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August 15, 2024

Shelton-based energy efficiency firm Budderfly acquires energy management platform

Contributed Budderfly offers businesses ways to monitor their energy consumption to use power more efficiently.
By David Krechevsky

Budderfly, the Shelton-based energy efficiency company, announced this week it has acquired a distributed energy resource management system from San Francisco-based Sunverge Energy.

Terms of the deal were not disclosed.

Approximately 10 of Sunverge's senior-level engineers who worked on the distributed energy resource management system will join Budderfly’s staff of almost 400 employees, the company said.

Using the platform, Budderfly said, it can aggregate distributed energy resources (DERS) across its sites, helping to create virtual power plants (VPPs) capable of providing flexibility to the grid, increasing resiliency for customers, and growing new revenue streams.

With greater control over energy infrastructure, from equipment installation to billing, Budderfly is creating the first-of-its-kind end-to-end VPP, the company said.

“Through this acquisition,” said Al Subbloie, Budderfly founder and CEO, “we are making this essential technology available to the middle market, allowing our customers to benefit from renewable energy and contribute to a more sustainable, reliable, and affordable energy future,” 

Budderfly said it plans to enroll thousands of customer sites in demand response programs over the next five years, while procuring and installing flexible load technologies like battery storage, behind-the-meter solar generation, and electric vehicle (EV) charging infrastructure at small- and mid-sized commercial buildings.

It will also bring on several utility customers in Arizona, Maryland, the Northeast, and Pacific Northwest, it said, aligning them with its long-term strategy to contribute to a more flexible and stable energy grid and enabling substantial revenue opportunities through program incentives.

Budderfly employs an “energy efficiency as a service” model, through which it assumes responsibility for its client’s utility spending and the capital risk of installing improvements to reduce energy consumption — and then shares in the savings.
The company upgrades and installs energy-efficient equipment — such as new HVAC systems, air quality controls, LED lighting, smart panels, sensors, and solar panels — for its customers at no upfront cost. It also provides around-the-clock AI-enabled energy monitoring and analysis, as well as ongoing maintenance and infrastructure improvements.

Budderfly has experienced significant growth in recent years, including a $500 million capital injection from a Swiss private equity firm.

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