WORCESTER, MA -- (Marketwire) -- 03/09/11 -- World Energy Solutions, Inc. (NASDAQ: XWES), a leading energy management services firm, today announced it has made a strategic investment in Retroficiency, Inc. (www.retroficiency.com), a Boston-based startup with links to MIT, that has developed new software for identifying and qualifying building energy efficiency measures (see Retroficiency launch press release dated March 9, 2011). Leveraging Retroficiency's platform, World Energy has launched a new product for the energy efficiency market, the Virtual Energy Audit, which revolutionizes the energy audit process, enabling commercial property owners and managers to more efficiently identify, evaluate, execute and manage retrofit opportunities across their portfolios.
"Efficiency and sustainability are the two megatrends defining energy management in the 21st century," said Phil Adams, President of World Energy Solutions. "Our investment in Retroficiency -- and delivery of breakthrough new products for this multi-billion-dollar market -- anticipates accelerating demand for efficiency services targeting greener commercial buildings and opens the door to new opportunities for us in regulated markets."
Against the backdrop of mounting federal, state and city green building mandates, World Energy's Virtual Energy Audit transforms the traditional, time-intensive physical building audit process through a software-based approach. The new solution enables property and energy managers to quickly diagnose their buildings and then identify and prioritize retrofit options -- all that is needed are basic building specifications and energy usage data. With the software, customers can also make ongoing updates to their efficiency plans, continually identifying and assessing new opportunities as market conditions change.
"Retroficiency utilizes powerful SaaS-based predictive analytics to evaluate the potential benefits of thousands of commercial building energy efficiency measures in minutes," said Bennett Fisher, Founder and CEO of Retroficiency. "We have received a lot of interest in our company and platform, and are very pleased to have the financial backing and market reach of a leader like World Energy to expedite bringing this game-changing technology to customers."
The new efficiency software is an important addition to World Energy's growing portfolio of solutions for the Seven Levers of Energy Management: Planning, Sourcing, Risk Management, Efficiency, Sustainability, Incentives and Monitoring. By managing these levers, and the interplay among them, World Energy helps customers lower their total energy cost, or E = P x Q - i (where total energy cost is equal to price times quantity minus incentives). With the introduction of the Virtual Energy Audit, World Energy is now doing for efficiency (Q) what it has done for reducing energy supply costs (P) with the World Energy Exchange® and maximizing incentive
payments (i) with the World DR Exchange® -- applying advanced process and technology to minimize the end-user's total energy spend.
Concluded Richard Domaleski, CEO of World Energy Solutions: "Our investment in Retroficiency demonstrates World Energy's ongoing commitment to smart growth and innovation in energy management. It also gets us into the large and fast-growing efficiency market quickly, with a compelling, highly differentiated new offering. And it brings our customers one more in a growing line of scalable solutions that wring out inefficiency and benefit the bottom line, hallmarks of our Company since 2001."
About Retroficiency, Inc.
Retroficiency is the market-leading energy efficiency identification and qualification (EIQ) platform that enables energy service companies (ESCOs), facility management firms, large commercial property owners and related professionals to systematically evaluate thousands of commercial building energy efficiency measures in minutes. Retroficiency delivers a complete solution addressing the needs of building engineers, facility managers, and financial decision makers. For more information, please visit www.retroficiency.com.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES) is an energy management services firm that brings together the passion, processes and technologies to take the complexity out of energy management and turn it into bottom-line impact for the businesses, institutions and governments we serve. To date, the Company has transacted more than $20 billion in energy, demand response and environmental commodities on behalf of its customers, creating more than $1 billion in value for them. World Energy is also a leader in the global carbon market, where its World Green Exchange® supports the ground-breaking Regional Greenhouse Gas Initiative's (RGGI) cap and trade program for CO2 emissions. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to the following: our revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for our services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; and there are factors outside our control that affect transaction volume in the electricity market. Additional risk factors are identified in our Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission.
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