SAN FRANCISCO, Aug. 14, 2020 /PRNewswire/ -- Today Schneider Electric, the leader in digital transformation of energy management and automation, and Huck Capital, an investment firm committed to transforming the century-old utility model, announce a partnership to create a new company that will deliver energy-as-a-service to commercial and industrial buildings. This partnership combines Schneider's industry leading energy management and microgrid expertise with Huck's sustainability-focused investment and operational focus. The partnership creates an innovative alternative for building owners and operators who want to transition to renewable energy to lower emissions, increase resiliency, and reduce costs, without investing in renewable energy assets and relying on specialists to operate the microgrid.
Emmanuel Lagarrigue, Chief Innovation Officer for Schneider Electric said, "Renewable energy, generated by buildings is no longer only accessible by a select few with in-house energy expertise and the capital to invest. This partnership will make decarbonized, on-site generated energy simple and accessible to a much bigger market".
Small and medium buildings represent over 90% of buildings in the U.S. and Canada today. In addition, a recent Wood Mackenzie study found that 600,000 buildings in the US, with a total demand of 145 GW, could save money by switching to on-site solar energy. 1
Microgrids are the ultimate solution for companies wanting to ensure a steady supply of decarbonized energy while climate events like hurricanes and wildfires continue to ravage antiquated grid systems.
"Businesses want to maximize their energy independence and minimize their carbon footprint," said Steve McBee, Founder and CEO of Huck Capital. "This model supercharges momentum for a zero carbon future and provides customers the clean, affordable, and reliable solutions they demand. The energy transformation has arrived, and there is no better partner to meet the moment than Schneider Electric."
Jeff Ubben, Founder and Managing Partner of Inclusive Capital Partners believes "the partnership of the Schneider Electric brand, team and products with Huck Capital's operational focus on behind-the-meter solutions makes for a compelling opportunity. Inclusive Capital Partners is excited to participate as the lead investor supporting this partnership".
The energy-as-a-service model simplifies what today can be a very custom, complex and expensive process by providing standardized, modular, pre-engineered solutions. An average commercial microgrid using renewable energy delivers over 10,000 tons of greenhouse gas savings over its lifetime, the equivalent of saving 21 million car miles. The new company's pipeline projects 5 megatons of greenhouse gas savings.
The new company's CEO Jose Lorenzo said, "We know in the current crisis companies need to conserve cash, and our solution will enable them to decarbonize and reduce energy costs- while freeing up capital to keep their business running". Customers pay for resilient and sustainable energy outcomes at a cheaper rate without the hassle of investing in and operating microgrids.
Schneider Electric will announce the commercialization of the new offer in the coming weeks, reaffirming their leadership in building solutions for the new electric future including distributed energy resources and microgrids.
About Schneider Electric
At Schneider, we believe access to energy and digital is a basic human right. We empower all to make the most of their energy and resources, ensuring Life Is On everywhere, for everyone, at every moment.
We provide energy and automation digital solutions for efficiency and sustainability. We combine world-leading energy technologies, real-time automation, software and services into integrated solutions for Homes, Buildings, Data Centers, Infrastructure and Industries.
We are committed to unleash the infinite possibilities of an open, global, innovative community that is passionate about our Meaningful Purpose, Inclusive and Empowered values.
About Huck Capital
Huck Capital makes investments in a new generation of clean, customer facing energy companies that sustainably power the world's energy needs.
We are a team of former operators, investors and entrepreneurs who have deep industry experience transforming energy companies into more efficient and sustainable businesses. We believe that a net zero emissions future is possible through bold action to build resilient clean energy companies.
About Inclusive Capital Partners
Inclusive Capital Partners was formed in 2020 by a team of experienced investors with a shared passion for positively leveraging capitalism and governance in pursuit of a healthy planet and the health of its inhabitants. Based in San Francisco, the investment firm seeks long-term shareholder value through active partnership with companies whose core businesses contribute solutions to this pursuit.
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SOURCE Schneider Electric