BRIDGEWATER, N.J., July 22, 2016 /PRNewswire/ -- Bridgewater, NJ based Noveda Technologies, an innovative pioneer in the IOT space and provider of patented world-class systems in web-based, real-time energy and water management, today announced the company's platform has been selected as a qualified system provider by The New York State Energy Research and Development Authority (NYSERDA) for NYSERDA's Real Time Energy Management (RTEM) program.
NYSERDA has made $36 million available through two new initiatives that aim to increase the energy efficiency of New York's commercial buildings — including office towers, universities, hospitals and retail stores — which are some of the state's biggest energy users. Approximately $30 million is now available through NYSERDA for Real Time Energy Management. These funds will support the use of advanced technologies to help building owners fine-tune their building's energy systems, identify capital projects to cut energy costs, and reduce operations and management costs by an expected 5 to 25 percent.
Real Time Energy Management (RTEM) uses IoT technologies to collect data about a building, and uses that data to optimize the building's energy usage. Sensors, meters, and other equipment, along with data analytics and building data information services, show how the building is actually performing at any point in time.
Noveda Technologies will provide the hardware and software for the RTEM program enabling building analytics and intelligence that can be used by building owners/operators and service providers offering consulting services that analyze the data to make energy saving recommendations.
According to NYSERDA, eligible sites may include, but are not limited to office buildings, retail, colleges and universities, health care facilities, State and local governments, not-for-profit and private institutions, and public and private K-12 schools. Facilities must be located in New York State and must be New York State electricity distribution customers of a participating utility company that pays the System Benefits Charge (SBC). A total of $30 million is available in financial support from NYSERDA for RTEM system implementation and services for up to five years. NYSERDA plans to make an additional $6 million available to building owners and their tenants this month to improve energy efficiency in leased office spaces, which typically consume between 40 to 60 percent of a building's total energy use.
Both commercial efficiency programs are funded through the State's Clean Energy Fund, a 10-year, $5.3 billion program to support clean energy market development and innovation and a major component of the state's Reforming the Energy Vision (REV). The $36 million investments are part of a total investment of $72 million earmarked to improve the energy efficiency of New York's commercial buildings over 10 years.
As per NYSERDA's President and CEO, in a recent announcement, "Under Governor Cuomo's Reforming the Energy Vision, the state is focused on smart innovations like these to help New Yorkers reduce energy use and save money." He added, "New York is committed to working with the commercial building sector to help tenants, building owners and managers integrate energy efficiency into core operations to improve buildings and help build a clean energy economy."
Noveda's patented monitoring solution also integrates consumption and generation data from buildings and provides actionable intelligence for building operators and users.
"We are very excited to partner with NYSERDA and provide Noveda's patented system to building owners and operators in NY State to lower consumption costs using analytics and data visualization," said Govi Rao, President and CEO of Noveda Technologies. He added, "RTEM can be a significant catalyst for deploying energy efficient and renewable energy technologies, to achieve New York State's Energy Vision."
About NYSERDA: The New York State Energy Research and Development Authority, known as NYSERDA, promotes energy efficiency and the use of renewable energy sources. These efforts are key to developing a less polluting and more reliable and affordable energy system for all New Yorkers. Collectively, NYSERDA's efforts aim to reduce greenhouse gas emissions, accelerate economic growth, and reduce customer energy bills.
NYSERDA offers objective information and analysis, innovative programs, technical expertise, and support to help New Yorkers increase energy efficiency, save money, use renewable energy, and reduce reliance on fossil fuels. A public benefit corporation, NYSERDA has been advancing energy solutions and working to protect the environment since 1975.
About Noveda Technologies: Noveda Technologies is an innovative IOT leader in real-time, web-based energy and water monitoring. The company's SaaS based technology solutions help reduce energy and water usage, optimize performance of renewable energy systems, and reduce the carbon footprint for customers across commercial/retail, industrial, government, education, and utility sectors. Noveda also offers real-time collaboration tools that leverage social media to educate and empower stakeholder communities and make the smart grid a reality today. The company is headquartered in Bridgewater, NJ and has installations worldwide. For more information, visit www.noveda.com or call 908-534-8855.
Noveda Technologies Contact:
Joshua Clyburn, Project Manager
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