Countries around the world have pledged to reduce their energy use and reach net zero energy targets by 2050. Getting there will require finding clever ways to decarbonize particularly dirty businesses, including the building sector. Pushing for a cleaner built environment has spawned many policies as well as overlapping acronyms such as Net Zero Energy Building (nZEB) and Zero Emission Building (ZEB).
In the EU, ZEB requirements Scheduled to start in January 2030 for all new buildings. Similarly, the U.S. Department of Energy Said Renovate over 5,000 square feet of new federal buildings by 2030. South Korea is countermeasures too Reduce emissions in the buildings sector by retrofitting buildings and enforcing ZEB requirements for new buildings by 2030.
the building is main air source, water pollution and noise pollution. of All processes in the build environment — It accounts for an estimated 40% of global greenhouse gas emissions, including materials manufacturing, construction, heating and electricity, maintenance and demolition. Spiraling environmental costs and looming deadlines have affected Energy X. A Seoul-based startup and marketplace that “enables the construction of zero-energy buildings” from architectural design to completion.
Energy X was founded in 2019 by co-CEOs Sean Park and Tom Hong. That’s when the duo pivoted from their first startup, a sustainable architecture crowdfunding platform called Xquare.
Park told TechCrunch that he is already working with a number of clients, including large conglomerates such as Hyundai, Naver and Lotte, who want to renovate buildings in South Korea. owners, construction companies and architects.
Since its inception in 2019, the startup has signed 573 contracts for zero energy buildings and LEED certified (Leadership in Energy and Environmental Design) buildings. Some projects are still in progress, while others have already been completed, Park said.
There are many other construction markets on the site. Procore, a construction tech unicorn, Listed in 2021and Australia-based construction platform Aconex, Acquired by Oracle for $1.2 billion in 2017In energy efficiency technology, Energy X’s peers include Enpal, Raises $174M Series C at $1.1B valuation in 2021and upright Received undisclosed funding at $1.5 billion valuation in 2021Park mentioned.
Energy X not only hosts a marketplace for developing energy efficient buildings, but also BIPV (Building Integrated Photovoltaics) for energy production, HVAC (Heating, Ventilation and Air Conditioning) for energy savings. , BEMS (Building Energy Management Systems for Energy Management), Park explained. More than half of Energy X’s employees are focused on energy technology in the R&D team, Park added.
“Most building owners aren’t building management experts and don’t know how to use a building energy management system (BEMS) because it’s software-based,” says Park. In addition to the marketplace, “Energy X offers his cloud-based BEMS, where AI constantly manages, maintains and optimizes the system without the need for direct monitoring, management or control at all times.” said Park.
The Seoul-based startup has secured $20.3 million in Series B funding at a valuation of $120 million, Park told TechCrunch.
The new round, led by Shinhan Financial Group, brings the startup’s total funding to around $31.5 million. The funding will help Energy X expand its markets and energy efficiency technologies, grow its workforce from 86 to 200 this year, and launch services in Japan, Park said. Stated. The startup plans to open an office in Japan in February, Park added.
Note: Updated story to reflect that Energy X plans to grow the team to 200 employees this year.
