BuildingIQ, a company that provides energy management software, has received a grant of $1.2 million from Commercialisation Australia, a scheme initiated by the Australian federal government.
The company will utilize the grant; the biggest among the total of 13 companies that received the award, to develop its current contributions to redefine the energy handling techniques in commercial constructions.
The results of the recent heat waves that swept the country have proved that power grids made strenuous efforts to manage the growing energy demand. The commercial constructions, which guzzle nearly 20% of the produced power, have found it difficult to manage the ever increasing energy costs during the recessions.
The PEAC Energy Optimization technology software offered by BuildingIQ, whose patents are pending, provides reprieve to such situations by bringing down the peak power demands in commercial constructions and to cut down the energy spending without the need of capital investments for costly upgrades. The software enables the building managers to make use of the demand cutting incentive programs by computerizing the DR occasions with reduced level of risk to the occupants of the building thus getting more worth from their present energy systems.
Unlike most of the energy management software offered in the market, the software from BuildingIQ is down to business to go beyond just reporting the energy consumption and deficiencies suffered by a building. The software has the capability to supervise HVAC settings of a building to achieve a demonstrable level of savings every day. The software has proved to attain a maximum of 40% HVAC savings and around 30% reductions in peak power load consumptions in a range of buildings in the USA and Australia. The Commercialisation Australia grant will enable the company to further develop its SaaS-based optimization technology for a range of functions worldwide.
Source: http://www.buildingiq.com/