Advantage IQ, a provider of strategic energy management solutions has entered into an agreement to acquire Building Knowledge Networks, a Seattle-based real-time building energy management services provider.
Under the terms of the acquisition agreement, Building Knowledge Networks will be fully integrated and operated as Advantage IQ. The transaction has been funded by Advantage IQ and is expected to be neutral to earnings in 2011, as revenues are approximately $1 million for the 12 months ending Dec. 31, 2010. Advantage IQ President and Chief Executive Officer Jeff Heggedahl will continue to lead the organisation, and Building Knowledge Networks founders Jay Marshall and Mike Willson will maintain leadership roles in furthering the development of this offering.
“Building management systems are rich with data, yet businesses are finding that this data is often difficult to acquire, aggregate, interpret and leverage toward actionable energy management,” said Heggedahl. “By acquiring Building Knowledge Networks, we are taking the next logical step to provide our clients with real-time connectivity to their building systems, empowering them with the data and analytics they need to make good business decisions that reduce costs while improving operations and reducing overall environmental impact.”
“Building Knowledge Networks was formed in 2003 to provide commercial building owners with analysis services that optimize building systems, reduce energy expenditures and improve operations management,” said Mike Willson, co-founder of Building Knowledge Networks. “There is a focus on technology to improve environmental design in the development of new buildings, yet there is a need for businesses to reduce energy use in existing, older buildings. We share Advantage IQ’s mission to provide businesses with the counsel and information needed to reduce energy consumption and costs.”The effective management of commercial building systems is a critical component of lowering overall energy demand in the United States and globally. According to the U.S. Energy Information Administration, there are 4.8 million commercial buildings in the U.S. that use $107.9 billion in energy annually. The U.S. Environmental Protection Agency’s ENERGY STAR program cites that 30 percent of the energy spent by commercial and industrial buildings is being used inefficiently or unnecessarily.
Advantage IQ is a subsidiary of Avista Corp. (NYSE: AVA)
USA, Spokane, WA & Seattle, WA
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