Society today is all about on-demand experiences – from Uber and Lyft to Netflix and Amazon – it’s a luxury we’ve all come to expect. So, why not on-demand energy? The Tampa startup is the first of its kind and utilizes a platform that connects utilities with commercial and industrial users to drive energy efficiency in buildings and optimize the electric grid, by cutting energy costs from 18 to 13 percent.
During her decades-long experience in the energy industry, COI Energy founder and chief executive officer SaLisa Berrien found one common problem: a lack of transparency in the ecosystem. “The lack of transparency created an atmosphere of lack of trust from customers with their energy providers,” Berrien said in a recent interview with Moguldom.
“Wherever there is a lack of transparency, you find inefficiency. If you bring transparency to the process at utility companies, you’ll drive efficiency, you’ll lower costs, and you’ll delight your customers on all levels.”
Not only are COI Energy clients saving money by reducing costs, but they are also paid for being more energy efficient. “If you can, imagine a world where everyone just uses the energy that they needed and then they sold or traded what they didn’t use,” Berrien continued.
Structures represent nearly 40 percent of energy utilization in the U.S. and remain controlled by fossil fuels. Clients could save money by and large 18 to 30 percent in energy consumption by completely engaging with the company’s platform, the COI Energy Optimizer, lowering their carbon impression.
The company helps energy users save in three key ways: 1) by alerting customers when waste can be reduced, 2) notifying them about potential rebate programs they qualify for, and 3) facilitating the sale of renewable energy into the grid.
Berrien and her team at COI Energy are studying customer behavior patterns, so its platform can develop more predictive analytics and motivate customers to engage with their utility. Seed money from the Rise of the Rest investors could go a long way to helping improve the platform and continue to service COI Energy clients.
Rise of the Rest takes place Wednesday, May 1 at ConnectWise, 4805 Independence Parkway, Suite 101, Tampa. Doors open at 4 p.m. with networking with ROTR delegation and open bar. A 4:30-5:30 p.m. fireside chat, with AOL founder/ROTR CEO Steve Case and Tampa Bay Lightning owner Jeff Vinik, precedes the 5:30-7 p.m. pitch competition.
Cover photo from COI Energy Facebook page