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This Research Note examines Carnot Innovations, a Hong Kong-based smart buildings startup. We explore their AI-powered energy optimization solutions, deployments, funding, and partnerships. Carnot Innovations Profile Founded in 2018, Carnot Innovations has developed a proprietary AI Optimization and Analytics solution to control buildings in real-time, aiming to improve the operational and resource efficiency of buildings by over 25%. Initially focused on enhancing fault detection for Building Management Systems, the company quickly recognized the pressing need to reduce energy consumption in buildings, prompting them to develop AI models for energy optimization control strategies. Carnot’s predictive fault diagnostics engine uses advanced machine learning, anomaly detection models, and logic-based fault detection to predict failures of HVAC mechanical equipment. It empowers facility managers to perform targeted defect rectifications at optimal times. The company’s data-driven AI-based Chiller Plant Optimization engine generates optimal set points, staging & sequencing logics for all chiller plant equipment and directly writes them back to the […]

This Research Note takes an in-depth look at METRON, a French energy optimization startup offering an energy performance and carbon emissions reduction platform for multi-site industrial and commercial enterprises.  We examine the company profile, external funding, regional presence, acquisitions, and partnerships, and conclude the analysis with our own view. METRON Profile Founded in 2013, by Vincent Sciandra, METRON has become a player in decarbonization in Europe and Asia. Its real-time energy management and optimization solution has enabled more than 25,000 sites worldwide to reduce their carbon footprint. METRON offers its Energy Management & Optimization System (EMOS) platform, which provides the transparency necessary for industrial and service sector groups to standardize, operate, and measure their energy performance and carbon neutrality strategy across their sites. Through its 9 international offices in EMEA, APAC, LATAM, and NORAM, METRON supports the greening of more than 180 international industrial groups such as Danone, Safran, ArcelorMittal, SGD Pharma, and Imerys in […]

This Research Note examines what’s behind the announcement of the €6.7B acquisition of German submetering firm, Techem by Partners Group and a consortium of minority investors. We highlight the transaction details, ownership history, and strategic rationale, as well as reviewing Techem’s financials and device and services portfolio. Transaction Details Partners Group, GIC, TPG Rise Climate, and Mubadala Investment Company, are to acquire Techem for an enterprise value of €6.7 billion.  The transaction is expected to close in H2 2025, subject to customary conditions and regulatory approvals. The transaction implies a 2024 revenue multiple of approximately 6.6x and an EBIT multiple of 24.5x. In 2018, Techem was acquired by a consortium led by Partners Group’s Private Equity business, alongside co-investors La Caisse and Ontario Teachers’ Pension Plan. The group oversaw a period of strong growth at the company, with revenues reaching over €1 billion and EBITDA growing around 50%.  As part of the current transaction, that […]