|By Marketwired .||
|July 29, 2014 07:00 AM EDT||
DALLAS, TX and NEW YORK, NY--(Marketwired - July 29, 2014) - SCIenergy, a pioneer in optimizing buildings for energy performance and value, is finalizing a project for Time Equities Inc., a full service real estate firm actively involved in the acquisition and management of commercial and residential properties, that will cut energy consumption at 125 Maiden Lane in New York by 29.5 percent as well as better protect the building and its occupants from outages and storm surges like those experienced during Hurricane Sandy.
The project will be entirely paid for through energy savings with no upfront cost to the building owner, thanks to SCIenergy's innovative Managed Energy Services Contract (MESA) for delivering infrastructure upgrades as a service. Construction will be completed later this year. Mitsui & Co. (U.S.A.), Inc. ("Mitsui USA") and the New York City Energy Efficiency Corporation ("NYCEEC") actively participated in the project.
"Hurricane Sandy was a wake-up call for everybody that lives and works in cities," said Steve Gossett Jr., CEO of SCIenergy. "Buildings need to be more energy efficient, but they also have to become more resilient. By leveraging energy savings to fund upgrades through MESA, we can modernize buildings in a way that works for building owners and occupants."
Built in 1958, 125 Maiden Lane is a 320,000 square foot mixed-use building near Wall Street containing commercial office condominiums. The core systems had not been upgraded since it was built. The pneumatic building control system did not function in many areas: air handlers and dampers had to be adjusted manually by maintenance staff.
In 2011, Time Equities enlisted SCIenergy's predecessor, Transcend Equity, and its partner Mitsui USA to upgrade the building and improve its overall performance through MESA and EnergyScape™, SCIenergy's cloud-based platform for reducing energy consumption, lowering costs, conducting preventative maintenance and other tasks. NYCEEC also participated in this first phase by providing credit enhancement, enabling the financing to close and construction to begin.
When the initial phase of the project was nearly complete, Hurricane Sandy hit. Like many other buildings in New York City, the basement of 125 Maiden Lane became flooded, rendering the 56-year old steam system inoperable and damaging the newly installed equipment. As a result, Time Equities decided to expand the scope with deeper energy efficiency improvements and resiliency measures: new fully condensing gas boilers located in a mechanical room on the upper floors far above potential flood areas are replacing the steam systems. The new system is also about 95 percent efficient, which will eliminate losses associated with failed steam traps and leaks.
Taking both phases of construction together, SCIenergy anticipates that the upgrades will reduce energy consumption by 29.5 percent and save 7,260 MMBTUs of energy per year, or approximately the same electricity consumption of 650 American households annually.
"We evaluated a variety of retrofit funding options before selecting MESA. It shifts the performance risk and funding responsibility away from the office and condominium unit owners," said Rick Recny, Director of Asset Management at Time Equities. "MESA is an important tool in Time Equities' overall strategy for achieving sustainability in the buildings it manages."
Efficiency as an Asset
The 125 Maiden Lane project -- which will increase the equity of the owners, help reduce emissions, and give occupants a better live/work environment -- became financially feasible because MESA can turn efficiency into a financial asset. Under MESA, building owners pay a fee equivalent to, or lower than, their historical utility bill for a designated period of time, typically ten years. In turn, SCIenergy and its partners take responsibility for the building's energy: paying the owner's actual utility bill, providing upfront costs, implementing upgrades, and continually enhancing operation through EnergyScape™.
MESA Green Strategies One, a joint venture of Mitsui USA and SCIenergy, provided the initial equity for the improvements while NYCEEC provided $2.8 million of debt financing. MESA Green Strategies One and NYCEEC will then earn a return through energy savings over the next ten years.
"NYCEEC is committed to helping owners like Time Equities transform their buildings into cleaner, greener and more resilient investments," said Fred Lee, Director of Legal Affairs and Finance for NYCEEC. "Innovative financing structures like MESA can unlock tremendous energy savings potential."
"We are very pleased to be working with Time Equities and SCIenergy. Building efficiency is a critical issue and one of the more promising segments in energy services," said Matthew Maher, Director of New Business Development at Mitsui USA. "The techniques being pioneered by SCIenergy and its partners will ultimately be exported to multiple regions around the world."
SCIenergy leverages software, capital and insight to elevate the performance and value of buildings. Through innovative cloud-based analytics with EnergyScape™ and our unique Managed Energy Service Agreement (MESA®), we work with our partner network to lower energy consumption in buildings by 20 to 40 percent while capturing the savings to fund upgrades that will increase occupant satisfaction and capital return. We transform energy infrastructure into an asset. For more information, please visit www.scienergy.com.
About Mitsui USA
Mitsui & Co. (U.S.A.), Inc. was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 145 offices in 66 countries/regions as of June 1, 2014. Mitsui is multilaterally pursuing business that range from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Service, and Innovation & Corporate Development. Mitsui USA aspires to meet the needs of its customers as "Your Global Business Partner®", while remaining committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.
About Time Equities Inc.
Time Equities Inc. (TEI) is a full service real estate firm actively involved in the acquisition, development, conversion and management of commercial (office, retail, industrial) and residential properties throughout the U.S., Canada and Germany. For almost 50 years, TEI has found success in both bull and bear real estate markets. Our disciplined investment strategy focuses on staying ahead of the curve. In addition to space for lease or purchase, a number of TEI's professional services are available to third parties. Learn more about TEI's philosophy, portfolio, departments, people and partners at our website.
About New York City Energy Efficiency Corporation
New York City Energy Efficiency Corporation (NYCEEC) is a solution center for clean energy financing in New York City. Founded as an independent, non-profit financial corporation to support New York City's energy and climate goals, NYCEEC provides innovative financing solutions and technical expertise to meet almost any building owner's needs. The highlight for owners and tenants is the money in their pockets: NYCEEC-financed projects can result in substantial savings on monthly energy bills. More information about NYCEEC can be found at www.nyceec.com.
Contact for SCIenergy:
Apache Hadoop is a key technology for gaining business insights from your Big Data, but the penetration into enterprises is shockingly low. In fact, Apache Hadoop and Big Data proponents recognize that this technology has not yet achieved its game-changing business potential. In his session at 19th Cloud Expo, John Mertic, director of program management for ODPi at The Linux Foundation, will explain why this is, how we can work together as an open data community to increase adoption, and the i...
Oct. 1, 2016 03:30 AM EDT Reads: 1,226
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Oct. 1, 2016 03:00 AM EDT Reads: 2,436
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Oct. 1, 2016 03:00 AM EDT Reads: 1,969
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Oct. 1, 2016 02:30 AM EDT Reads: 2,714
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Oct. 1, 2016 02:30 AM EDT Reads: 649
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 02:30 AM EDT Reads: 534
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Oct. 1, 2016 02:30 AM EDT Reads: 3,028
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Oct. 1, 2016 02:15 AM EDT Reads: 757
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 02:15 AM EDT Reads: 5,460
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Oct. 1, 2016 02:15 AM EDT Reads: 2,132
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 02:15 AM EDT Reads: 516
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 01:45 AM EDT Reads: 512
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Oct. 1, 2016 01:15 AM EDT Reads: 721
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Oct. 1, 2016 01:15 AM EDT Reads: 3,045
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software sec...
Oct. 1, 2016 12:15 AM EDT Reads: 1,429