|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:
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
Dec. 8, 2016 01:15 PM EST Reads: 1,157
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2017' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited to help the great t...
Dec. 8, 2016 01:15 PM EST Reads: 713
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, sha...
Dec. 8, 2016 01:00 PM EST Reads: 1,177
SYS-CON Events announced today that Fusion, a leading provider of cloud services, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Fusion, a leading provider of integrated cloud solutions to small, medium and large businesses, is the industry’s single source for the cloud. Fusion’s advanced, proprietary cloud service platform enables the integration of leading edge solutions in the cloud, including clou...
Dec. 8, 2016 01:00 PM EST Reads: 450
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Dec. 8, 2016 12:45 PM EST Reads: 1,733
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...
Dec. 8, 2016 12:45 PM EST Reads: 1,223
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 12:15 PM EST Reads: 1,105
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
Dec. 8, 2016 12:00 PM EST Reads: 2,180
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
Dec. 8, 2016 12:00 PM EST Reads: 493
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Dec. 8, 2016 11:30 AM EST Reads: 2,329
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:21 AM EST Reads: 218
"Coalfire is a cyber-risk, security and compliance assessment and advisory services firm. We do a lot of work with the cloud service provider community," explained Ryan McGowan, Vice President, Sales (West) at Coalfire Systems, Inc., in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:00 AM EST Reads: 988
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 8, 2016 11:00 AM EST Reads: 895
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Dec. 8, 2016 10:30 AM EST Reads: 7,306
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for ...
Dec. 8, 2016 10:30 AM EST Reads: 530