Australian energy management software company BuildingIQ has been awarded a Aus$1.2m federal grant to expand its offerings. The grant comes from Commercialisation Australia, an initiative of the Australian federal government.
Founded in 2009, BuildingIQ’s software is aimed at helping reduce building energy cost and consumption. The system predicts energy demand and adjusts heating, ventilation and air conditioning (HVAC) systems to optimise energy use. At the core is a thermal model that learns a building's energy performance and then adapts to changes in internal or external conditions. It factors in weather forecasts, occupant comfort, peak demand factors, and demand response signals to minimise energy cost and consumption.
The company claims that the software has achieved up to 40% HVAC savings and 30% peak load reductions in a wide variety of buildings in Australia and the US. The funding from Commercialisation Australia will go towards developing and delivering the SaaS-based technology across portfolios, partners and geographies.