Dive Brief:
- Carbon management platform Gravity has launched an Energy Management Marketplace to allow its customers to automatically find ways to save money and energy, according to an August 14 announcement.
- The marketplace draws on the same carbon-accounting data Gravity’s platform collects for clients, such as utility bills and fuel invoices, to identify how switching to energy solutions providers also enrolled in the system will reduce costs or emissions on particular aspects of their operations.
- The marketplace also suggests project financing providers and generates scenarios of expected energy savings over time, which customers can continue to monitor after choosing a project.
Dive Insight:
Gravity automatically tracks energy consumption and costs through AI-powered scanning of bills and invoices, along with directly integrating more than 9,000 utility and telematics providers, per the announcement. Its clients include aluminum and concrete manufacturers, electronics distributors, construction contractors and private equity firms, among others.
The marketplace is only open to Gravity customers and integrated into the software platform, the company confirmed to ESG Dive. The Gravity software identifies hotspots of energy consumption or cost for a client, then automatically suggests providers on the marketplace that provide alternatives tailored to the client’s location, scope, operational footprint and other parameters.
Gravity estimates it has achieved $16 million in lifetime savings for customers through project providers now featured in the marketplace, per the announcement. Gravity co-founder and CEO Saleh ElHattab said in the release that inefficient energy use causes companies to lose $2 trillion annually.
“Beyond the climate consequences, this is wasteful spend that can be reinvested in other parts of the business to improve bottom lines,” ElHattab said. “Organizations are already collecting that data for corporate disclosure, often through painstaking manual methods.”
ElHattab said Gravity’s platform harnesses that data “to identify cost-saving measures and then finance and facilitate their execution.” The marketplace suggests providers for more than 50 different types of improvements, Gravity said in an email. Those include solar and battery storage installation, cooling tower optimization, fleet electrification, LED lighting retrofits and other solutions, per the announcement. The marketplace also connects companies with providers that find tax incentives for improvements and streamline project financing, Gravity said. Additionally, Gravity told ESG Dive it can negotiate preferential rates with many of the marketplace’s providers.
“We only bring in implementation partners with proven solutions, strong track records and the ability to deliver clear business value,” Gravity Vice President of Energy Management Akshai Baskaran said in emailed comments. “That way, our customers can make confident decisions that reduce energy costs and emissions without taking on unnecessary risk.”
Gravity said it is also looking for energy management providers to reach out for vetting and inclusion in the marketplace.
