Serious Energy Acquires Agilewaves

Serious Energy, Inc., the leader in energy efficiency solutions that increase the value of buildings, today announced it has acquired Agilewaves, Inc., a building energy management technology company. Upon closing of the transaction, the engineering and advanced capabilities of the Building Optimization System (BOS) created by Agilewaves will be integrated with those of Serious Energy’s SaaS energy efficiency platform which represents the next generation of building energy analytics, algorithms, and control that makes it easier to save energy and maintenance costs, save time, and create more comfortable, valuable buildings. All of Agilewaves’ customers will eventually be migrated to a comprehensive consolidated platform.

“We are developing and deploying the most innovative solutions in the industry that make building operations and efficiency better, cheaper, and faster,” says Kevin Surace, CEO of Serious Energy, Inc. “We are excited to integrate the customers, team, and world-class partners and technologies of Agilewaves into our comprehensive building upgrade solutions for our collective customer base.”

“We look forward to being part of Serious Energy and continuing to solve one of the largest and most complex problems facing businesses today: dramatically and efficiently reducing energy consumption, improving comfort, and increasing the value of buildings,” said Agilewaves CEO Peter Sharer. “Serious Energy has one of the most experienced and expert building energy and science teams in the world, as well as long-term relationships across the building and real estate markets. We are excited to join the team that is best equipped to upgrade our buildings and better serve both the people in them and the teams that operate them.”

Since its founding in 2002, Serious Energy’s suite of solutions – including advanced energy software services and building materials – have improved over 70,000 buildings and homes. In 2010, Serious Energy upgraded all 6,514 dual pane windows in the Empire State Building with its super-insulating SeriousGlass technology, a key element in reducing the overall energy cost in the iconic structure by 38 percent. The New York Stock Exchange recently called on Serious Energy to reduce energy use while improving year-round comfort in its 104-year-old historical landmark offices. Serious Energy recently announced an innovative building upgrade service at zero upfront cost that cuts energy and maintenance costs and creates more comfortable and efficient properties for building owners and tenants.

Buildings remain the 800 pound gorilla when it comes to the energy market. According to the Department of Energy, the energy bill for buildings is $400 billion annually - approximately 40 percent of total U.S. energy consumption. Commercial real estate alone accounts for 18 percent of all of the energy consumed in the U.S., more than cars and light trucks combined (16.5 percent). Experts generally agree that at least 30 percent of energy used by buildings is wasted or consumed inefficiently.

Efficient buildings also rent for higher rates and sell for higher multiples than standard buildings, according to several studies. Building owners and tenants, however, have not tackled the problem to date because of the challenges and expenses involved in identifying inefficiencies, paying for retrofit upgrades, and managing their real estate holdings in ways that cut costs, and improve building asset value, on an ongoing basis.