The US company Logical Buildings, which specializes in decarbonization technologies, has entered into an agreement for a 110-million US dollar virtual power plant (VPP) project facility with the New York-based investment firm Keyframe Capital, announced a statement. The facility will be applied to multifamily residential buildings across New York City and New Jersey. These buildings will use smart thermostat upgrades that connect with Logical Buildings’ two apps – GridRewards, which shows residents when and how to reduce energy usage, and SmartKit AI, which allows operators to monitor energy usage.
The project will provide operators with “reputational and financial incentives to invest in initiatives that will drive energy savings, lower greenhouse gas emissions, and establish new channels for grid services revenue”, writes the statement. Claiming to be the first funding of its kind, it will be repaid through energy savings and grid revenue. Utility smart meters have already been installed in the buildings, where they will link to each apartment’s smart thermostat to record temperature changes and related impacts in 15-minute increments.
“The multifamily market remains largely untapped when it comes to impactful decarbonization and energy transition projects,” commented Logical Buildings CEO Jeff Hendler, in the statement. “Our project facility provides building owners with access to new opportunities to create thousands of grid-connected smart apartments at once, instead of the traditional ‘one home at a time’ approach to residential energy savings.” em
