thermostat set points so that heating and cooling systems run for less
time, directly saving on consumption of electricity, natural gas, and other fuels. ecobee is now rolling out its
eco+ program, which allows for additional as well as external optimization and control and thereby enables
even larger savings, but there is not enough data to measure added savings from this potentially large
program.
Carbon savings for ecobee were determined using company data on estimated reduced runtime of heating
and cooling systems for each location, based on company studies since 2013.17 The runtime savings were
applied to the energy consumption rate of typical heating and cooling systems, including efficiency losses.18
The energy savings for 2018 are 360 megawatt-hours of electricity (enough to power 44,000 US households
for a year), and natural gas equivalent to the energy in 22 million gallons of gasoline. To convert energy
savings to carbon emissions avoided, EPA and eGRID2016 emission factors for each state are applied based on
the location of ecobee customers. Carbon savings for ecobee are 350,000 metric tons of carbon dioxide
equivalent (CO2e) in 2018, equivalent to planting 5.7 million trees.
Enchanted Rock: On Demand Electric Reliability
Enchanted Rock provides onsite backup power and distributed energy generation for commercial customers,
primarily through natural gas-fired electric generators. These generators reduce carbon by displacing dirtier
diesel backup gensets, as well as by selling cleaner, fast ramping grid balancing services back to the grid
Pg. 24 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
displacing more expensive and dirtier peaking options during peak periods that have higher emissions.
Combined, these two operating modes to reduce direct emissions and enable more renewable penetration
The net carbon savings enabled by Enchanted Rock were calculated by evaluating periods of backup power as
well as distributed energy generation. During 2018, Enchanted Rock units generated 189 megawatt-hours of
natural gas-powered backup power in place of diesel generators. Using heat rate (Btu/kWh) data from the US
DOE (EIA) as well as emission factors from the US EPA (eGRID2016), carbon emissions were reduced by 50
metric tons, as well as 1.1 metric tons of NOx emissions.
Distributed energy generation provided greater savings, since Enchanted Rock’s systems run more often in
this mode: 18,760 MWh (vs 189 MWh in backup mode). This energy generation was compared to eGRID non-
baseload emission factors for Texas, the location of Enchanted Rock’s customers, again using factors from US
DOE (EIA) and US EPA. Because ER’s carbon emissions rate per kWh was lower than the current Texas grid
during comparable periods, this generation yielded 2,900 metric tons of CO2e savings in 2018.
Mosaic: The 100% Efficient Home
Mosaic offers financing for solar energy systems, enabling home improvement companies and solar
companies to install solar projects for homeowners. These solar power systems reduce carbon emissions by
providing clean energy in place of grid power that is still dominated by fossil fuel-based generation. While
Mosaic is one of many players in the supply chain, financing is a critical requirement of solar project
development.
Carbon savings for the solar projects financed by Mosaic were determined by evaluating all projects financed
by Mosaic by state and region. Output of projects installed prior to 2018 were fully counted for 2018, whereas
projects installed during 2018 were prorated by month of installation. For each state and region, solar output
factors were applied to estimate the actual clean energy output of each kW of installed capacity, with a result
of 560,000 MWh of clean energy generated (enough to power 69,000 households). This clean energy is
assumed to displaced non-baseload grid energy, including assumed net transmission and distribution losses of
5%. Using eGRID emission factors for each project location, the resulting avoided emissions are 300,000
metric tons of CO2e, equivalent to planting 5 million tree saplings that grow for 10 years.
Palmetto: Creating a Future Powered by Solar
Palmetto provides services to support the deployment of residential solar power systems. These solar power
systems reduce carbon emissions by providing clean energy in place of grid power. Carbon savings enabled by
Palmetto’s solar projects were evaluated by state for all projects completed. Output of projects installed prior
to 2018 were fully counted for 2018, whereas projects installed during 2018 were prorated by month of
installation. For each state, solar output factors were applied to estimate the actual clean energy output of
each kW of installed capacity, with a result of 2,500 MWh of clean energy generated (enough to power 300
households). As with Mosaic, this clean energy is assumed to displaced non-baseload grid energy, while also
avoiding assumed net transmission and distribution losses of 5%. Using eGRID emission factors for each
project location, the resulting avoided emissions are 1,800 metric tons of CO2e, equivalent to planting 30,000
tree saplings that grow for 10 years.
Pg. 25 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
PowerPHASE: The New Standard in Gas Turbine Performance
PowerPHASE designs technology to boost the power output and fuel efficiency of gas turbines. This
equipment reduces carbon emissions by increasing the production of natural gas power from existing
generators, which saves net carbon when it displaces dirtier grid power. Based on data from the company, we
believe this is how PowerPHASE functions in the grids where it is installed.
Carbon savings for PowerPHASE were calculated by evaluating project data from operations in Chicago and
Malaysia. The company provided information on net capacity gain and incremental energy generation
totalling 51,730 MWh, primarily in Malaysia. This incremental generation on a natural gas combined cycle gas
turbine was converted to carbon emissions using US DOE (EIA) heat rate factors and US EPA emission factors.
According to the company, local peaking assets are about 20% less efficient, which results in increased fuel
combustion and related emissions. PowerPHASE fuel savings are estimated at the equivalent of 820,000
gallons of gasoline, with carbon emission savings of 5,300 metric tons of CO2e.
Sense: Home Energy Monitor
Sense provides an in-home, AI-based software tool and associated app that enables customers to track energy
use and identify opportunities for energy savings.
Carbon savings for Sense were estimated based on a study prepared for the Public Service Commission of
Wisconsin by EIP partner Alliant Energy and Cadmus Group in June 2019.19 The study analyzed 100 rural
Wisconsin households where Sense devices had been installed in summer 2018. For each location, data on
household energy consumption was collected from the US DOE (EIA) and factored by the number of Sense
devices in each geographic area.20 Savings were then calculated for each location using an average savings
rate of 6%, determined by a pilot study on Sense savings prepared by consultancy Cadmus Group. Energy
savings are estimated at 20,000 MWh, enough to power 2,500 households for a year. Emission factors from
eGRID were applied to calculate a carbon savings of 12,500 metric tons of CO2e.
Sparkfund: Invest in Efficiency
Sparkfund provides efficiency project outsourcing, including financing, using an innovative subscription model
for industrial and commercial energy customers. These energy services include energy efficiency benefits for
lighting, heating and cooling, and other projects that reduce carbon emissions through avoided energy
consumption.
Carbon savings for Sparkfund were calculated by analyzing each Sparkfund project according to the
contractually deemed annual energy savings for each project. Total energy savings, in kWh, were applied with
non-baseload emission factors from the EPA eGRID database for each location. Energy savings were
estimated at 53,800 MWh, with associated carbon reductions of 32,000 metric tons, equivalent to planting
530,000 trees.
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Urbint: A Critical Point for Urban Operators
Urbint offers AI solutions for utilities, including gas distribution system safety and risk management. One of
these solutions includes damage prevention technologies that reduce greenhouse emissions by decreasing
damages and associated leaks to distribution lines. Since natural gas is primarily methane, which has 28 times
the short-term global warming potential per ton, avoided leaks have a more significant benefit to GHG
reduction.
Carbon savings from the application of Urbint’s technologies were estimated through a damage prevention
study (Urbint 2019) [need reference or link] that Urbint conducted for National Grid’s gas distribution systems
in the northeast US, including New York, Massachusetts, and Rhode Island. This analysis determined that the
application of Urbint’s technology can reduce damages by 28-40%. The middle value of 35% was applied
across National Grid’s existing customer base of 2 million meters to estimate the overall reduction in damage
incidents compared to the baseline. The total GHG reduction was quantified based on leak rates published by
the US EPA and California Air Resources Board that
estimate total US leaks from excavator damage to gas distribution lines at 1.9 million metric tons of CO2e
across systems that service 72 million US gas customers. Based on the implied average per-customer,
damage-based leakage amount, the avoided emissions enabled are estimated at 18,600 metric tons of CO2e.
ViriCiti: Driving Toward Emissions-Free
ViriCiti provides monitoring solutions for commercial electric bus and truck fleets. These services include
smart charging, vehicle monitoring, smart driving, and maintenance status monitoring. The company enables
carbon reductions by extending electric vehicle range and improving driving efficiency.
Carbon savings for ViriCiti were calculated using company-provided data for 2018 distance travelled in each
city for both electric and diesel vehicles. Electric vehicle travel was assumed to displace diesel vehicle travel,
and ViriCiti was credited for a 40% increase in range (based on company studies). The diesel baseline was
assessed at an average fuel efficiency of 5.3 mpg (NREL 2018) with a diesel emission factor of 10.21 kg CO2e
per gallon (EPA 2018). By comparison, the electric vehicle has zero tailpipe emissions but does require grid
energy for charging. Electric vehicle energy consumption was calculated using an average efficiency rate of 1.5
kWh per km (NREL 2018). For each fleet location, local grid emission factors (EU JRC, US eGRID) were applied
to determine the carbon footprint of the charging
energy for electric vehicles. A small portion (~5%) of Viricide’s monitored fleets use diesel fuel, and these
fleets run 6% more efficiently with Viricide’s smart driving tools. The overall net benefits include fuel savings
of 260,000 gallons, with carbon savings of 1,100 metric tons of CO2e (which represents the net savings
including the grid emissions for battery charging).
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Appendix B: Details of EIP’s Carbon Footprint
Non-Commuting Business Travel: In 2018, EIP staff travelled an estimated 690,000 miles to portfolio
company board meetings, due diligence trips, conferences, company-wide meetings, and more. Our travel is
responsible for over 140 metric tons of carbon, more than 76% of our Scope 2+ emissions.
A range of sources informed the calculations for carbon contributions from travel. Travel was first broken
down into categories by type and purpose. For instance, travel for conferences, limited partner visits,
exploratory visits, etc. Select travel that contributes to EIP’s key performance indicators or is universal for EIP
staff was well documented and easily quantified for each staff member. To fill in the gaps for travel specific to
each team member, we crafted a short travel survey. Staff was asked to list travel for conferences, board
meetings, exploratory visits, due diligence trips, and respective hotel stays for each visit. Using Flight Sphere,
which pulls travel data from the US Department of Transportation, we calculated travel miles for each trip.21
The Carbon Fund recommends classifying each flight with different emission factors determined by one-way
flight miles. Since we do not have information on the plane model, the method utilizes the distance-based
model defined by the Greenhouse Gas Protocol.22 Varying airplane models, wind speeds, and fuel spends can
change the emission intensity of trips. Ideally the plan model is factored into the calculation; however,
referencing the distance travelled and assuming fuel efficiency is also an effective method for converting the
information into fuel burn and consequently into a mass of emissions.23
The following flight classifications and emissions factors were referenced:
• Long Flight (>2,300 miles one-way): .168 Kg CO2e per passenger mile
• Medium Flight (300-2,300 miles one-way): .1374 Kg CO2e per passenger mile
• Short Flight (under 300 miles one-way): .227 Kg CO2e per passenger mile
Short distance trips by train used an emissions factor of .162 Kg CO2e.24 Hotel stays are not included in the
summed mass of CO2 for business travel; however, the measurement was correlated with individual trips. In
the employee travel survey, staff was asked to list the average number of nights they stay in a hotel for each
type of visit. Board meeting and exploratory visits typically only included one night in a hotel. Conferences, on
the other hand, usually included an average stay of three nights in a hotel. An average emission factor 15.13
kg per night was used of all hotel stays, making EIP’s total carbon contribution for hotel stays 8 metric tons.
In-House Energy Use & Daily Commutes Energy use and daily operations comprise the remainder of
measured carbon impacts. This includes energy use in the office buildings, employee commutes, and food
delivery for EIP’s two office spaces – San Francisco and New York City. The calculation leveraged the square
footage of each office space to calculate building emission averages. The EIA Commercial Building Energy
Consumption Survey informed emission factors for kWh used per square foot by building.25 We multiplied the
commercial building energy consumption rate by state-based emissions factors outlined by EPA eGRID data.
Given EIP’s relatively small team size, energy use was minimal, but nonetheless it stole second place for the
largest contributor to EIP’s footprint. In 2018, energy use from EIP’s office space contributed 19 metric tons of
CO2, which amounted to only 10% of EIP’s total footprint.
Our office locations are centrally located in New York City and San Francisco for easy access for all commuters.
EIP employees utilize a full range of transit options including cars, subways, buses, and trains. The travel
survey asked staff members to specify their transit mode and the distance travelled to work. Each transit
preference was matched with the respective emission factors established by the Carbon Fund and multiplied
by a work year of 261 days. For employees who joined in mid-2018, workdays were discounted accordingly. In
sum, employee commutes contributed about 18 metric tons to EIP’s total carbon footprint. Emissions from
EIP’s daily food delivery were minimal and did not make a material impact on EIP’s overall carbon footprint.
Pg. 28 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
Appendix C: U.S. Utility Carbon and Renewable Energy Targets (Source: SEPA) Utility Name (EIP Partner) Target Year Emission Reduction Goal
AES CORPORATION 2030 70% reduction in carbon intensity from 2016 levels by 2030.
ALLIANT ENERGY 203040% reduction in carbon emissions from 2005 levels by 2030 and 80% reduction in
carbon emissions from 2005 levels by 2050. Eliminate coal from energy mix by 2050.
AMEREN CORPORATION 2030
35% reduction in carbon emissions from 2005 levels by 2030, 50% reduction in carbon
emissions from 2005 levels by 2040, and 80% reduction in C02 from 2005 levels by
2050.
AMERICAN ELECTRIC POWER 203070% reduction in CO2 emissions from 2000 levels by 2030 and 80% CO2 reduction from
2000 levels by 2050.
ARIZONA PUBLIC SERVICE 2032 100% carbon-free power by 2050. 65% clean energy by 2030.
AVANGRID 2020 25% reduction in carbon emissions from 2015 levels by 2020. Carbon neutral by 2035.
AVISTA UTILITIES 2027 Carbon neutral electricity supply by the end of 2027. 100% clean energy by 2045.
CONSUMERS ENERGY 2040 Net-zero carbon emissions by 2040.
DOMINION VIRGINIA POWER 2050Net-zero emissions by 2050. 65% reduction in methane emissions by 2030 and 80% by
2040, by 2010 levels.
DTE ENERGY 202332% reduction in carbon emissions by 2023, 50% reduction in carbon emissions by
2030, 80% reduction in carbon emissions by 2040. Net zero carbon emissions by 2050.
DUKE ENERGY 2030At least a 50% reduction in CO2 emissions from 2005 levels by 2030. Net-zero CO2
emissions by 2050.
EL PASO ELECTRIC 202525% reduction in carbon footprint from 2015 levels by 2025, and a 40% reduction in
carbon footprint from 2015 levels by 2035.
ENTERGY ARKANSAS 2030 50% reduction in CO2 intensity from 2000 levels by 2030.
ENTERGY GULF STATES 2030 50% reduction in CO2 intensity from 2000 levels by 2030.
ENTERGY LOUISIANA 2030 50% reduction in CO2 intensity from 2000 levels by 2030.
ENTERGY MISSISSIPPI, INC. 2030 50% reduction in CO2 intensity from 2000 levels by 2030.
ENTERGY NEW ORLEANS 2030 70% clean power by 2030.
ENTERGY TEXAS 2030 50% reduction in CO2 intensity from 2000 levels by 2030.
EVERGY, INC. 2050 80% reduction in CO2 emissions from 2005 levels by 2050.
FIRSTENERGY CORP. 2045 90% reduction in CO2 emissions from 2005 levels by 2045.
FORTIS, INC. 2030 30% reduction in GHG emissions by 2030.
GREEN MOUNTAIN POWER 2025 100% carbon free energy by 2025.
HAWAIIAN ELECTRIC 2045 Carbon neutral by 2045
HAWAIIAN ELECTRIC COMPANY 2045 Carbon neutral by 2045
IDAHO POWER CO. 2020Average CO2 emissions intensity of energy sources from 2010 to 2020 is 15% to 20%
lower than 2005 levels. 100% clean energy by 2045.
MADISON GAS & ELECTRIC COMPANY 2050Net-Zero Carbon Electricity by 2050. 80% reduction in carbon emissions from 2005
levels by 2050.
NATIONAL GRID (US) 2020 45% reduction in GHG emissions by 2020, and 80% reduction in GHG emissions by 2050.
N. INDIANA PUBLIC SERVICE COMPANY 202890% reduction in CO2 emissions from 2005 levels by 2028. All coal plants closed by
2028.
OKLAHOMA GAS & ELECTRIC 2030 50% reduction in CO2 emissions from 2005 levels by 2030
OTTER TAIL POWER COMPANY 2022 33% reduction in CO2 emissions from 2000 levels by 2022
PACIFIC GAS & ELECTRIC 2022Reduce 1 million tons of GHG emissions from company operations by the end of 2022.
40% reduction in GHG emissions from 1990 levels by 2030.
PACIFICORP 2030 60% reduction from 2005 levels by 2030.
PORTLAND GENERAL ELECTRIC 2050 80% reduction in GHG emissions by 2050. Eliminate coal from energy mix by 2030.
PPL CORP 2050 70% reduction in CO2 emissions from 2010 levels by 2050.
PUBLIC SERVICE CO. OF NEW MEXICO 2032 70% emissions free energy by 2032, and 100% emissions free energy by 2040.
PUBLIC SERVICE ELECTRIC & GAS 204680% reduction in carbon emissions from 2005 levels by 2046, and net-zero carbon
emissions by 2050.
PUGET SOUND ENERGY 2040 50% reduction in carbon footprint by 2040.
SOUTHERN CALIFORNIA EDISON 203040% reduction in GHG emissions from 1990 levels by 2030, and 80% reduction in GHG
emissions from 1990 levels by 2050.
SOUTHERN COMPANY 203050% reduction in GHG emissions from 2007 levels by 2030, and low to no GHG
emissions by 2050.
TENNESSEE VALLEY AUTHORITY 202060% reduction in CO2 emissions from 2005 levels by 2020. 70% reduction in CO2
emissions from 2005 levels by 2030. 55% carbon-free power supply by 2020.
VECTREN CORPORATION 202360% reduction in carbon emissions by 2023 - via retiring three coal plants and
terminating ownership of another.
XCEL ENERGY 203080% reduction in carbon emissions from 2005 levels by 2030, and 100% carbon free
electricity by 2050.
Pg. 29 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
Appendix D: Portfolio Company Spotlights
1. Arcadia: Clean Energy for Renters & Homeowners
2. Sense Labs: Smart Home Energy Monitor
3. Urbint: Safety enabled with Artificial Intelligence
4. Sparkfund: The Smartest Energy Subscription
5. Swimlane: Security Orchestration
6. Ecobee: Creating a Smarter Home for a Better Tomorrow
7. eSmart: Energy Systems Re-invented
8. Dragos: Visibility, Detection and Response
9. AutoGrid: Flexibility, Delivered
10. AMS: Advanced Intelligence
11. ViriCiti: Driving Toward Emissions- Free
12. CIMCON: Cities, Simplified
13. Innowatts: Powering the digitization of Energy
14. Remix: Prioritizing People Over Cars
15. Enchanted Rock: Utility Grade Back-up Power
16. Mosaic: 100% Clean Energy for All
17. Clevest: Utility Owned, Utility Focused
18. Opus One Solutions: Decentralized Energy Economy
19. Palmetto: Creating a Future Powered by Solar
20. Attivo Networks: Threat Deception Made Simple
Pg. 30 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020
Endnotes Summary
1 https://www.ipcc.ch/sr15/ 2 https://esgclarity.com/investors-call-for-climate-action-at-g20/ https://www.csrwire.com/press_releases/42635-Investor- Calls-for-
Climate-Action-Grow-Louder-as-World-Leaders-Set-to-Convene-in-New-York-City?tracking_source=rss;
https://en.m.wikipedia.org/wiki/Agenda_21 acc 9.26.19 3 Decline of 2010 levels, Intergovernmental Panel on Climate Change (IPCC) 4 Three of the 30 companies in our portfolio (as of November 2019) supply products or services that are incidental to the future
electricity system 5 https://www.iea.org/tcep/transport/; https://www.iea.org/tcep/buildings/ 6 Scope 2 emissions include indirect emissions that result from electricity generation, heat, or steam purchased from a utility.
https://www.epa.gov/greeningepa/greenhouse-gases-epa Importantly, the use of gross Scope 2 emissions means that we do not
assess the emissions associated with the operations of our portfolio companies, including manufacturing, installation, operation, and
disposal of their products 7 If government policies mandated the construction of the new plant, or the plant’s output did not displace any carbon-generated
energy, the plant would not be additional, but these circumstances are extremely rare 8 The products may be sold to a third party acting as an agent on behalf the energy end user. If the product saves energy on the
facilities and systems of the agent, the savings are attributed to the agent. More commonly the agent installs and operates the
technology to save energy or provide the end user with clean energy on the premises of the end users, so the savings are attributed to
the end user 9 The notion of enabling carbon savings rather than claiming them also allows for a recognition that many firms and investors enable a
single carbon-saving company or product to succeed without creating confusing, potentially double-counted savings estimates. It is
appropriate that the same saved tons be enabled by many contributing actors, and it is not necessary to allocate these savings
uniquely to these many contributors 10 This attribution convention implies that environmental benefit metrics for one portfolio company freeze when that company exits
our portfolio. When all portfolio companies have exited and the fund is closed, the enabled environmental benefits of the entire fund
also close at their final level 11 If we could move to net emissions reductions on the part of the customer, i.e. reductions that were net of all the allocated emissions
throughout the supply chain that were emitted to enable the customers’ savings, then we our savings estimates would be Scope 3
from the standpoint of the customer 12 This assumption amounts to an 80% reduction overall by 2050, which we hope is quite conservative 13 https://d2l8rne3sx3c3l.cloudfront.net/wp-content/uploads/2015/02/PRIME-NYSERDA-Climate-Impact-Assessment-
Report_Final.pdf?x57461 14 See Dynamic Hosting Capacity on the website of Opus One Solutions 15 https://www.carbonfund.org/ 16 https://www.cooleffect.org/ 17 ecobee explains its savings calculations further at https://www.ecobee.com/savings/ 18 Typical system: 36,000 Btu/hr; 80% AFUE for a natural gas furnace, 15 SEER rating for electric cooling unit
(https://www.eia.gov/consumption/residential/) 19 http://apps.psc.wi.gov/pages/viewdoc.htm?docid=371354 20 U.S. EIA; table T.5.a (https://www.eia.gov/electricity/sales_revenue_price/) 21 https://flightsphere.com/ 22 https://ghgprotocol.org/sites/default/files/standards_supporting/Chapter6.pdf 23 https://www.eci.ox.ac.uk/research/energy/downloads/jardine09-carboninflights.pdf 24 https://carbonfund.org/calculation-methods/ While most employees were able to submit a list of air travel in 2018, some
assumptions were made for visits to EIP’s limited partners. These trips dates were well recorded; however, the number of EIP
attendees was not clear. Typically, 2 or 3 staff members attend the meetings, thus we assumed an average of 2.5 travellers. After
completing the calculations, the findings were aggregated into a single measurement for business travel 25 https://www.eia.gov/consumption/commercial/
P O R T F O L I O
S P O T L I G H T
“If we make choosing clean energy an
easy, attractive choice for everyone we can
all decrease our dependence on fossil fuels.
Today, Arcadia members all across the
country connect to wind and solar power
every day. There are about 130 million
power bills paid every year, meaning 130
million people could be making this choice.
To me, that’s the future of energy - 100%
clean and powered by people.”
Arcadia:
Clean Energy for
Renters & Homeowners
Impact
130 million Americans pay a power bill
every month. Arcadia leverages this
mundane task into a positive force for
good. By connecting customers with
renewable energy sources, customers
can purchase renewables for 50-100% of
their energy use and save about 20% on
their utility bills. In 2018 alone, Arcadia
customers purchased more than 386,000
MWh of clean energy attributes. In 2019
year-to-date, Arcadia customers have
purchased more than 664,000 MWh of
clean energy.
In late 2018, Arcadia launched a
community solar program that now
supports over 9,000 subscribers in
eligible states. Historically, low-income
residents have been excluded from
opportunities to participate in
community solar due to intensive credit
checks and high FICO score
requirements. Arcadia supports low-FICO
customers by analyzing their historical
utility bill payments, significantly
lowering barriers to entry and ensuring
that more families can access the cost-
saving benefits of community solar.
I N N O V A T O R
Kiran Bhatraju
S E C T O R
Energy Fintech
L O C A T I O N
Washington D.C.
386,000 MWh of renewable energy
attributes in 2018
9,000 Community solar
subscribers
20% Savings on customer
utility bills
“At Sense, we can engage consumers around energy with mobile applications that provide
a real-time, detailed view of what's happening in their homes. Consumers become more
energy aware and discover energy savings in their homes. Through partnerships with other
smart home device providers, we’re now adding control and automation to deliver even
more convenience, energy savings, and flexibility in when energy gets used - to make
better use of the increasing amounts of renewable energy on the grid.”
P O R T F O L I O
S P O T L I G H T
Sense Labs: Smart
Home Energy Monitor Impact Tackling emissions from energy usage
begins with increasing energy
efficiency. Hidden phantom loads lead
to excess energy usage and adds dollar
signs to utility bills. Sense identifies
energy hogs, allowing customers to
recognize their energy habits to
prioritize savings. Many customers
save over 20% in energy costs and, in
2018, reduced over 12.5 K tons of
CO2e. The company envisions a future
where customers can cut over 50% of
their home energy usage as buildings
become smarter and more efficient.
Through unique electrical signatures,
Sense can identify how much energy is
being used by 30 types of devices.
Alongside energy and savings, Sense
also contributes to home safety and
health. Their monitor can also help
customers see whether devices are
performing properly, protecting against
fires, inefficiencies, or unneeded
replacement. The company has
established an online community
forum for customers to share their
energy saving stories, Sense Saves.
I N N O V A T O R
Mike Phillips
S E C T O R
Smart Home
L O C A T I O N
Cambridge, MA.
12,500 Metric Tons of C02e
Avoided in 2018
30 Unique Devices
Identified
20% Potential Energy Cost
Savings
P O R T F O L I O
S P O T L I G H T
"With Damage Prevention, Urbint's leveraging AI to
positively impact both public safety and the
environment - preventing third party damages and
reducing greenhouse gas emissions. We are proud
of the tremendous impact we are making on the
resiliency and safety of communities.”
Urbint:
Safety enabled with
Artificial Intelligence
HEADQUARTERS
Cambridge, MA
Impact
Urbint supports a safer, more resilient
future by mitigating uncertainty in
energy infrastructure maintenance
through the application of predictive AI
technology. Urbint can reduce the
instances of predictable damage events
by helping operators understand and
avoid risk on gas pipes, water pipes,
and utility poles. Predictive
maintenance and reduction of leaks can
also significantly reduce greenhouse
gas emissions.
Pipeline damage due to third party
excavation is a leading cause of pipeline
failure. Urbint’s AI-driven solution
leverages real-world and utility data to
anticipate the likelihood of incidents.
With a better understanding of external
threats, Urbint can help utilities avoid
significant economic, environmental,
and human loss that can arise from
natural disasters, gas leak explosions,
and aging grid infrastructure.
I N N O V A T O R
Corey Capasso, CEO
S E C T O R
Intelligent Operations
L O C A T I O N
New York, NY
10 Major Utility
Partners
18,600 Metric Tons of C02e
avoided in 2018
35% Average Reduction
in Leaks
P O R T F O L I O
S P O T L I G H T
“Managing energy systems and focusing on how we can add value for customers in ways
they care about is our core focus; we are reducing carbon emissions and creating energy
savings that otherwise wouldn't have occurred. Sparkfund is doing this with individual
customers, but also with incumbent energy providers who must lead the charge for change
or it won't occur at scale across the market. We're proud that the SparkOS is the
infrastructure that facilitates that change.”
Sparkfund:
The Smartest Energy Subscription
Impact The IEA found that energy efficiency
alone could double the global
economic value of the energy we use
today; however, financing serves as a
major barrier. Sparkfund leverages
an innovative subscription model to
help companies adopt new energy
systems without upfront capital,
while simultaneously slashing their
greenhouse gas emissions. Efficiency-
as-a-service can drive upgrades
without the burden of upfront
capital, allowing companies to tackle
climate change one upgrade at a
time. The Sparkfund Technology
Subscription lets customers maintain
and upgrade heating, cooling,
lighting and resiliency systems for
less than what they spend on these
systems today, permitting companies
to focus on their core business
operations.
To date, Sparkfund has installed 548
projects and saved companies over
$70 million on energy bills. In 2018,
Sparkfund customers reduced over
32,00 metric tons of CO2e. I N N O V A T O R
Pier Lafarge, CEO
S E C T O R
Smart Homes & Buildings
L O C A T I O N
Washington DC
32,000 Metric Tons of C02e
Avoided in 2018
584 Energy Efficiency
Projects Installed
$70M Customer Savings on
Energy Bills
P O R T F O L I O
S P O T L I G H T
“Swimlane was built by analysts for
analysts and is helping shape the future
of security orchestration, automation and
response (SOAR). Through the power of
community and actionable information
sharing regarding integration and
automation, we aim to shorten the
response timeline and improve the
efficacy of cyber defenses worldwide.”
Swimlane:
Security Orchestration Impact
Less than 1% of severe security alerts
are investigated by 80% of
organizations with 500 or more security
alerts per day. Swimlane helps alleviate
security-related risk and stress with a
security orchestration, automation and
response (SOAR) platform.
By automating manual operational
tasks, Swimlane can maximize the
capacity of security analysts to improve
incident responses, avoid analyst
burnout, and ensure organizations are
safe from serious security threats. The
SOAR platform returns insightful
analytics and real-time dashboards
allowing organizations to stay on top of
their cyber security priorities. Swimlane
seamlessly integrates with other tools
and serves as a single platform for
automation, orchestration, incident
response and management, case
management, and reporting. As the
world experiences increasingly complex
security issues, Swimlane can help
organizations optimize operations and
keep data secure. I N N O V A T O R
Cody Cornell
S E C T O R
Cyber Security
L O C A T I O N
Denver, CO
$11,000 Federal Government Agency
savings per week
150x Faster response time to
phishing incidents vs. avg.
90% Of Tier-One Security
Tasks Automated
P O R T F O L I O
S P O T L I G H T
“ecobee was founded on the belief that people everywhere
deserve access to innovative technology that has the power to
save energy and transform everyday life for homeowners. We
are excited to offer families a better way to save energy and
money without sacrificing comfort or convenience not just
today, but for years to come.”
ecobee: Creating a
Smarter Home for a
Better Tomorrow
Impact Up to 50% of a household’s energy use
is for heating and cooling. ecobee’s
smart thermostats have the power to
help homeowners save an average of up
to 23% on heating or cooling. In 2018,
ecobee customers saved over 360,000
MWh of energy, avoiding over 340,000
tons of CO2e. That’s equivalent to the
sequestering power of 5.7 million trees
– and counting.
ecobee believes that doing good for the
world is good business. With this
mission, ecobee has begun to take steps
to ensure energy saving opportunities
are extended to underserved
communities and customers. Over 6,000
families are overcoming energy poverty
through ecobee’s programs and
partnerships. The program is combined
with educational opportunities to teach
communities about energy efficiency
and ensure everyone is included in the
critical energy transition. With an
overarching purpose to help people
reduce their impact on the
environment, ecobee strives to foster a
better tomorrow.
I N N O V A T O R
Stuart Lombard
S E C T O R
Smart Home
L O C A T I O N
Toronto, Canada
23% Savings on
Customer Utility Bills
350K Metric Tons of C02e
Avoided in 2018
6,000 Homes Tacking
Energy Poverty
P O R T F O L I O
S P O T L I G H T
“eSmart Systems´ mission is to create intelligent solutions to accelerate the
transition towards a more sustainable future. By using AI driven software solutions
we enable our customers to operate more efficiently, resulting in both social and
environmental benefits. Our software helps utilities reduce line inspections
times, extend asset life, decrease power outages and improve line worker safety.
eSmart:
Energy Systems
Reinvented
Impact
eSmart Systems’ Connected Drone
software can analyze up to 200,000
images in 1 hour. That is more than a
grid maintenance operator can do
over the course of a year. With
digitized and efficient processes
comes safer, more reliable grid
infrastructure. eSmart’s technology
detects defects in grid infrastructure
to prevent events – such as wildfires
and blackouts – that can cause
significant economic, environmental
and human loss.
By transforming drone-collected
inspection data into actionable
insights, eSmar’s AI-enabled
software solution can extend asset
life, reduce costs, resources and
truck rolls. By providing human
experts with tailored information, AI
helps prioritize the most critical
defects resulting in an estimated 25%
reduction in outage costs. With
eSmart’s platform, risks can be
identified early, and assets can be
monitored in real-time to reduce
failure rates and increase grid
reliability. I N N O V A T O R
Knut H. Johansen
S E C T O R
Intelligent Operations
L O C A T I O N
Halden, Norway
200K Images Analyzed in 1 Hour
by a Connected Drone
25% Reduction in
Outage Costs
2.5x Better Accuracy than
Humans for Certain Defects
Impact As cyber-related risks continue to grow,
organizations of all sizes are vulnerable.
Dragos recognized that the Operations
Technology (OT)/ Industrial Control
System (ICS) community needed
improved insight into the threat
environment.
With its strategic partners, Dragos is
developing a low-cost, cloud-enabled
network within the OT domain that
integrates available technologies to
produce real-time, actionable
information that reduces cyber risk.
Supported by the Department of
Energy, Dragos launched Neighborhood
Keeper, a low-cost, collaborative threat
detection and intelligence sharing
program to address these pain points.
As part of the program, utilities will use
Dragos Platform sensors to detect and
alert on OT/ICS threats. Anonymous
information will be sent securely to a
cloud-based environment where
Dragos and partner analysts provide
community members actionable
information such as trends and
advisories. Insight from the program
enriches our understanding of threats
and ensures the smallest among us are
safe from cyber-related incidents.
L O C A T I O N
Hanover, MD
S E C T O R
Cyber Security
I N N O V A T O R
Robert Lee
“Neighborhood Keeper is an innovative
and highly beneficial approach to providing
security to smaller providers, as well as
value to the entirety of the community, by
sharing completely anonymized insights
from threats detected in OT/ICS networks.
Larger providers are coming together to
ensure our critical infrastructure is
protected, representing the strength of the
industrial community, and further helping
Dragos’ mission of safeguarding
civilization.”
Dragos: Visibility,
Detection and
Response
7 of 10 Of the largest electric utility
companies use Dragos
6,000 Events evaluated per
day per company
9 Activity groups
targeting ICS tracked
P O R T F O L I O
S P O T L I G H T
Impact AutoGrid is leveraging AI and big data
to accelerate the transition to a
cleaner, more reliable electric grid.
With an integrated solution for
demand response, DER management,
virtual power plants and energy
storage management, AutoGrid is using
predictive controls to help energy
companies control and optimize new
energy assets. Through innovative data
management and flexible energy
control, AutoGrid can balance energy
supply and demand in real time,
allowing for seamless integration of
renewable and new energy
technologies.
AutoGrid provides solutions for energy
companies in both the regulated and
deregulated markets. Autogrid’s Bring
Your Own Technology (BYOT) is one
example. AutoGrid’s BYOT Demand
Response platform supports a variety
of customer-owned applications.
Regardless of the hardware provider,
AutoGrid provides full asset
connectivity and support from
enrollment to ongoing support. This
allows for consumers to choose their
flex load technologies while still
affording utilities the ability to manage
energy demand successfully.
L O C A T I O N
San Francisco, CA
S E C T O R
Intelligent Operations
I N N O V A T O R
Amit Narayan
“Powered by our AutoGrid Flex platform,
we operate the world’s largest AI-
powered flexible energy resources
optimization networks. AutoGrid is
enabling energy companies to make the
digital transformation that is critical to
win in the new energy world.”
AutoGrid: Flexibility,
Delivered 10 million
AI predictions every
10 minutes
5,000 MW of optimized flexible
energy resources
7 of 10 Largest US utilities control
assets with AutoGrid
P O R T F O L I O
S P O T L I G H T
Impact AMS helps commercial buildings reduce
costs and provides energy network
services such as energy storage and
smart controls. The AI software
platform uses deep learning algorithms
to enable optimized dispatch and
trading of complex energy assets in
energy markets. AMS installed the
world’s largest virtual power plant in
Southern California which delivered
over 2GWh of grid services in the first
year of operation. The deployment of
distributed energy and battery storage
to provide local capacity to the grid
replaces fossil fuels and inefficient
peaker plants during high demand
hours. Flexible load can create
significant carbon savings through
direct time shifting of energy and
greater renewable hosting capacity.
AMS also used its AI algorithm to help
an Australian wind farm navigate a
period of negative wholesale prices and
trade power. This innovative software is
allowing renewable energy producers to
increase margins and expand
effectively. AMS is making higher
renewable energy penetration possible
with a platform that identifies the most
cost-effective technology design for
both sides of the meter.
L O C A T I O N
San Francisco, CA
S E C T O R
DERs
“At AMS, we are accelerating the clean
energy revolution by maximizing the ROI
of renewable and storage assets. Our
artificial intelligence-powered software
platform optimizes how these resources
bid and interact with energy markets, so
that we can deploy more intermittent
renewables around the world. Along
with wind and solar, the AMS platform
operates the world’s largest fleet
of distributed energy storage systems.”
AMS: Advanced
Intelligence
520 Metric tons of CO2e
savings in 2018
X Mobile users
X Truck roll reduction
P O R T F O L I O
S P O T L I G H T
I N N O V A T O R
Susan Kennedy
Impact Transportation accounts for 15% of
global greenhouse gas emissions.
ViriCiti is accelerating the adoption of
zero-emission commercial vehicles
through its innovative optimization
platform that maximizes the battery life
of electric buses. Providing the essential
tools for customers to transition to
electric fleets, ViriCiti is helping to
expand cleaner, more dependable
transportation services.
ViriCiti’s technology successfully
extends EV range by 40% on a single
charge by providing insight into the
real-time status of the battery and the
location of the next charger. As a
market leader, ViriCiti serves over 60%
of the e-bus market and has helped
fleet operators save an average of $276
per month per bus on reduced idling,
improved driver behavior, and
maintenance savings.
ViriCiti also promotes equitable access
to zero-emission transport that
minimizes air emissions and reduces
noise pollution. In partnership with the
CA government, ViriCiti launched a
program to ensure electric bus routes
were extended into underserved
neighborhoods, in total leading to
305,944 electric miles driven in these
areas.
L O C A T I O N
Amsterdam, Netherlands
S E C T O R
Mobility
I N N O V A T O R S
Freek Dielissen & Alexander
Schabert
“We have been involved in electric bus development since the very beginning and
strongly believe electric is the future of clean transport. Our aim is to accelerate the
adoption of electric vehicles by making their operations easy and transparent.
Together with our customers, we just crossed the milestone of 30 million electric
kilometers driven - we hope to see this number double in the upcoming year!“
ViriCiti: Driving Toward
Emissions-Free
305,944 Electric miles driven
in DAC
1,100 Metric Tons of CO2e
Avoided in 2018
40% Extension on EV
battery life
P O R T F O L I O
S P O T L I G H T
Impact As the global population is expected to
add 2.5 billion people in the next 30
years, it is vital for cities to become
more intelligent about how citizens and
infrastructure interact to enhance
livability, workability, and sustainability.
CIMCON created the NearSky Smart City
platform, which allows cities to easily
analyze data from many technologies to
foster a more sustainable and enjoyable
city. Smart city applications can improve
public services and resiliency while also
reducing energy consumption, carbon
emissions, and costs. These benefits
lead to a higher quality of life for city
residents and fuel economic growth.
Installing sensors on legacy
infrastructure converges historically
siloed technologies into a central
management system (CMS) and has
created the building blocks for smart
cities. The CMS aggregates real-time
data on city assets allowing operational
efficiency and actionable insights. These
insights improve public safety with smart
cameras, optimize mobility through
traffic monitors, and provide public
services like Wi-fi and charging stations.
Smart city solutions cover everything
from intelligent streetlights, air quality
monitors, and pedestrian analytics to
waste management.
L O C A T I O N
Burlington, MA
S E C T O R
Intelligent Operations
I N N O V A T O R
Anil Agrawal
“CIMCON Lighting, Inc. uses LED lighting to create a wireless
sensor network and platform enabling cities to implement a
variety of Smart City applications to manage outdoor lighting,
monitor air quality, meter electric vehicle chargers, improve
public safety and security, optimize parking, traffic and waste
management to improve the quality of life for city residents”
CIMCON Lighting:
Cities Simplified
150 Cities using CIMCON
technology
12 Smart City solutions available
on NearSky Platform
432 Metric tons of CO2e
savings in 2018
P O R T F O L I O
S P O T L I G H T
Impact More efficient use of energy starts with
an understanding of how customers are
using their energy. Innowatts harnesses
customer data from a growing pool of
23 million smart meters to help utilities
forecast customer behavior and create a
more personalized energy experience.
Unlocking the power of AMI insights
allows utilities to procure energy more
efficiently and create AI-enabled,
customized energy efficiency
suggestions for customers. By
pinpointing energy upgrades within a
customers’ home, customers can reduce
their energy bills and decrease strain on
the electrical grid. Smarter utilities and
more informed customers ultimately
yield unmatched energy and carbon
savings.
Innowatts’ suite of solutions includes
behind-the-meter customer energy
intelligence that allows for seamless
integration of distributed energy
resources and IoT solutions. Innowatts is
helping utilities become smarter and
better stewards to their customers. As
customers become more engaged and
educated about energy services, utilities
will unlock new saving and optimization
opportunities that cut costs and
greenhouse gas emissions.
L O C A T I O N
Houston, TX
S E C T O R
Intelligent Operations
I N N O V A T O R
Siddhartha Sachdeva
“Our vision at Innowatts is to create a scalable digital
utility platform that transforms the way energy is
bought, sold, managed and consumed. We see
eUtility™ serving as the 'nerve center' for tomorrow’s
energy provider — delivering the analytics,
intelligence, and technology solutions that will help
reinvent the way we do business as an industry. The
greater efficiencies of the grid will lead to a cleaner
and smarter system.”
Innowatts: Powering the
Digitalization of Energy
40% Average improvement in
forecasting accuracy
23M Smart meters
enabled
2.83B Data points processed
every hour
P O R T F O L I O
S P O T L I G H T
Impact For citizens living in urban settings,
mobility is a critical determinant of the
opportunities, jobs, and relationships
residents can access. Helping cities
adapt to a transportation future that
prioritizes the needs of people over
cars will catalyze notable impact on the
planet, the livability of our cities and
the equitable distribution of economic
opportunities. Remix empowers
transportation professionals to
reimagine urban transportation to
prioritize people over cars and make
communities safer, more accessible,
and more resilient. As multi-modal
transportation options grow, Remix
allows city planners to envision optimal
pathways and safety protocols. The
platform also helps planners strategize
evacuation routes as cities face
increasing risks from natural disasters.
Deployed in over 350 cities in 17
different counties, Remix is reshaping
the way people think about mobility.
In the past year, Remix customers
created over 12,000 transit plans and
more than 1,000 conceptual street
redesigns, bringing the cumulative
total to 53,000 transit plans crafted
since the company began.
L O C A T I O N
San Francisco, CA
S E C T O R
Smart Cities
I N N O V A T O R
Tiffany Chu
“At Remix, we’re proud to partner with governments
worldwide as they build more livable cities and redesign
public spaces for greater access, equity, and efficiency. The
plans our customers are creating on our platform for new
infrastructure and transportation systems have the potential
to collectively improve mobility options for approximately
240+ million people. We love powering impact at scale.”
Remix: Prioritizing
People Over Cars
350 Cities reimagining
transportation
53,000 Transit plans
improved
4,000+ City planners on
the platform
P O R T F O L I O
S P O T L I G H T
Impact When Hurricane Harvey inundated
Houston in 2017, Enchanted Rock
proved the resilient value of its
microgrid solution. ERock’s team
dispatched 22 microgrids at gas stations
and convenience stores less than 10
seconds after customers lost power. The
backup generators provided
uninterrupted power for the next 100
hours at 100% availability. As the only
building with power within range, one
of the Bucees stations was transformed
into an operation base for first
responders, allowing them to effectively
continue rescue missions. As weather-
related blackouts have doubled since
2013, reliable backup power is vital for
continued operations.
Alongside emergency power, ERock’s
Texas microgrids also have a positive
environmental impact. These generators
displace load from higher emitting
generation capacity and support the
integration of renewables on the grid.
ERock’s generators release less than 1%
of the NOx emissions released by
conventional Tier 2 Diesel generators.
Paired with ERock’s financing
arrangement, their backup generation
comes at 10-20% of the cost of a
standard reliability system.
L O C A T I O N
Houston, TX
S E C T O R
Distributed Energy
I N N O V A T O R
Thomas McAndrew
Enchanted Rock: Utility
Grade Backup Power
P O R T F O L I O
S P O T L I G H T
“An Enchanted Rock natural gas-powered microgrid
is an ideal quick response option to avoid utility
power outages for organizations with sensitive
operations. Natural gas is a reliable fuel source that
burns much cleaner than diesel, so there are no
practical run hour limitations. Our gensets can
operate in island mode during an outage or
synchronously to support the grid when other grid
assets, such as renewables or peaker plants, are
unable to meet peak load. These grid runs are
typically less than 5% of the hours in a year.”
22 Stores kept open during
Hurricane Harvey
2,900 Metric tons of CO2e avoided
in 2018
300 MW of operating distributed
generation
P O R T F O L I O
S P O T L I G H T
“Mosaic’s vision is 100% clean energy for all. Our
mission is to empower millions of people to prosper
by creating the best way to finance clean energy
solutions. We’ve helped over 300,000 people
through solar or energy-efficient home improvement
projects and continue to innovate to address our
planet’s climate challenge.”
Mosaic:
100% Clean
Energy for All
Impact With the mission to reach 100% clean
energy for all, Mosaic has underwritten
over $3.2 billion in solar loans,
expanding access to clean energy
alternatives. Given high upfront costs,
it can be difficult for homeowners to
purchase clean energy despite long-
term savings. Mosaic has crafted
innovative financing solutions that give
homeowners and contractors multiple
payment options when installing solar.
Mosaic has accelerated the adoption of
rooftop solar through the financing of
over 780 MW of solar to date. In 2018
alone, Mosaic supported the reduction
of 350,000 metric tons of CO2 –
equivalent to taking 64,000 cars off the
road for a year.
Clean energy creates green jobs and
sustainable economic development.
This number includes customers,
contractors, equipment, suppliers, and
more whose lives have been changed
due to the opportunities that arise
from solar energy. Mosaic works
toward the mission of empowering
millions to prosper from solar by
innovating the most affordable
financing for clean energy solutions.
I N N O V A T O R
Billy Parish
S E C T O R
Distributed Energy
L O C A T I O N
Oakland, CA
780 Megawatts of
Solar Financed
350,000 Metric Tons C02e
Avoided in 2018
$3.2B Underwritten
Solar Loans
P O R T F O L I O
S P O T L I G H T
“Clevest’s solutions help the utility
industry reduce the environmental
impact of traditional field
operations by promoting the
efficient delivery of electricity, gas
and water resources and the
efficient use of these resources by
consumers. By implementing a
Clevest solution, utility companies
with250,000 meters can expect to
eliminate an average of 1.8M
pages of paper per month, and to
reduce fuel consumption by
approximately 23% or 19,550
gallons/74,000 liters per month.”
Clevest: Utility Owned,
Utility Focused Impact
Through the promotion of efficient gas,
water, and electricity delivery, Clevest
is reducing the environmental footprint
of utilities. With this workforce
automation solution, utilities can
eliminate paper and paper-based
processes, reduce fuel spend and lower
the consumption of water, electric, and
gas resources. One utility customer
eliminated the environmental impact
from upwards of 80,000 sheets of
paper per year. Another large utility
customer was able to reduce their
carbon impact by cutting 500,000 drive
miles a year through Clevest’s
Enterprise Scheduling engine that
routes technicians more efficiently.
Clevest also increases safety through
the optimization of mobile workforce
field operations.
With more efficient solutions,
technicians are able to accelerate the
transition to cleaner, smarter utility
operations. With faster deployment of
new infrastructure, enhanced metering
solutions, and smart grids, utilities are
better positioned to provide a more
efficient and reliable service to
customers.
I N N O V A T O R
Thomas Ligocki
S E C T O R
Intelligent Operations
L O C A T I O N
Vancouver, BC
230 Utility
Customers
20% Truck Roll
Reduction
12K Mobile
Users
“We believe software intelligence is key to grid modernization, moving
away from experimentation and towards broader implementation of
smart and clean technology globally. Utilities are thinking about what
they are going to do with grid-edge technologies, and digitalizing the
grid with software like our GridOS solution to fully exploit these
technologies will support growing more sustainable operating,
business and customer engagement models..”
Opus One Solutions:
Decentralize Energy Economy
I N N O V A T O R
Josh Wong
S E C T O R
Intelligent Operations
L O C A T I O N
Toronto, Canada
20+ Utility
Partners
100% Ability to support
Renewables Integration
1/hour GridOS reports capacity
across distribution system
Impact Opus One Solutions’ mission is to
create an intelligent, connected and
sustainable energy network by
equipping distribution utilities with its
intelligent energy networking platform.
GridOS optimizes complex power flows
to deliver effective, timely energy
management, value management and
integrated planning to reap the
benefits of distributed energy
resources. Opus One can help utilities
unlock greater potential in the energy
markets, support higher penetration of
renewable energy and DERs, and
ultimately provide better service to
customers.
In an energy ecosystem that is ever-
changing, Opus Ones helps utilities
unlock new business models and
develop feasible non-wires solutions,
market models and grid investments.
For example, Opus One is partnering
with Amera, piloting a transactive
energy market using blockchain and
distributed ledger technology. Opus
One has modernized and optimized
the electric grid for over 20 utility
partners.
P O R T F O L I O
S P O T L I G H T
Structuring solar packages to be more
equitable and accessible is the key to
wisespread clean energy growth
among American homes and
businesses. Palmetto is making it easy
for homeowners to switch to solar
energy.
Aside from creating dollar and
carbon savings for US customers,
Palmetto is committed to extending
its impact across the world. Palmetto
partners with Solar Sister to expand
the access of clean energy to homes
across Africa. Solar energy can help
African communities accelerate
economic development and save
money on polluting energy
alternatives like kerosene and wood.
Palmetto is a certified Benefit
Corporation (B Corp), dedicated to
prioritizing impact in addition to
financial returns.
P O R T F O L I O
S P O T L I G H T
Impact
“We are continually focused on
reinventing the clean technology
sector and bringing innovation
through software, fulfillment,
customer service and structured
finance. We aim to deliver a
platform to enable other
entrepreneurs to launch, build
and scale their own businesses
by utilizing our platform.”
Palmetto: Creating a
Future Powered by Solar
I N N O V A T O R
Chris Kemper
S E C T O R
Distributed Energy
L O C A T I O N
Charleston, SC
29,600 Metric Tons of C02e
Avoided in 2018
“Attivo Networks provides organizations of all
sizes with visibility, high efficacy detection, and
adversary intelligence for understanding and
derailing threats early in the attack cycle. A
virtual landmine of deceptive decoys, lures, and
redirections are placed throughout on-premises,
cloud, and OT networks, and with one small
mistake attackers are revealed and forced to
start over or abandon their efforts altogether.”
Impact According to the Department for
Homeland Security, cyber-attacks
targeted at control systems for
automated industrial machines
increased nearly 50% between 2012
and 2015.
As the power grid becomes more
digitized, the likelihood of attacks
rises. Attivo Networks helps reduce
the likelihood of these attacks
through a deception defense
software that provides real-time
threat alerts, improved incident
response and reduced risk for
corporate users.
While the threat landscape is
becoming more dynamic, Attivo
Networks has created a simple,
manageable solution for threat
defense. The solution redirects
malicious attackers away from target
assets and reports alerts, data, and
intelligence to a centralized platform.
Attivo swiftly targets deception
behavior within the network and can
misdirect an attacker into revealing
their identity.
Attivo Networks: Threat
Deception Made
Simple
P O R T F O L I O
S P O T L I G H T
I N N O V A T O R
Kutar Kothari
S E C T O R
Cyber Security
L O C A T I O N
Fremont, CA
200 Industry
Customers
94% Reduction in Attacker
Dwell Times