Archives

Open standards are critical for IoT adoption in modern commercial real estate, by ensuring that diverse devices and systems can work together, open standards lay the foundation for smart building development. Without open standards, devices operate in silos, making integration more complex, but open standards eliminate these barriers by providing a shared framework for communication […]

This Research Note takes an in-depth look at UK/US startup Noda’s filing of their 2023 accounts, released on 24th March 2025, detailing the financial results of Information Grid Ltd. We also comment on subsequent events in 2024 and 2025, including headcount reductions, transaction details of the Buildings IoT acquisition, rebranding and total disclosed funding. This article updates our previous coverage of Infogrid on 23rd August 2024. Noda Profile Founded in 2018, Infogrid rebranded to Noda in December 2024, marking the unification of the acquisitions of Buildings IoT and Aquicore into a single organization. Keyfram Capital (whom we profiled last year) was an investor in both Buildings IoT and Aquicore, and Keyframe partner Ben Birnbaum is a director of Noda. CEO Kate Henningsen previously worked at Arcadia, another Keyframe Capital portfolio company. Noda aims to deliver enhanced data analytics, advanced AI capabilities, and automation solutions from a single platform that will enable the buildings sector to […]

This Research Note explores the building integrated carbon capture business of Soletair Power, a Finnish startup founded in 2016. We examine how their Direct Air Capture (DAC) technology works and highlight their funding, strategic investors, and partnerships before commenting on the competitive landscape. Soletair Power Profile Soletair Power Company Profile, September 2024 Direct air capture (DAC) is a technology to extract CO2 directly from the atmosphere at any location, independent of any specific emission source. Soletair Power’s Direct Air Capture technology can be retrofitted into buildings’ ventilation (HVAC) systems. The integration enables lowering of building owners’ Scope 2 and tenants’ Scope 3 emissions, cuts operational energy costs, and allows the building to remove CO2 from the atmosphere. Captured CO2 can be permanently stored or utilized in a variety of applications, resulting in net negative buildings. For example, it can be used in the production of carbon-negative concrete or alternatively in the development of sustainable aviation fuel.  The temperature vacuum swing adsorption process is […]

In this Research Note, we examine Ameresco’s energy services business based on their Q4 2024 results published on 27th February 2025, presentations, and 10K Report. We highlight their business segments, revenue mix, divestments and acquisitions. Ameresco Profile Founded in 2000, Ameresco, Inc. is a US energy solutions provider dedicated to helping customers reduce costs, enhance resilience, and decarbonize to net zero in the global energy transition. Their comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability, and renewable energy solutions delivered to Federal, state, and local governments, utilities, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,500 employees, providing local expertise in the United States, Canada, and Europe. Ameresco’s energy services business reduces energy consumption and costs with capital projects and operational modifications. Energy Savings Performance Contracts (ESPC) enable customers to renew facilities without capital expenditures. These budget-neutral solutions place energy-efficient […]

“IoT deployments in smart commercial buildings continue to gain momentum, driven by regulatory compliance, energy efficiency mandates, and the push for enhanced operational performance,” explains our latest smart building research. “Organizations are investing in IoT hardware to optimize building functions, improve tenant experiences, and lower long-term costs. However, implementation costs remain a critical consideration.” IoT deployments require an initial investment, which is often balanced against operational expenses related to maintenance, data transmission, and system integration to drive customer decision-making. Scaling IoT deployments then presents additional cost challenges, particularly in retrofitting legacy buildings where interoperability issues can arise. This interplay between Capital Expenditure (CapEx) and Operational Expenditure (OpEx) has underlined the development of the smart building sector for decades and continues to play a significant role in the customer decision-making processes that shape market growth. IoT Deployments: CapEx Vs OpEx CapEx includes upfront costs for sensors, gateways, controllers, and networking hardware, as well as installation and […]