WegoWise Outpaces Efficiency Industry Growth for Five Consecutive Years

BOSTON, May 12, 2015 /PRNewswire/ -- WegoWise, a building efficiency software provider, today announced the company's business has doubled each year since it was founded five years ago. This growth rate is eight times higher than the overall building efficiency industry, which increased by 12 percent in 2014 (source: Navigant Research report). WegoWise credits this achievement to the company's focus on simple-to-use software that integrates energy and water efficiency into multifamily building portfolio management.

WegoWise automatically integrates a broad range of utility data for a complete picture of building energy and water use. By presenting actionable information, WegoWise enables building owners to make smarter efficiency decisions that increase cash flow and boost asset value. In just five years, WegoWise has achieved major accomplishments in bringing its software to market:

• WegoWise has the largest database of multifamily utility data in the world, with more than 3.9M utility bills and 27,000 buildings.
• More than 300 organizations across the country use WegoWise, including Peabody Properties, New Holland Residences, City of New Orleans, Mass Save and Community Corporation of Santa Monica.
• WegoWise software has identified opportunities for buildings owners and managers to save millions and boost cash flow with targeted retrofits. For example, Peabody Properties is saving $2M annually after installing retrofits.
• WegoWise has helped owners and managers make smarter efficiency decisions that enhance asset value. For example, client John M. Corcoran & Co. increased a building's property value by approximately $1M with targeted upgrades.
• WegoWise launched WegoScore, an efficiency rating for apartment buildings, to provide a clear snapshot of building's utility usage across energy, water and carbon.

"I'm proud that in just five years WegoWise has had a real impact in making buildings more efficient," said Barun Singh, founder and CTO of WegoWise. "The potential to reduce resource consumption and utility costs in the built environment is astounding. But efficiency investments have been limited by the difficulty of making decisions based on manually evaluating utility bills. WegoWise provides useful, automated and affordable technology that presents a holistic view of energy and water use along with detailed analytics and benchmarking. Property owners finally understand where their energy and water is going, service providers finally have tools to make reliable data-driven recommendations, and large efficiency programs use our platform to coordinate efforts at low cost. We solve the information problem that has kept the efficiency market from reaching its full potential, and we're just starting our transformation of this sector."

With the rise of urbanization, the multifamily market is thriving—construction of multifamily units is at its highest level in 25 years (source: Joint Center for Housing Studies at Harvard report). WegoWise tailored its software for this underserved market that spends more than $22 billion on energy bills annually, yet has only scratched the surface in terms of audits and upgrades. Only 2 percent of multifamily buildings today have undergone energy or water audits (source: ACEEE and CNT Energy report).

"Five years ago, no one really knew how multifamily buildings were performing, much less what it meant to be high performance," said Ed Connelly, cofounder of WegoWise and president of New Ecology. "Owners all over the country are now using WegoWise to understand their energy and water utility performance, easily find opportunities for savings in their portfolios, and set the expectation that their new buildings will be high performance. We are proud that we've developed an affordable solution to such a costly problem."

"For our industry to succeed, it's essential to design solutions for building owners. That's why WegoWise spotlights opportunities to achieve higher cash flow rather than just energy savings," said Andrew Chen, CEO of WegoWise. "In the next five years, we'll continue our growth by further integrating efficiency into all aspects of the real estate industry."

About WegoWise
WegoWise provides software for more efficient buildings. By automatically integrating a broad range of energy and water data, WegoWise delivers a complete picture of utility use. The intuitive software helps building owners make smarter efficiency decisions that increase cash flow and boost asset value. More than a thousand real estate institutions have added millions to the bottom line with WegoWise. Learn more at wegowise.com.

SOURCE WegoWise

Related Links

http://www.wegowise.com

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