Redaptive Secures $100 Million to Accelerate Global Decarbonization Initiatives

This strategic investment will support Redaptive's rapidly growing customer base and drive significant progress toward their net-zero goals

DENVER, Oct. 22, 2024 /PRNewswire/ -- Redaptive, a leading Energy-as-a-Service (EaaS) provider, today announced it has secured an additional $100 million equity investment from the Canada Pension Plan Investment Board (CPP Investments). This strategic capital infusion will support Redaptive to accelerate its growth in projects and enhance its service offering to better serve its rapidly growing customer base and ecosystem of energy performance developers and contractors in their growing demand for decarbonization and drive significant progress toward their net-zero goals. 

The need for decarbonization has never been more apparent. In 2023, global carbon emissions from fossil fuels reached record highs, increasing by 1.5% from pre-pandemic levels. The buildings and construction sector alone accounted for 37% of these emissions. Redaptive partners with major corporations to support their net zero goals through fully-funded, end-to-end energy-saving and renewable upgrades. The company's proprietary technology solutions are utilized at over 40 Fortune 500 companies, including McKesson, Iron Mountain, and Saint-Gobain.

Redaptive empowers organizations to accelerate their sustainability, energy efficiency, and carbon reduction goals with ease and at scale. Specializing in large Commercial & Industrial companies, Redaptive offers a comprehensive solution that manages every aspect of long-term energy efficiency programs, from diagnostics and project development to funding, procurement, project management, and monitoring. These programs, typically spanning 5 to 15 years, are delivered at no upfront cost to customers through a shared savings model, where Redaptive shares in the savings achieved from reduced energy consumption. Additionally, Redaptive's proprietary metering technology provides customers with real-time, asset-level energy data, helping them gain deeper insights and control over their energy use.

"CPP Investments has recognized Redaptive's success in transforming energy management for enterprises and has increased its stake to drive our continued growth," said Arvin Vohra, CEO of Redaptive. "This investment is a reflection of the strength of our team and the impact we're making in the industry. With CPP Investments as a partner, we're now positioned to accelerate our mission and help more organizations overcome the barriers to energy efficiency and carbon reduction."

This news also comes on the heels of Redaptive hiring their new CTO, Monish Sharma, who is poised to help expand Redaptive's innovative data and technology offerings. Sharma specializes in driving the delivery of next-generation platforms and products, and brings over 20 years of experience working with Fortune 500 customer executives to operationalize and transition companies to advanced technology models.

"Redaptive has demonstrated strong execution in driving energy savings in a volatile market. As enterprises increasingly focus on sustainability, Redaptive is well-positioned to enable them to more efficiently achieve their energy and sustainability goals," said Edwina Kelly, Managing Director and Head of Sustainable Energies, U.S. at CPP Investments. "This investment in Redaptive aligns with our goal of promoting the smart, sustainable use of energy resources and supporting initiatives that promote the transition to a low-carbon economy. Our additional investment will help Redaptive to continue to scale its business while providing strong risk-adjusted returns to the CPP fund." 

In August, Redaptive opened a 25k-square-foot office in the McGregor Square building in Denver, Colo. To learn more, please visit redaptive.com.   

About Redaptive
Redaptive is a leading Energy-as-a-Service provider that funds and installs energy-saving and energy-generating equipment. Redaptive's programs help many of the world's most sophisticated organizations, across their entire real estate portfolios, meet their goals of reducing energy waste, optimizing their internal costs, lowering their carbon emissions calculations, and meeting their sustainability objectives. With Redaptive, customers can overcome capital and resource barriers to achieve energy-saving benefits quickly, all with continuous data powered by Redaptive's proprietary metering technology. Redaptive was founded in 2015 and is headquartered in Denver, Colorado. For more information, visit Redaptive.com.

About CPP Investments
Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. As of June 30, 2024, the Fund totaled $646.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

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SOURCE Redaptive