BlocPower is receiving a big injection from Microsoft to convert old buildings into green energy

A very small company is implementing a very big idea in a four-story apartment building in Brooklyn, New York. We supply electricity to all buildings in the United States by leasing the equipment needed for the transition to the landlord.

BlocPower is a Brooklyn-based startup that has “greened” more than 1,200 buildings in New York City and is conducting similar projects in 20 other cities. We will install and maintain the system, electrical appliances, and solar panel equipment. The landlord makes monthly payments to cover these costs and provide profits to investors.

The company reports that its current project has reduced building energy costs by 30% to 50% and greenhouse gas emissions by 40% to 70%. It says it can reduce US greenhouse gases by up to 25% in 10 years and recover up to 30. Millions of dollars of wasted energy wasted.

“I know what’s inside these buildings, so I can see investment opportunities. My job as CEO is potential,” said Donnel Baird, CEO of BlocPower, who grew up in Brooklyn. It’s about making climate investors transparent. “

“Reduce the amount of oil, gas and fossil fuels these buildings consume and reduce the emissions they generate. Save money for building owners.” By investing in these buildings, you can actually do 10 I’m going to get a% financial benefit. “

BlocPower is electrifying this Brooklyn building in New York

Lisa Resoro | CNBC

In the basement of a Brooklyn building, Baird went through a network of old wiring and old systems that had been pulled out, such as old boilers and carbon exhaust lines.

“We see this and say that my God seems like a great opportunity to save the planet and make a little money by focusing on what’s here, right?” Baird says. I did.

BlocPower leases the equipment for approximately 10 or 15 years, and after repayment to investors and sufficient funds for BlocPower to collect fees, ownership of the equipment is transferred to the owner of the building.

The company is lagging behind the initial plans by a US city (Ithaca, NY) to be completely net-zero by 2030. It starts with the building stock of the city.

“When we started working together to develop this program, we realized that this was possible,” said Luis Agiletres, Sustainability Director of Ithaca City. To decarbonize. It really shows that it is possible. “

“I think this is possible if we’re tackling climate change. We’re always thinking about ways we can actually dent it,” said Aguile Torres. A few years ago, the financial innovation needed wasn’t there a few years ago. “

Early Bloc Power backers included Andreessen Horowitz, Exelon, American Family Insurance, Schmidt Family Foundation, Goldman Sachs Urban Investment, Kapole Capital, and Salesforce. Then, in January, Microsoft injected a large amount of debt, bringing the total funding to about $ 100 billion. And with a $ 5 million grant from the Bezos Earth Fund, it’s free to digitally map about 125 million buildings across the United States and make each of them environmentally sustainable. You can make a plan.

The company is currently in talks with several cities in California, New York, Massachusetts and Georgia on decarbonization.


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