Energy Impact Partners Environmental Metrics Report 2018...Pg. 3 EIP ENVIRONMENTAL METRICS REPORT...

Pg. 1 EIP ENVIRONMENTAL METRICS REPORT – APRIL 2020

ENERGY IMPACT PARTNERS

Energy Impact Partners Environmental Metrics Report 2018

Update April 2020


NOTICE FOR THIS DOCUMENT

This report is being made available by Energy Impact Partners LP (together with its affiliates, “EIP”) with

respect to the environmental performance of certain investments of funds managed by EIP. This report and

other information appearing in or linked from the report are for informational purposes only. Nothing in this

report or other information appearing linked from the report should be construed as investment, legal, tax,

regulatory, accounting or other advice of any kind. Nothing in this report constitutes an offer to sell, or the

solicitation of an offer to purchase, any security or a recommendation of a specific security or company, nor is

any of the information contained herein intended to constitute an analysis of any company or security

reasonably sufficient to form the basis for any investment decision.

The reproduction or distribution of the report or other information appearing on the linked webpages, in

whole or in part, or any disclosure of any of their contents may be prohibited or limited by the laws of certain

jurisdictions. By proceeding to any of the linked webpages you represent, warrant and agree to your

compliance with all such prohibitions or limitations.

Recipients should be aware that sustainability impact measurement is a developing discipline and the

sustainability impact of companies in the EIP portfolio is ultimately a matter of interpretation. EIP

commissioned ESG Capital Group (“ECG”), an independent research provider, to conduct the sustainability

impact assessments for the portfolio companies held in the EIP portfolio between 1 January 2018 and 31

December 2018. ECG has received or will receive a fee from EIP in connection with the preparation of the ESG

impact assessments in this report. However, EIP believes ECG was objective in preparation of the

sustainability impact assessments and was not influenced, either directly or indirectly, in assessing the ESG

benefits generated during the 2018 calendar year by the portfolio companies in the EIP portfolio as of 31

December 2018.

The information contained in this report is based on data obtained from sources deemed to be reliable,

including applicable portfolio companies; however, it is not necessarily reported according to established

voluntary standards or protocols, is not guaranteed as to accuracy, is subject to change, does not purport to

be complete and should not be relied upon.

The information appearing in or linked from the report is historical only and speaks only as of its respective

date. Additionally, this report contains forward-looking statements. All statements other than statements of

historical facts, including those regarding our expectations, beliefs, projections, future plans and strategies,

anticipated events or trends, and similar expressions are forward-looking statements. Actual events or results

may differ materially from those reflected or contemplated in such forward-looking statements. No

representation or warranty is made, nor assurance given, that such statements, opinions, projections or

forecasts are correct or that the objectives of EIP will be achieved. EIP and ECG expressly disclaim any

intention or obligation to update or revise any information included in this report and do not accept any

liability for loss arising from the use of or reliance upon this report.

EIP, its employees, partners, consultants, and/or their respective family members may directly or indirectly

hold positions in the securities referenced.

If you have any questions relating to this report, please contact Bethany Gorham at

[email protected].

mailto:[email protected]


TABLE OF CONTENTS

1. Executive Summary 4 Figure 1: Portfolio Cumulative Lifetime Carbon Savings by Company 5

Figure 2: EIP Portfolio Companies’ Direct Energy Savings 2018 5 Figure 3: EIP Portfolio Companies’ Direct Carbon Savings 2018 6 Figure 4: EIP Portfolio Companies’ Direct Water Savings 2018 6

2. Introduction 7 Figure 5: Global Total Net CO2 Emissions Reduction Pathways (IPCC) 7

Figure 6: U.S. Utility Carbon Reduction Targets by Service Territory 8 2.1 Target Sectors 9

Figure 7: EIP Target Investment Segments 9 3. Measurement Approach 10

3.1 Capital’s Role and Carbon 10 4. Impact 12

4.1 Direct Portfolio Impact 12 Figure 8: EIP Portfolio Companies with Directly Measurable Impact 12

Figure 9: EIP 2018 Portfolio Environmental Metrics 13 Figure 10: Assumed Product Lifetimes for EIP Portfolio Technologies 14 Figure 11: EIP 2018 Portfolio Lifetime Carbon Savings 14

4.2 Foundational Portfolio Impact 14 Figure 12: EIP Portfolio Companies with Foundational Impact 15

Case Study: Illustrating the Benefits of Foundational Technologies 15 Figure 13: Opus One’s Dynamic Hosting Capacity 16

4.3 Portfolio Benefits Beyond Environmental Metrics 16 4.4 Partner Impact and Leverage 17 Figure 14: Emission Reductions by EIP Utility Partners 17 4.5 EIP’s Impact from Its Own Operations 18

5. Conclusion 19 Appendix A: Company-Specific Methodology and Data 22 Appendix B: Details of EIP’s Carbon Footprint 27 Appendix C: U.S. Utility Carbon and Renewable Energy Targets 29 Appendix D: Portfolio Company Spotlights 30


1. EXECUTIVE SUMMARY

Energy Impact Partners (EIP) is an investment company whose mission is to deliver top tier returns for our

investors, provide high strategic value for our partners and entrepreneurs, and as result accelerate the

transition to a clean energy future. Our unique ability to accelerate this transition arises from working with

the partner utilities in our investment coalition, who own and operate massive energy systems across the

world. As a result, they can contribute large emissions reductions, enable the massive deployment of clean

energy and help entire industries such as transportation convert to cleaner sources.

EIP recognizes that changes to the earth’s climate system caused by greenhouse gas emissions (GHGs) pose

an existential threat to human society. Human-caused climate change is already contributing to increasingly

severe weather changes that exacerbate environmental, social, economic, and political problems in many

parts of the world.

In response to scientific consensus, investors and leaders in every industry are starting to emphasize the

importance of reducing the climate and other environmental impacts of their operations. Many electric

utilities, including all of the partner utilities in EIP’s coalition, have made great progress in reducing their

environmental impacts, including by making commitments to reduce net carbon emissions to zero by 2050 or

sooner.

To measure our own performance towards these goals we hereby report on our 2018 environmental

performance. The purpose of our reporting is to contribute to a responsibility shared by all investors, funds,

and companies today -- to support sustainable development and climate solutions. Beyond reporting, this

information creates dashboard metrics we will use to monitor and improve our performance over time. Our

results are essential progress guides for our own investors, policymakers, and other stakeholders.

At EIP, we screen all investments qualitatively to ensure that they do not increase net emissions or impede

the clean energy transition, as these would not be part of our investment thesis. Today many of the largest

market opportunities map closely into the areas where carbon emissions are largest. In addition to

investments in renewables that directly displace fossil generation, or infrastructure that enables the faster

adoption of clean energy, we also target opportunities in transportation – the largest source of greenhouse

gases in the United States – the buildings sector, and methane.

Our investment efforts are focused on the transformative technologies that will be building blocks for the

energy infrastructure of the future. These are highly attractive segments because of their potential for

significant disruption, profitable growth, and the ability to lead and enable the transition to a cleaner, more

reliable and customer friendly energy ecosystem:

• Intelligent Operations

• Customer Engagement

• Distributed Energy Resources

• Mobility

• Smart Buildings and Cities

• Cybersecurity

We report five key environmental metrics in the report. The first are the current and lifetime estimated GHG

emissions savings enabled by our investments. In addition to measuring savings in carbon dioxide equivalent

(CO2e) – referred to simply as carbon -- we estimate savings of electricity, fuels, sulfur-dioxide (SOx) and

nitrous oxides (NOx), as well as freshwater consumption.


Many of the products sold by our portfolio companies save energy, or replace fossil-fuelled electricity with

clean energy, in a direct and measurable way. Out of the 24 companies in our portfolio during our

measurement period, we have been able to directly quantify environmental metrics for 12 companies.

The results of our analysis for these 12 directly measured companies during calendar year 2018 include the

enabled savings of approximately:

• 772,360 metric tons of CO2-equivalent;

• 1.1 million megawatt-hours of electricity;

• 22.9 million gallons of gasoline;

• 474 metric tons of nitrogen oxides;

• 504 metric tons of sulphur dioxide; and

• 661.3 million gallons of fresh water

These 2018 enabled savings are equivalent to planting 12.8 million trees or taking 164,000 cars off the road.

Many of the companies in our portfolio sell products that, once installed, reduce environmental impact

throughout their installed and operating lifespan. Accordingly, for carbon savings only, we have computed the

emissions savings we help enable over the life of the installed measures. These savings total about 15 million

metric tons of CO2e, the equivalent of planting about 250 million trees or taking 3.2 million cars off the road.

The results of our CO2e estimates for each measured portfolio company are shown in Figure 1 above.

Lifetime C

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Figure 1: Portfolio Cumulative Lifetime Carbon Savings by Company

Figure 2: EIP Portfolio Companies’ Direct Energy Savings 2018


In addition, many companies in our portfolio play a critical foundational, supportive role in the creation of a

cleaner energy future, a role that does not lend itself to direct savings measurement. Although it is difficult to

estimate the directly attributable environmental savings from these companies, we cannot emphasize more

strongly the importance of these foundational technologies to a rapid and successful energy transition. For

example, our portfolio companies Opus One and AutoGrid sell software that allows for greatly improved

control of flexible loads, expanding renewable hosting capabilities of distribution system feeder lines, which

enables faster deployment of renewable energy. Marketing Evolution helps utilities improve the effectiveness

of all their marketing programs, increasing customer participation in energy efficiency and flexible load

programs, and Clevest helps utilities automate their fieldwork processes, significantly reducing paper

generation and vehicle-mile travel by work crews.

While striving for a 100% clean economy is important, it is also critical to make immediate progress and lay

the foundation for a full conversion in the coming decades. We need reliable and affordable infrastructure

that can accommodate the massive deployment of clean energy, improve and convert existing generation and

accelerate the electrification of carbon-intensive industries such as transportation.

This premise is at the core of our approach. The critical near impact on carbon reductions will only be

achieved by utilities, industry, innovators and capital working together. This is why we pioneered a uniquely

collaborative model to reshape the energy future and attracted more than 20 of the leading utilities and

energy companies in the world to work together towards this vision. This report also shares some principles

how we do this and what partners do to get there.

Lastly, EIP is also dedicated to make its own contribution to the clean energy transition within its own

operations. In the interest of transparency, we have estimated the Scope 2 carbon footprint of EIP itself

following the methodology of the Carbon Fund. EIP’s footprint amounts to just under 200 tons of CO2e for

Figure 3: EIP Portfolio Companies’ Direct Carbon Savings 2018

Figure 4: EIP Portfolio Companies’ Direct Water Savings 2018

Foundational Impact Direct Impact


2018, including the impacts of our operations and business travel. EIP offsets all of its annual carbon

emissions, including all travel, and plans to continue to do this in the future. While offsets can mediate carbon

emissions retrospectively, the most significant impacts come from operational changes. Over the coming year,

we intend to pursue and document impact reduction strategies, including reducing travel through video

conferencing and more efficient itineraries.

We have made much progress in this attempt at environmental reporting, but we also recognize that much

work remains. In the year ahead, we plan to move forward in two major areas related to our environmental,

sustainability and governance (ESG) reporting. First, we plan to enhance our environmental metric assessment

of both directly measured and foundational portfolio companies. Second, we plan to expand our overall ESG

measurement framework to incorporate and report on initial “S” and “G” metrics. We welcome feedback and

suggestions for improving our measurement and reporting and look forward to working with the entire clean

energy industry and ESG community to accelerate a rapid and successful clean energy transition.

2. INTRODUCTION

It is now common knowledge that changes to the earth’s climate system caused by greenhouse gas emissions

(GHGs) pose an existential threat to human society. Human-caused climate change is already contributing to

increasingly severe storms, droughts, floods, and fires. These weather changes are, in turn, already helping to

exacerbate environmental, social, and political problems in many parts of the world. They are also beginning

to pose direct threats to the reliability and viability of energy systems, from fire risks that have led to

widespread blackouts and a bankrupt utility to storms that devastate an entire country’s power grid.

The Intergovernmental Panel on Climate Change has called on global leaders to limit global average

temperature rise to 1.5 degrees C, a goal enshrined in the 2015 Paris Climate accord.1 In response, investors

and leaders in every industry are starting to emphasize the importance of reducing the climate and other

environmental impacts of their operations, as well as supporting the sustainable development goals in Agenda

21.2

To achieve that goal, urgent action is needed now as warming ice caps are starting to release methane which

in turn accelerates global warming by releasing more methane. The 2050 goals of 1.5° Celsius can only be

achieved if we were able to reduce CO2 emissions by about 45 percent by 2030.3 Every year that action is

delayed makes it less probable that climate change can be stopped (see Figure 5).

Figure 5: Global Total Net CO2 Emissions Reduction Pathways (IPCC)


While investing in the future development of completely carbon- free technologies is prudent, it is also critical

to make immediate progress now and lay the foundation for this conversion during this decade. To achieve

that, we first and foremost need to work with the largest emitters to reduce their output, put an

infrastructure in place that can accommodate the massive deployment of clean energy, and enable the

electrification of carbon-hungry industries such as transportation.

These facts drive our thesis, that the critical near impact on carbon reductions can only be achieved by

utilities, industry, innovators and capital working together. This is why we teamed with more than 20 of the

leading utilities and energy companies in the world in a collaborative model to shape the future of energy.

Many of these electric utilities, including all of the partner utilities in EIP’s coalition, have made great progress

in reducing their environmental impacts, and made commitments to reduce net carbon emissions to zero by

2050 or sooner (see Figure 6). We are working with them to make this happen -- hopefully faster.

To measure our own performance toward these goals we hereby report on our 2018 environmental performance. The purpose of our reporting is to contribute to the responsibility shared by all investors, funds, and companies today -- to contribute to sustainable development and climate solutions. Beyond reporting, this information creates dashboard metrics we will use to monitor and improve our performance over time. Our results are essential progress guides for our own investors, policymakers, and other stakeholders.

EIP is properly classified as a sustainable investment fund. Our goal is to exceed risk-adjusted market returns

as we invest in venture and growth-stage companies that directly or indirectly advance the clean energy

transition. We screen our investment options by carefully examining their potential to serve a specific need in

the future electric ecosystem and their likelihood for success in this role. Our ability to evaluate these factors

is amplified greatly by our large coalition of utility investors, who provide both strategic insights and market

opportunities that improve our investment outcomes.4

Today many of the largest market opportunities map closely into the areas where carbon emissions – and the

need to reduce them -- are largest. We invest in technologies that directly displace fossil generation,

Figure 6: U.S. Utility Carbon Reduction Targets by Service Territory (See Appendix C for Specific Utility Commitments by Target and Year)


accelerate the conversion to clean energy or provide the infrastructure to advance the clean electrification of

sectors such as transportation – the largest source of greenhouse gases in the U.S. – the buildings sector, and

methane.5

2.1 Target Sectors

Our investment efforts are focused on the transformative technologies that will be building blocks for the

energy infrastructure of the future. These are highly attractive segments because of their potential for

significant disruption, profitable growth, and the ability to lead and enable the transition to a cleaner, more

reliable and customer-friendly energy ecosystem.

• Intelligent Operations: The fourth industrial revolution is underway, propelled by an explosion of IoT

data, artificial intelligence/machine learning capabilities, and widespread automation. These tools can

increase resilience and drive down costs across all industries relying on manufacturing, complex

supply chains, or heavy equipment. Utilities have dual roles to play in this transformation, acting both

as energy supplier to the new industrial economy, and as large industrial incumbents.

Representative EIP Portfolio: Clevest, BHI, AutoGrid, and Advanced Microgrid Solutions

• Customer Engagement: Virtually every citizen of the United States is a customer of electricity markets,

and while utilities are usually the default (and often sole) supplier of power, they are highly

incentivized by both regulators and disruptors to better engage their ratepayers, and to provide

customized, intuitive customer experiences.

Representative EIP Portfolio: ecobee, Sense, FirstFuel, Marketing Evolution, and Ring (sold to Amazon)

• Distributed Energy Resources: The proliferation of distributed energy resources (DERs), which range

from electric vehicles and home batteries to smart thermostats and controllable water heaters,

presents both an unprecedented challenge and an enormous opportunity for utilities. The challenge

lies in ensuring these resources are placed where they hold most value and are controlled flexibly in

accordance with the needs of the grid. The opportunity rests in the potential for aggregated DERs to

represent an entirely new class of assets in the electricity market, lowering both costs and emissions

across the sector. For utilities, navigating this proliferation and harnessing the value of DERs will be a

top priority for decades, and a raft of new technologies will scale up to address the challenges.

Figure 7: EIP Target Investment Segments


Representative EIP Portfolio: Opus One Solutions, Advanced Microgrid Solutions, Enchanted Rock,

Mosaic, and Arcadia

• Mobility: The future of mobility will be shared, connected, autonomous, and most importantly,

electric. As all modes of transportation begin to converge toward an electric drivetrain, the

management of electricity – from production, storage, charging to trading – will increasingly become

one of the key capabilities determining the winners in this space. Massive industries will converge and

need to spend trillions of dollars to stay ahead.

Representative EIP Portfolio: Greenlots (sold to Shell), ViriCiti, and Remix

• Smart buildings and cities: The digital, connected and electrified future will offer the opportunity to

optimize our physical environment like never before. Our buildings will be intelligent, adjusting

temperature and lighting to our needs. Our cities will be responsive, using sensors and analytics to

monitor crime, traffic, air quality, and more. Electricity, and the urban infrastructure maintained by

utilities, will be the backbone of this intelligent built environment, and the data stream from utility

meters will be increasingly valuable.

Representative EIP Portfolio: Sparkfund, CIMCON Lighting, ecobee, Sense, and Ring (sold to Amazon)

• Cybersecurity: The past two decades of “smart grid” upgrades have brought significant operational

benefits, but they have also greatly increased the electricity sector’s exposure to cyber threats.

Recent attacks have greatly heightened awareness of this challenge and, in turn, increased utility

willingness to spend on protecting the grid. Power utilities, energy companies and industries across

the globe seek help in managing this challenge.

Representative EIP Portfolio: Dragos, Attivo, and Swimlane

3. MEASUREMENT APPROACH

We report five key environmental metrics in this report. The first is the current and lifetime estimated gross

Scope 2 GHG emissions savings enabled by the firms in our 2018 investment portfolio.6 In addition to

measuring savings in carbon-dioxide equivalent (CO2e) – referred to simply as carbon -- we estimate savings

of electricity, fuels, sulfur-dioxide (SOx) and nitrous oxides (NOx) as well as freshwater consumption. Because

our investment mission is focused almost entirely on privately held companies that are part of a clean energy

ecosystem, we believe the five metrics we report here are most material for us and an essential foundation

for expanded reporting in the future.

3.1 Capital’s Role and Carbon

Carbon accounting standards have long required that valid savings must be additional or counted only if they

would not have occurred by themselves. Formally speaking, additionality can only be proven by creating a

projection of the energy system without a product, investment, or system change and seeing whether this

“base case” system has higher emissions. In practice, additionality can be demonstrated using valid shortcuts

for many technologies. As an example, under most conditions a new windfarm added to a carbon-emitting

power grid is presumed to create additional carbon savings on that grid without the need to do before-and-

after simulations.7

But to which entity should these savings be allocated? The windfarm was developed, financed, constructed,

and contracted to an offtaker. Although it is customary and proper to attribute the savings to the offtaker


who purchases the power, without the efforts of all the businesses in the value chain the windfarm would not

exist.

EIP’s portfolio faces similar attribution challenges. EIP invests in venture and growth-stage companies, helping

them to expand their sales of their products. These products are sold either to utilities for use on their own

systems or to end users, who then claim these carbon savings as their own.8

In accordance with accepted carbon accounting standards, we do not claim that the emissions savings that

our investments enable our companies to achieve for their customers belong in our “carbon savings account.”

We instead say that our investments have enabled the savings we report, not that we saved these tons within

our own operations. Our role in the clean energy transition is to provide capital, strategic advice, and sales

opportunities to promising companies with products that help reduce environmental impacts. In the same

sense that some of our portfolio technologies are foundations of industry technical change, our early-stage

investment and sales acceleration activities are foundational to a large, successful clean energy sector.9

Our financing role is designed to occur in the early-to-middle stages of the life of a company. The typical EIP

firm is selling products commercially at a very small scale, but poised to expand its sales substantially, moving

beyond the start-up stage into a full-fledged going concern. When this occurs, we sell our equity and no

longer play a role enabling the firm’s sales or future success.

We account for our transitory role by attributing enabled savings for installations only during the period in

which we provide significant capital to the company. Obviously, we cannot claim to have helped enable

savings prior to our ownership. Although we could claim to have enabled all the savings one of our companies

achieves for the rest of its history after it exits our portfolio, we do not believe this is appropriate. If it is fair to

attribute enabled savings to our investments while we own these companies, it is likewise fair to attribute

enabled savings to the capital sources who take over our financing role in the next stage of the company’s

success.10

This notwithstanding, many of our companies install capital goods that operate and provide environmental

benefits for many years once they are installed. Solar systems, for example, provide clean electricity for at

least 25 years if they are not prematurely decommissioned. While we do not include benefits enabled by

installations that occur after our exits, we do include the savings our portfolio products achieve over their

lifetimes for installations that occur during our financing period. We thus present both current-year and

lifetime-of-measure metrics below.

Our approach to additionality and crediting also relates to the description of the carbon accounting “scope” of

the emissions reductions. The emissions savings we quantify are Scope 2 for the customers who buy our

portfolio companies’ products – they reduce emissions from their own operations or purchased fuels. If one

were to view these savings as EIP’s, they would likely be considered indirect Scope 3 emissions. However,

because we are measuring carbon reductions in our portfolio companies’ customers, we regard our carbon

emission measurements as Scope 2.

Finally, we label our emission reductions gross because we do not have information sufficient to create net

savings numbers. To create net savings, we would need to cumulate the emissions associated with our

portfolio companies’ manufacturing and sales effort and the customer’s emissions associated with installation

and operation. An allocated portion of our own emissions and allocated portions of emissions from every

other investor and participant in the product value chain would also need to be included.11


While we believe that gross emissions figures are far better than no impact measurement whatsoever, we

plan to study possible improvements in this area as we move forward. We report on our own carbon footprint

in a separate section below.

4. IMPACT

4.1 Direct Portfolio Impact

Many of the products sold by our portfolio companies save energy, or replace fossil-fuelled electricity with

clean energy, in a direct and measurable way. The Sense energy monitor and ecobee thermostats conserve

energy, reduce energy bills, and improve the environmental footprint of the households that install them.

These benefits are readily measured. Similarly, the solar systems Mosaic and Palmetto enable generate clean

power that directly displaces regional power from the grid, reducing that grid’s emissions and water use. All

these effects can be measured and attributed to specific use cases for the technologies sold by some of our

portfolio companies.

To develop our impact numbers for these portfolio companies, EIP worked with ESG Capital Group, which has

developed a reporting framework that compiles diverse environmental benefits into a simple yet

comprehensive summary: CLEANTM Environmental Investment Benefits.

Energy and carbon impacts were assessed on a net positive basis for each portfolio company’s products and

services. The impacts generated during the reporting period are compared against business-as-usual, which is

determined by benchmarking the products or services that are displaced. The bulk of the data regarding

company sales of products and their savings potential comes from the companies themselves and is explained

in more detail in Appendix A.

The analysis applies best practices and standards including the Intergovernmental Panel on Climate Change

(IPCC) and the Greenhouse Gas Protocol (GHG Protocol) to ensure uniformity and comparability. Additional

resources include peer-reviewed research and lifecycle assessments, government standards, company data,

and other sources as needed. Data on installed units, unit locations, and unit operations come directly from

our portfolio companies and are the one class of data we cannot release.

Benchmarks are selected for each company’s products and services as the baseline for comparison. Each

benchmark is selected based on business-as-usual environmental impacts that are displaced or altered by a

company’s activities. Each company’s impacts are calculated as a net contribution compared to the baseline.

Figure 8: EIP Portfolio Companies with Directly Measurable Impact


The analysis yields the material net environmental benefits generated by the portfolio companies during the

reporting period:

• Carbon savings: emission of carbon dioxide (CO2) and other greenhouse gases, primarily from

avoided combustion of fossil energy, which also avoids air pollution and consumption of water for

thermal energy generation.

• Energy savings: emission of carbon dioxide (CO2) and other greenhouse gases, primarily from avoided

combustion of fossil energy, which also avoids air pollution and consumption of water for thermal

energy generation.

• Air pollution reduction: emissions of nitrogen oxides (NOx) and sulphur oxides (SOx) to the air.

• Water savings: avoided consumption of water from net energy savings.

The results of our analysis for the 12 directly measured portfolio companies during calendar year 2018 using

this metric are shown in Figure 9. As the table shows, our portfolio enabled the savings of approximately:

• 772,360 metric tons of CO2-equivalent;

• 1.1 million megawatt-hours of electricity;

• 22.9 million gallons of gasoline;

• 474 metric tons of nitrogen oxides;

• 504 metric tons of sulphur dioxide; and

• 661.3 million gallons of fresh water

These 2018 enabled savings are equivalent to planting 12.8 million trees or taking 164,000 cars off the road.

They are also about 3,500 times as large as the 2018 carbon footprint of EIP itself, which is a little under 200

tons of CO2e for 2018 (See Section IV.I)

Many of the companies in our portfolio sell products that, once installed, reduce environmental impacts

throughout their installed and operating lifespan. Accordingly, for carbon savings only, we have computed the

emissions savings we help enable over the life of the installed measures. The product lifetimes we have

Figure 9: EIP 2018 Portfolio Environmental Metrics


assumed are shown in Figure 10. In the case of software, we have made a uniform assumption of a five-year

operating life, after which successive upgrades effectively replace the software from the impact standpoint. In

calculating lifetime savings, we have assumed that the carbon intensity of the grid in every part of the U.S.

(and Europe for ViriCiti) declines 2% per year between now and 2050.12 With the exception of PV systems,

which we assume degrade by 0.5% per year, we do not account for degradation of product performance

across the lifespans in our analysis.

Figure 11 shows the lifetime carbon emissions savings from our portfolio companies’ 2018 installations. These

savings total about 15 million metric tons of CO2e, the equivalent of planting about 247 million trees or taking

3.17 million cars off the road.

4.2 Foundational Portfolio Impact

While many of our investments have a significant and measurable direct impact on carbon reductions, other

companies in our portfolio play a critical foundational, supportive role in the creation of a cleaner electricity

sector or enable the clean conversion of other sectors, that does not lend itself to direct savings

measurement. The electricity grid, which technically includes every building and every electric device, is the

most essential and immediately interdependent system in use today. Products that change the performance

of this system must respect and/or be part of the planning, monitoring, and operating protocols used by the

utilities who operate and oversee the system. Many EIP portfolio companies play a critical role facilitating the

clean energy transition by allowing utilities to install and operate larger amounts of clean energy technologies,

or otherwise help the industry implement and adapt to this transition.

These foundational technologies, which the PRIME Coalition calls “system-enabling,”13 are every bit as

important to the clean energy transition as products with direct effects – perhaps even more so. Nonetheless,

it is generally infeasible to gather the data required to do before-and-after simulations of the impacts of these

products and thereby quantify their environmental impacts. Documenting the impacts of each use case would

require extensive data collection and forecasts that are highly complex, uncertain, and location-specific. Case

studies and illustrative calculations can shed useful light on these technologies’ impacts, but accurate savings

measurement remains impractical.

Figure 10: Assumed Product Lifetimes for EIP Portfolio Technologies

Figure 11: EIP 2018 Portfolio Lifetime Carbon Savings


Illustrating the Benefits of Foundational Technologies

Opus One’s Dynamic Hosting Capacity The technical limit on the capacity of distributed generation (DG) that can safely be installed and operated on one portion of a distribution system feeder is referred to as the hosting capacity. Until now, hosting capacity has been a single, maximum level of aggregate DG that can be installed in all locations on the feeder and all time periods. Because it applies everywhere and at all times, it is properly set to the most conservative, or lowest, level that meets all reliability and safety criteria. Among other features, GridOS software can be run by a utility continuously to assess if hosting capacity can be much larger than the traditional, static level at different locations on the feeder during different time periods. Using this dynamic hosting capacity approach, the utility can allow solar systems and other DG that are much larger than the static limit to be attached to the feeder and then managed so these larger systems do not harm reliability yet provide much more distributed power.

Out of the 24 companies in our portfolio during our measurement period, 12 companies can be categorized in

such important foundational role.

While it is rather difficult to measure the direct environmental impact of these companies, we cannot

emphasize more strongly the importance of their foundational technologies to a rapid and successful energy

transition.

One good example of the critical foundational role these companies play comes from our portfolio company

Opus One. Opus One’s GridOS Enterprise Analytics Platform allows a utility to manage its distribution feeders

so as to substantially expand its ability to host and manage DERs as well as implement distribution locational

marginal pricing (DLMP) and other transactive systems.14 Applied to a standard utility test system known as

IEEE-123, GridOS allowed the system to install 43% more distributed solar capacity before reaching technical

limits, generating 38% more solar kilowatt-hours on the system in a typical year. These systems are important

building blocks for agile, resilient, and transactive distribution grids that are unquestionably part of a clean

future power industry. However, the amount of additional environmental benefits enabled by GridOS

depends on many factors specific to each host system, including the architecture of individual feeders, load

levels, local regulations, and the pattern of DER installations.

Figure 12: EIP Portfolio Companies with Foundational Impact

C A S E S T U D Y


The ability of GridOS to enable increased solar production on a system is illustrated in Figure 13a and 13b. These figures show a hypothetical utility feeder with approximately 70 different locations at which a solar system could be connected. Figure 13a highlights the section of the feeder that has the lowest hosting capacity of any part of the feeder, 125 kW. Without the dynamic hosting capacity enabled by GridOS, the utility would be required to limit solar installations to this level. With dynamic hosting, the maximum capacity at each location on the feeder could be calculated for each time period, allowing for a much larger range of DG installations. Figure 13c shows the results of GridOS’ calculation of dynamic hosting capacity. In contrast to the static limit of 125 kW, the green-shaded locations allow systems of 138 kW, and the blue locations allow for vastly larger 3,578 kW systems to be installed. Overall, as noted in the main text, this system can accommodate 43% more capacity and integrate 38% more distributed energy generation than a system managed without GridOS. Source: E. Walker and H. Omara, The Evolution of Hosting Capacities, https://www.opusonesolutions.com/insights/ Opus One Solutions, May 2019.

Opus One is by no means the only foundational company in our portfolio. Other foundational contributions

made by our companies include:

• Marketing Evolution helps utilities improve the effectiveness of all their marketing programs, increasing customer participation in energy efficiency and flexible load programs, as well as overall customer satisfaction.

• AutoGrid creates software that allows for greatly improved control of flexible loads, expanding renewable hosting capabilities of individual feeders, much like Opus One Solutions.

• Clevest helps utilities automate their fieldwork processes, significantly reducing paper generation and vehicle-mile travel by work crews.

• Swimlane, Attivo Networks and Dragos safeguard the power grid against cyberattacks, creating a more secure and resilient power system.

4.3 Portfolio Benefits Beyond Environmental Metrics

In this first effort we focus primarily on environmental impact that is associated with emissions reductions and energy savings because these metrics are most closely associated with EIP’s fundamental business mission. Nevertheless, many of our portfolio companies contribute in ways beyond environmental impact, including technologies linked to strong social benefits. Appendix D contains snapshots of a selection of our portfolio

Figure 13a Figure 13b Figure 13c


companies to highlight their social and governance outcomes as well as their environmental performance. A few examples include:

• Dragos, Attivo Networks, and Swimlane provide cybersecurity protection. Protection of the grid and the services it provides against outages and other dangerous outcomes is clearly an increasingly important social benefit.

• Remix’ transit, mobility, and street planning software builds social metric benefits directly into its design and measurement platforms. As an example, its transit planning software can quantify the benefits of increased transit access to underserved communities.

• Palmetto is a certified triple-bottom-line B corporation, so that its organizational mission and architecture fully integrates social and environmental metrics in its performance measurement.

4.4 Partner Impact and Leverage

Utilities are key players, and partners, for driving the required energy transformation. Much progress has

already been made in the electric power sector. Formerly the #1 emitter of C02 in the U.S., substantial CO2

emission reductions since 2007 have resulted in the electric power sector now being #2 behind transportation.

Our strategic utility partners have internalized the need for change and reduced their CO2 emissions by 40

percent from their baseline years. This represents a reduction of annual CO2 emissions of 278 MT. In addition,

many of our partners have voluntarily set aggressive goals to put them on a path for a carbon free future in

2050 (See Appendix C for individual company goals). These goals will lead to a total 90 percent emission

reduction from their baseline years – or 634 MT of CO2 equivalent less per year.

By arming these utilities with deployment-ready technologies and strategies, EIP is helping them to sustainably

and profitably hit their carbon reduction targets, provide an infrastructure for faster deployment of clean

energy, and convert carbon heavy industries faster to the clean electron. The importance of these enabling

investments and initiatives can't be understated. For example, according to EPA’s most recent inventory of

greenhouse gas emissions (2017) the transportation industry accounts for 29 percent of U.S. totals.

Electrification has the potential to significantly reduce these emissions. However, access to reliable charging

infrastructure remains a major stumbling block – a barrier EIP and its partners addressed, by forming the

Alliance for Transportation Electrification, which now includes 30 electric utilities, five automakers, and 15 other

members, all working towards a faster transformation to clean electric transportation.

Figure 14: Emission Reductions by EIP Utility Partners


We act as force multiplier for incumbents and innovators and have developed sophisticated processes and

forms of collaboration to accelerate innovation. We collaborate with our partners to unlock strategic insights

on new technologies, companies, and markets. Next, we invest in those foundational technologies that allow

our partners to convert faster towards a carbon-free future. Then, we support their adoption of these new

technologies and business models to accelerate their transition. The results of this model have been

encouraging, with over 20 of our partners deploying technologies from our portfolio across more than 80

projects that have generated $200 million in revenue for our portfolio.

A good example of this approach is our investment in Urbint, a company that uses an AI-enabled processes to

help utilities reduce methane leaks. In 2017, Urbint CEO Corey Capasso knew that the company’s AI platform

would work well in many utility process applications, including reducing methane leakage from gas

distribution systems (Methane is a highly potent greenhouse gas (GHG) with 28 times the immediate warming

effect of carbon dioxide). However, Urbint was new to the utility industry and was servicing its first two utility

sector customers.

In 2018, EIP invested in Urbint and one of its leading coalition partners, Southern Company, chose to pilot

Urbint’s solutions. Working with EIP’s Team, Urbint was able to scale rapidly, adding five more EIP partners

and 31 other companies to its installed base in 2019. When Urbint’s 2019 impacts are tallied in our next

report we are confident that its GHG savings will have ramped up dramatically from 2018 levels.

Our impact on the clean energy transformation does not stop at the boundaries of our utility coalition. By

demonstrating success within our coalition, we position our portfolio's solutions to scale beyond our partners

into other global industries. Urbint for example now works with more than 30 other utility partners outside

our coalition! As we help our utilities succeed with their goals, we hope to help the entire global power sector

to accelerate its conversion towards carbon-free operations.

4.5 EIP’s Impact from Its Own Operations

EIP is also committed to strive for exemplary behaviour in its own operations as a firm. We operate from 6 offices with 40 employees, but we travel much to visit our partners and screen investments. As a result, EIP’s 2018 operations contributed 184 metric tons of CO2, or about 8.3 MT per employee. CO2 footprint per square foot of office space was 80 pounds. Our NOx and SOx emissions, and water use were 15.3 metric tons, 15.6 metric tons, and 25,000 gallons, respectively.

We estimate our 2018 impacts using a methodology that closely follows instructions outlined by the Carbon Fund.15 We include the daily commuting energy as well as the business travel of our employees, both of which are not considered Scope 2 emissions, along with the complete Scope 2 emissions sources. As a result, we categorize our footprint as “Scope 2 plus” (Scope 2+). Appendix B explains these results in more detail.

EIP has pledged to offset all of its annual carbon emissions, including all travel. Accordingly, we have purchased carbon offsets matching our entire footprint and plan to continue to do this in the future. EIP purchased travel offsets through Cool Effect, a non-profit organization seeking to reduce carbon emissions through the support of verified, 100% additional projects.16 The offsets are triple-verified by in-person reviews and verification from leading carbon standards like the Gold Standard, Verified Carbon Standard, American Carbon Registry, or the United Nations’ Clean Development Mechanism. EIP’s dollars will be used to support projects ranging from clean cookstoves in Uganda, reforestation projects in Brazil, Native American methane capture in Colorado, to orangutan protection in Indonesia. To make up for past emissions, we purchased offsets for each year spanning back to 2015, making our total offset emissions 423 metric tons.


While offsets can mediate carbon emissions retrospectively, the most significant impact comes from behavioral change. EIP’s main emission contribution falls under Scope 3 emissions, specifically, emissions from business travel. More than 76% of our carbon footprint is linked to travel.

Recognizing this, we plan to reduce travel with video conferencing services, more efficient travel itineraries, or preference for rail over air where possible. Over the coming year we intend to explore and document additional strategies for reducing our environmental footprint on all our metrics. Measuring our internal footprint was the first step to recognizing the impacts our company has on the planet.

Leveraging this knowledge, EIP can effectively benchmark its progress year after year to ensure it is thoughtfully minimizing its footprint.

5. CONCLUSION

We have made much progress in our environmental reporting, but we also recognize that much work

remains. In the year ahead, we plan to move forward in three major areas related to our ESG reporting. First,

we plan to enhance our environmental metric assessment of both directly measured and foundational

portfolio companies. Second, we plan to expand our overall ESG measurement framework to incorporate and

report on initial “S” and “G” metrics. Third, we will work closely with our partner utilities to explore further

how we can have a larger and more immediate impact together.

We welcome feedback and suggestions for improving our measurement and reporting and look forward to

working with the entire clean energy industry and ESG community to accelerate a rapid and successful clean

energy transition.


Authors

This report was written by Bethany Gorham (VP Impact), Peter Fox-Penner (Chief Impact Officer), and Hayley

McCurdy of Energy Impact Partners and Cliff Brown of the Environmental Capital Group. EIP takes full

responsibility for all opinions expressed in the document. Questions/comments are welcome at

[email protected]

About Energy Impact Partners

Energy Impact Partners (EIP) is an investment firm focused on the transformation of the energy industry

towards an increasingly decarbonized, decentralized, and electrified future. Founded in 2015, EIP manages a

family of growth-equity funds with more than $1.2 billion USD in assets under management and is backed by

a global coalition of some of the world’s largest energy, utility and industrial companies including Southern

Company (NYSE: SO), National Grid (NYSE: NGG), Xcel Energy (NYSE: XEL), AGL Energy (ASX: AGL.AX), Ameren

(NYSE: AEE), Fortis (NYSE: FTS and TSX: FTS.TO), Avista (NYSE: AVA), Evergy, Inc. (NYSE: EVRG), MGE Energy

(Nasdaq: MGEE) and Tokyo Electric Power Company, Inc (“TEPCO”), TransCanada (NYSE:TRP), PTT (BKK:PTT).

EIP invests almost entirely in businesses aimed at transitioning the power industry into a resilient, customer-

friendly, affordable, and fully-decarbonized future.

About ESG Capital Group (ECG)

Starting in 2007, ECG served as an environmental advisor to CalPERS’ Clean Energy and Technology Program,

developing the largest program of sustainability impact accounting and reporting in the world - encompassing

$9 billion of investments in over 24 funds, consisting of over 200 portfolio companies. This approach to fact-

based sustainable investment analysis has continued with funds from the original CalPERS mandate as well as

top-tier global funds and their portfolio companies. Cliff Brown, Managing Director of ECG, has led this work

for the last 10+ years, advising investors and companies on strategy and sustainability issues, including ESG

and impact measurement.

Acknowledgements

The authors would like to extend their gratitude to EIP’s portfolio companies that devoted significant time and

resources to make this project possible, especially Natalie Rizk, Joel Gamoran, and Kiran Bhatraju, Arcadia;

Jesse Bryson, Manal Yamout, and Lydia Rudnick, AMS; Eric Danziger and Siddhartha Sachdeva, Innowatts; Alan

Schurr and Teri Ainslie, Enchanted Rock; Darren Sankbeil, Peter Vescuso, and Matt Bodman, Dragos; Aleta

Verrips, and Freek Dielissen, ViriCiti, Bob Flaherty and Anil Agrawal, CIMCON Lighting; Joshua Wong, and

Andrea Coelho, Opus One Solutions; Josh Troy, Benjamin Berry, and Mishal Thadani, Urbint; Susan Warner,

Ellyn Kirtley, Swimlane; Fatima Crerar, Brent Huchuk, Lisa Scott, and Stuart Lombard, ecobee; Carol McGarry

and Mike Phillips, Sense; Knut Gustavsen, Henriette Forsetlund, and Lana Dzabic, eSmart Systems; Mike

Schanker and Caroline Angwright, Remix; Billy Parish and Lakshmanan Venkatesan, Mosaic; Pier LaFarge and

Taylor Griffith, SparkFund; Carolyn Crandall, Mackenzie Blaisdell, Attivo Networks; Sharon Parker, Clevest;

Nancy Covey and Ashley Friedman, AutoGrid; James Koehler, Clinton Cutchins, and Dallas Henry, Palmetto.

We would also like to thank Austin Whitman, Climate Neutral; Patrick Starr, Nike; Benjamin Gaddy, Clean

Energy Trust; Scott Burger, PRIME Coalition; Riche Goode, Ernst & Young; and Emily Davenport, SJF Venture

Fellow, for valuable information and counsel. Finally, and lthough he is also one of the authors of this report,

EIP would also like to give special thanks to Cliff Brown of the ESG Capital Group.

mailto:[email protected]


List of Acronyms

AI Artificial intelligence

CO2e Carbon-dioxide equivalent

DERs Distributed energy resources

DG Distributed generation

DLMP Distribution locational marginal prices

EIP Energy Impact Partners

ESG Environmental, social and governance

GHG Greenhouse gas emissions

LED Light emitting diode

MT Metric tons

NOx Nitrous oxide

RECs Renewable energy credits

SOx Sulfur-dioxide

US DOE US Department of Energy

US EPA US Environmental Protection Agency


Appendix A: Company-Specific Methodology and Data

Arcadia: Clean Energy for Anyone

Arcadia provides renewable energy directly to retail utility customers in 50 states by purchasing renewable

energy certificates (RECs) matched to the electricity use of each customer. In 2019 the company also began

offering shares in physical community solar projects, thus far located in five states. Under carbon accounting

rules the purchase of RECs on a short-term basis does not meet the test of additionality. To adhere to these

rules, we measure carbon savings from renewable energy displacing grid power only from the community

solar projects, which are clearly additional. Since these projects all occur in 2019 or later, their savings does

not appear in the 2018 annual savings.

Carbon savings for the community solar projects subscribed by Arcadia were determined by evaluating all

projects subscribed by Arcadia in each state. Output of projects installed during 2019 was measured on a

partial-year basis through September 2019, with full-year operation for 2020 and onwards. For each state,

solar output factors sourced from NREL were applied to estimate the actual clean energy output of each kW

of installed capacity, with a result of 130,800 MWh of clean energy generated annually (enough to power

15,800 households). This clean energy is assumed to displace non-baseload grid energy, including assumed

net transmission and distribution losses of 5%. Using eGRID emission factors for each project location, the

resulting avoided emissions are 94,667 metric tons of CO2e, equivalent to planting 1.5 million tree saplings

that grow for 10 years.

In future years Arcadia plans to evolve its renewables purchasing methods to become additional, thereby

triggering even larger savings.

Advanced Microgrid Solutions: Tomorrow’s Energy Grid

AMS provides an array of resources and services for storage developers, microgrids, and large power

customers. These products play an important enabling role for expanding clean generation in a variety of

ways. We have chosen to measure carbon savings conservatively from only one major use case, the daily

time-shift of electricity production. AMS’s fleet of batteries reduces carbon emissions by charging during

times when clean, renewable power is abundant and cheap, and then discharging during peak demand hours,

which offsets the need for inefficient peaking power plants. In this way, AMS helps customers consume more

clean energy and reduces the generation from fossil fuel sources. Nearly all of AMS’s battery projects are in

California and therefore affect California grid emissions.

To calculate carbon savings for AMS, marginal GHG emission data was collected through WattTime for 15-

minute intervals on the California Independent System Operator’s grid across an entire year (2018). Emissions

during charging periods were compared to discharge periods for the 50 MW of installed capacity in Southern

California, accounting for round-trip efficiency losses. Based on 2018 emissions data, the AMS projects will

yield an annual estimated carbon savings of 550 metric tons of CO2e and associated savings in other metrics.


CIMCON: Outdoor Wireless Lighting Controls

CIMCON provides smart city solutions including street lighting management that provides intelligent controls

such as adaptive dimming. While there are many potential use cases for CIMCON’s system that reduce

environmental impacts -- improved EV charging locations and smarter traffic flow, to name two – we have

conservatively chosen two use cases with clearly attributable carbon savings: energy savings from dimming

streetlights as well as fuel savings due to reduced street light maintenance truck rolls.

Carbon savings from streetlight dimming were calculated by analyzing the energy consumption of the baseline

of 15,000 fully-on LED streetlights compared to CIMCON’s adaptive dimming, averaging 50% dimming for 5

hours nightly according to company sources. CIMCON saves 21% of the energy of already- efficient 45W LED

fixtures, which equates to 620 MWh of energy savings and 420 metric tons of CO2e savings using eGRID US

non-baseload emission factors. In addition, maintenance alerts cut truck rolls by 2/3 compared to traditional

streetlights, which saves over 1,000 gallons of fuel annually for 15,000 streetlights. This fuel savings yields an

additional 10 metric tons of carbon savings, for a grand total of 430 metric tons of avoided CO2e in 2018.

ecobee: Truly Smart, Connected Home Solutions

ecobee sells Wi-Fi enabled smart thermostats and room sensors that improve energy efficiency for heating

and cooling. Although there are several possible savings use cases, we focus on the main function of ecobee’s

smart stats: automatically adjusting thermostat set points so that heating and cooling systems run for less

time, directly saving on consumption of electricity, natural gas, and other fuels. ecobee is now rolling out its

eco+ program, which allows for additional as well as external optimization and control and thereby enables

even larger savings, but there is not enough data to measure added savings from this potentially large

program.

Carbon savings for ecobee were determined using company data on estimated reduced runtime of heating

and cooling systems for each location, based on company studies since 2013.17 The runtime savings were

applied to the energy consumption rate of typical heating and cooling systems, including efficiency losses.18

The energy savings for 2018 are 360 megawatt-hours of electricity (enough to power 44,000 US households

for a year), and natural gas equivalent to the energy in 22 million gallons of gasoline. To convert energy

savings to carbon emissions avoided, EPA and eGRID2016 emission factors for each state are applied based on

the location of ecobee customers. Carbon savings for ecobee are 350,000 metric tons of carbon dioxide

equivalent (CO2e) in 2018, equivalent to planting 5.7 million trees.

Enchanted Rock: On Demand Electric Reliability

Enchanted Rock provides onsite backup power and distributed energy generation for commercial customers,

primarily through natural gas-fired electric generators. These generators reduce carbon by displacing dirtier

diesel backup gensets, as well as by selling cleaner, fast ramping grid balancing services back to the grid


displacing more expensive and dirtier peaking options during peak periods that have higher emissions.

Combined, these two operating modes to reduce direct emissions and enable more renewable penetration

The net carbon savings enabled by Enchanted Rock were calculated by evaluating periods of backup power as

well as distributed energy generation. During 2018, Enchanted Rock units generated 189 megawatt-hours of

natural gas-powered backup power in place of diesel generators. Using heat rate (Btu/kWh) data from the US

DOE (EIA) as well as emission factors from the US EPA (eGRID2016), carbon emissions were reduced by 50

metric tons, as well as 1.1 metric tons of NOx emissions.

Distributed energy generation provided greater savings, since Enchanted Rock’s systems run more often in

this mode: 18,760 MWh (vs 189 MWh in backup mode). This energy generation was compared to eGRID non-

baseload emission factors for Texas, the location of Enchanted Rock’s customers, again using factors from US

DOE (EIA) and US EPA. Because ER’s carbon emissions rate per kWh was lower than the current Texas grid

during comparable periods, this generation yielded 2,900 metric tons of CO2e savings in 2018.

Mosaic: The 100% Efficient Home

Mosaic offers financing for solar energy systems, enabling home improvement companies and solar

companies to install solar projects for homeowners. These solar power systems reduce carbon emissions by

providing clean energy in place of grid power that is still dominated by fossil fuel-based generation. While

Mosaic is one of many players in the supply chain, financing is a critical requirement of solar project

development.

Carbon savings for the solar projects financed by Mosaic were determined by evaluating all projects financed

by Mosaic by state and region. Output of projects installed prior to 2018 were fully counted for 2018, whereas

projects installed during 2018 were prorated by month of installation. For each state and region, solar output

factors were applied to estimate the actual clean energy output of each kW of installed capacity, with a result

of 560,000 MWh of clean energy generated (enough to power 69,000 households). This clean energy is

assumed to displaced non-baseload grid energy, including assumed net transmission and distribution losses of

5%. Using eGRID emission factors for each project location, the resulting avoided emissions are 300,000

metric tons of CO2e, equivalent to planting 5 million tree saplings that grow for 10 years.

Palmetto: Creating a Future Powered by Solar

Palmetto provides services to support the deployment of residential solar power systems. These solar power

systems reduce carbon emissions by providing clean energy in place of grid power. Carbon savings enabled by

Palmetto’s solar projects were evaluated by state for all projects completed. Output of projects installed prior

to 2018 were fully counted for 2018, whereas projects installed during 2018 were prorated by month of

installation. For each state, solar output factors were applied to estimate the actual clean energy output of

each kW of installed capacity, with a result of 2,500 MWh of clean energy generated (enough to power 300

households). As with Mosaic, this clean energy is assumed to displaced non-baseload grid energy, while also

avoiding assumed net transmission and distribution losses of 5%. Using eGRID emission factors for each

project location, the resulting avoided emissions are 1,800 metric tons of CO2e, equivalent to planting 30,000

tree saplings that grow for 10 years.


PowerPHASE: The New Standard in Gas Turbine Performance

PowerPHASE designs technology to boost the power output and fuel efficiency of gas turbines. This

equipment reduces carbon emissions by increasing the production of natural gas power from existing

generators, which saves net carbon when it displaces dirtier grid power. Based on data from the company, we

believe this is how PowerPHASE functions in the grids where it is installed.

Carbon savings for PowerPHASE were calculated by evaluating project data from operations in Chicago and

Malaysia. The company provided information on net capacity gain and incremental energy generation

totalling 51,730 MWh, primarily in Malaysia. This incremental generation on a natural gas combined cycle gas

turbine was converted to carbon emissions using US DOE (EIA) heat rate factors and US EPA emission factors.

According to the company, local peaking assets are about 20% less efficient, which results in increased fuel

combustion and related emissions. PowerPHASE fuel savings are estimated at the equivalent of 820,000

gallons of gasoline, with carbon emission savings of 5,300 metric tons of CO2e.

Sense: Home Energy Monitor

Sense provides an in-home, AI-based software tool and associated app that enables customers to track energy

use and identify opportunities for energy savings.

Carbon savings for Sense were estimated based on a study prepared for the Public Service Commission of

Wisconsin by EIP partner Alliant Energy and Cadmus Group in June 2019.19 The study analyzed 100 rural

Wisconsin households where Sense devices had been installed in summer 2018. For each location, data on

household energy consumption was collected from the US DOE (EIA) and factored by the number of Sense

devices in each geographic area.20 Savings were then calculated for each location using an average savings

rate of 6%, determined by a pilot study on Sense savings prepared by consultancy Cadmus Group. Energy

savings are estimated at 20,000 MWh, enough to power 2,500 households for a year. Emission factors from

eGRID were applied to calculate a carbon savings of 12,500 metric tons of CO2e.

Sparkfund: Invest in Efficiency

Sparkfund provides efficiency project outsourcing, including financing, using an innovative subscription model

for industrial and commercial energy customers. These energy services include energy efficiency benefits for

lighting, heating and cooling, and other projects that reduce carbon emissions through avoided energy

consumption.

Carbon savings for Sparkfund were calculated by analyzing each Sparkfund project according to the

contractually deemed annual energy savings for each project. Total energy savings, in kWh, were applied with

non-baseload emission factors from the EPA eGRID database for each location. Energy savings were

estimated at 53,800 MWh, with associated carbon reductions of 32,000 metric tons, equivalent to planting

530,000 trees.


Urbint: A Critical Point for Urban Operators

Urbint offers AI solutions for utilities, including gas distribution system safety and risk management. One of

these solutions includes damage prevention technologies that reduce greenhouse emissions by decreasing

damages and associated leaks to distribution lines. Since natural gas is primarily methane, which has 28 times

the short-term global warming potential per ton, avoided leaks have a more significant benefit to GHG

reduction.

Carbon savings from the application of Urbint’s technologies were estimated through a damage prevention

study (Urbint 2019) [need reference or link] that Urbint conducted for National Grid’s gas distribution systems

in the northeast US, including New York, Massachusetts, and Rhode Island. This analysis determined that the

application of Urbint’s technology can reduce damages by 28-40%. The middle value of 35% was applied

across National Grid’s existing customer base of 2 million meters to estimate the overall reduction in damage

incidents compared to the baseline. The total GHG reduction was quantified based on leak rates published by

the US EPA and California Air Resources Board that

estimate total US leaks from excavator damage to gas distribution lines at 1.9 million metric tons of CO2e

across systems that service 72 million US gas customers. Based on the implied average per-customer,

damage-based leakage amount, the avoided emissions enabled are estimated at 18,600 metric tons of CO2e.

ViriCiti: Driving Toward Emissions-Free

ViriCiti provides monitoring solutions for commercial electric bus and truck fleets. These services include

smart charging, vehicle monitoring, smart driving, and maintenance status monitoring. The company enables

carbon reductions by extending electric vehicle range and improving driving efficiency.

Carbon savings for ViriCiti were calculated using company-provided data for 2018 distance travelled in each

city for both electric and diesel vehicles. Electric vehicle travel was assumed to displace diesel vehicle travel,

and ViriCiti was credited for a 40% increase in range (based on company studies). The diesel baseline was

assessed at an average fuel efficiency of 5.3 mpg (NREL 2018) with a diesel emission factor of 10.21 kg CO2e

per gallon (EPA 2018). By comparison, the electric vehicle has zero tailpipe emissions but does require grid

energy for charging. Electric vehicle energy consumption was calculated using an average efficiency rate of 1.5

kWh per km (NREL 2018). For each fleet location, local grid emission factors (EU JRC, US eGRID) were applied

to determine the carbon footprint of the charging

energy for electric vehicles. A small portion (~5%) of Viricide’s monitored fleets use diesel fuel, and these

fleets run 6% more efficiently with Viricide’s smart driving tools. The overall net benefits include fuel savings

of 260,000 gallons, with carbon savings of 1,100 metric tons of CO2e (which represents the net savings

including the grid emissions for battery charging).


Appendix B: Details of EIP’s Carbon Footprint

Non-Commuting Business Travel: In 2018, EIP staff travelled an estimated 690,000 miles to portfolio

company board meetings, due diligence trips, conferences, company-wide meetings, and more. Our travel is

responsible for over 140 metric tons of carbon, more than 76% of our Scope 2+ emissions.

A range of sources informed the calculations for carbon contributions from travel. Travel was first broken

down into categories by type and purpose. For instance, travel for conferences, limited partner visits,

exploratory visits, etc. Select travel that contributes to EIP’s key performance indicators or is universal for EIP

staff was well documented and easily quantified for each staff member. To fill in the gaps for travel specific to

each team member, we crafted a short travel survey. Staff was asked to list travel for conferences, board

meetings, exploratory visits, due diligence trips, and respective hotel stays for each visit. Using Flight Sphere,

which pulls travel data from the US Department of Transportation, we calculated travel miles for each trip.21

The Carbon Fund recommends classifying each flight with different emission factors determined by one-way

flight miles. Since we do not have information on the plane model, the method utilizes the distance-based

model defined by the Greenhouse Gas Protocol.22 Varying airplane models, wind speeds, and fuel spends can

change the emission intensity of trips. Ideally the plan model is factored into the calculation; however,

referencing the distance travelled and assuming fuel efficiency is also an effective method for converting the

information into fuel burn and consequently into a mass of emissions.23

The following flight classifications and emissions factors were referenced:

• Long Flight (>2,300 miles one-way): .168 Kg CO2e per passenger mile

• Medium Flight (300-2,300 miles one-way): .1374 Kg CO2e per passenger mile

• Short Flight (under 300 miles one-way): .227 Kg CO2e per passenger mile

Short distance trips by train used an emissions factor of .162 Kg CO2e.24 Hotel stays are not included in the

summed mass of CO2 for business travel; however, the measurement was correlated with individual trips. In

the employee travel survey, staff was asked to list the average number of nights they stay in a hotel for each

type of visit. Board meeting and exploratory visits typically only included one night in a hotel. Conferences, on

the other hand, usually included an average stay of three nights in a hotel. An average emission factor 15.13

kg per night was used of all hotel stays, making EIP’s total carbon contribution for hotel stays 8 metric tons.

In-House Energy Use & Daily Commutes Energy use and daily operations comprise the remainder of

measured carbon impacts. This includes energy use in the office buildings, employee commutes, and food

delivery for EIP’s two office spaces – San Francisco and New York City. The calculation leveraged the square

footage of each office space to calculate building emission averages. The EIA Commercial Building Energy

Consumption Survey informed emission factors for kWh used per square foot by building.25 We multiplied the

commercial building energy consumption rate by state-based emissions factors outlined by EPA eGRID data.

Given EIP’s relatively small team size, energy use was minimal, but nonetheless it stole second place for the

largest contributor to EIP’s footprint. In 2018, energy use from EIP’s office space contributed 19 metric tons of

CO2, which amounted to only 10% of EIP’s total footprint.

Our office locations are centrally located in New York City and San Francisco for easy access for all commuters.

EIP employees utilize a full range of transit options including cars, subways, buses, and trains. The travel

survey asked staff members to specify their transit mode and the distance travelled to work. Each transit

preference was matched with the respective emission factors established by the Carbon Fund and multiplied

by a work year of 261 days. For employees who joined in mid-2018, workdays were discounted accordingly. In

sum, employee commutes contributed about 18 metric tons to EIP’s total carbon footprint. Emissions from

EIP’s daily food delivery were minimal and did not make a material impact on EIP’s overall carbon footprint.


Appendix C: U.S. Utility Carbon and Renewable Energy Targets (Source: SEPA) Utility Name (EIP Partner) Target Year Emission Reduction Goal

AES CORPORATION 2030 70% reduction in carbon intensity from 2016 levels by 2030.

ALLIANT ENERGY 203040% reduction in carbon emissions from 2005 levels by 2030 and 80% reduction in

carbon emissions from 2005 levels by 2050. Eliminate coal from energy mix by 2050.

AMEREN CORPORATION 2030

35% reduction in carbon emissions from 2005 levels by 2030, 50% reduction in carbon

emissions from 2005 levels by 2040, and 80% reduction in C02 from 2005 levels by

2050.

AMERICAN ELECTRIC POWER 203070% reduction in CO2 emissions from 2000 levels by 2030 and 80% CO2 reduction from

2000 levels by 2050.

ARIZONA PUBLIC SERVICE 2032 100% carbon-free power by 2050. 65% clean energy by 2030.

AVANGRID 2020 25% reduction in carbon emissions from 2015 levels by 2020. Carbon neutral by 2035.

AVISTA UTILITIES 2027 Carbon neutral electricity supply by the end of 2027. 100% clean energy by 2045.

CONSUMERS ENERGY 2040 Net-zero carbon emissions by 2040.

DOMINION VIRGINIA POWER 2050Net-zero emissions by 2050. 65% reduction in methane emissions by 2030 and 80% by

2040, by 2010 levels.

DTE ENERGY 202332% reduction in carbon emissions by 2023, 50% reduction in carbon emissions by

2030, 80% reduction in carbon emissions by 2040. Net zero carbon emissions by 2050.

DUKE ENERGY 2030At least a 50% reduction in CO2 emissions from 2005 levels by 2030. Net-zero CO2

emissions by 2050.

EL PASO ELECTRIC 202525% reduction in carbon footprint from 2015 levels by 2025, and a 40% reduction in

carbon footprint from 2015 levels by 2035.

ENTERGY ARKANSAS 2030 50% reduction in CO2 intensity from 2000 levels by 2030.

ENTERGY GULF STATES 2030 50% reduction in CO2 intensity from 2000 levels by 2030.

ENTERGY LOUISIANA 2030 50% reduction in CO2 intensity from 2000 levels by 2030.

ENTERGY MISSISSIPPI, INC. 2030 50% reduction in CO2 intensity from 2000 levels by 2030.

ENTERGY NEW ORLEANS 2030 70% clean power by 2030.

ENTERGY TEXAS 2030 50% reduction in CO2 intensity from 2000 levels by 2030.

EVERGY, INC. 2050 80% reduction in CO2 emissions from 2005 levels by 2050.

FIRSTENERGY CORP. 2045 90% reduction in CO2 emissions from 2005 levels by 2045.

FORTIS, INC. 2030 30% reduction in GHG emissions by 2030.

GREEN MOUNTAIN POWER 2025 100% carbon free energy by 2025.

HAWAIIAN ELECTRIC 2045 Carbon neutral by 2045

HAWAIIAN ELECTRIC COMPANY 2045 Carbon neutral by 2045

IDAHO POWER CO. 2020Average CO2 emissions intensity of energy sources from 2010 to 2020 is 15% to 20%

lower than 2005 levels. 100% clean energy by 2045.

MADISON GAS & ELECTRIC COMPANY 2050Net-Zero Carbon Electricity by 2050. 80% reduction in carbon emissions from 2005

levels by 2050.

NATIONAL GRID (US) 2020 45% reduction in GHG emissions by 2020, and 80% reduction in GHG emissions by 2050.

N. INDIANA PUBLIC SERVICE COMPANY 202890% reduction in CO2 emissions from 2005 levels by 2028. All coal plants closed by

2028.

OKLAHOMA GAS & ELECTRIC 2030 50% reduction in CO2 emissions from 2005 levels by 2030

OTTER TAIL POWER COMPANY 2022 33% reduction in CO2 emissions from 2000 levels by 2022

PACIFIC GAS & ELECTRIC 2022Reduce 1 million tons of GHG emissions from company operations by the end of 2022.

40% reduction in GHG emissions from 1990 levels by 2030.

PACIFICORP 2030 60% reduction from 2005 levels by 2030.

PORTLAND GENERAL ELECTRIC 2050 80% reduction in GHG emissions by 2050. Eliminate coal from energy mix by 2030.

PPL CORP 2050 70% reduction in CO2 emissions from 2010 levels by 2050.

PUBLIC SERVICE CO. OF NEW MEXICO 2032 70% emissions free energy by 2032, and 100% emissions free energy by 2040.

PUBLIC SERVICE ELECTRIC & GAS 204680% reduction in carbon emissions from 2005 levels by 2046, and net-zero carbon

emissions by 2050.

PUGET SOUND ENERGY 2040 50% reduction in carbon footprint by 2040.

SOUTHERN CALIFORNIA EDISON 203040% reduction in GHG emissions from 1990 levels by 2030, and 80% reduction in GHG

emissions from 1990 levels by 2050.

SOUTHERN COMPANY 203050% reduction in GHG emissions from 2007 levels by 2030, and low to no GHG

emissions by 2050.

TENNESSEE VALLEY AUTHORITY 202060% reduction in CO2 emissions from 2005 levels by 2020. 70% reduction in CO2

emissions from 2005 levels by 2030. 55% carbon-free power supply by 2020.

VECTREN CORPORATION 202360% reduction in carbon emissions by 2023 - via retiring three coal plants and

terminating ownership of another.

XCEL ENERGY 203080% reduction in carbon emissions from 2005 levels by 2030, and 100% carbon free

electricity by 2050.


Appendix D: Portfolio Company Spotlights

1. Arcadia: Clean Energy for Renters & Homeowners

2. Sense Labs: Smart Home Energy Monitor

3. Urbint: Safety enabled with Artificial Intelligence

4. Sparkfund: The Smartest Energy Subscription

5. Swimlane: Security Orchestration

6. Ecobee: Creating a Smarter Home for a Better Tomorrow

7. eSmart: Energy Systems Re-invented

8. Dragos: Visibility, Detection and Response

9. AutoGrid: Flexibility, Delivered

10. AMS: Advanced Intelligence

11. ViriCiti: Driving Toward Emissions- Free

12. CIMCON: Cities, Simplified

13. Innowatts: Powering the digitization of Energy

14. Remix: Prioritizing People Over Cars

15. Enchanted Rock: Utility Grade Back-up Power

16. Mosaic: 100% Clean Energy for All

17. Clevest: Utility Owned, Utility Focused

18. Opus One Solutions: Decentralized Energy Economy

19. Palmetto: Creating a Future Powered by Solar

20. Attivo Networks: Threat Deception Made Simple


Endnotes Summary

1 https://www.ipcc.ch/sr15/ 2 https://esgclarity.com/investors-call-for-climate-action-at-g20/ https://www.csrwire.com/press_releases/42635-Investor- Calls-for-

Climate-Action-Grow-Louder-as-World-Leaders-Set-to-Convene-in-New-York-City?tracking_source=rss;

https://en.m.wikipedia.org/wiki/Agenda_21 acc 9.26.19 3 Decline of 2010 levels, Intergovernmental Panel on Climate Change (IPCC) 4 Three of the 30 companies in our portfolio (as of November 2019) supply products or services that are incidental to the future

electricity system 5 https://www.iea.org/tcep/transport/; https://www.iea.org/tcep/buildings/ 6 Scope 2 emissions include indirect emissions that result from electricity generation, heat, or steam purchased from a utility.

https://www.epa.gov/greeningepa/greenhouse-gases-epa Importantly, the use of gross Scope 2 emissions means that we do not

assess the emissions associated with the operations of our portfolio companies, including manufacturing, installation, operation, and

disposal of their products 7 If government policies mandated the construction of the new plant, or the plant’s output did not displace any carbon-generated

energy, the plant would not be additional, but these circumstances are extremely rare 8 The products may be sold to a third party acting as an agent on behalf the energy end user. If the product saves energy on the

facilities and systems of the agent, the savings are attributed to the agent. More commonly the agent installs and operates the

technology to save energy or provide the end user with clean energy on the premises of the end users, so the savings are attributed to

the end user 9 The notion of enabling carbon savings rather than claiming them also allows for a recognition that many firms and investors enable a

single carbon-saving company or product to succeed without creating confusing, potentially double-counted savings estimates. It is

appropriate that the same saved tons be enabled by many contributing actors, and it is not necessary to allocate these savings

uniquely to these many contributors 10 This attribution convention implies that environmental benefit metrics for one portfolio company freeze when that company exits

our portfolio. When all portfolio companies have exited and the fund is closed, the enabled environmental benefits of the entire fund

also close at their final level 11 If we could move to net emissions reductions on the part of the customer, i.e. reductions that were net of all the allocated emissions

throughout the supply chain that were emitted to enable the customers’ savings, then we our savings estimates would be Scope 3

from the standpoint of the customer 12 This assumption amounts to an 80% reduction overall by 2050, which we hope is quite conservative 13 https://d2l8rne3sx3c3l.cloudfront.net/wp-content/uploads/2015/02/PRIME-NYSERDA-Climate-Impact-Assessment-

Report_Final.pdf?x57461 14 See Dynamic Hosting Capacity on the website of Opus One Solutions 15 https://www.carbonfund.org/ 16 https://www.cooleffect.org/ 17 ecobee explains its savings calculations further at https://www.ecobee.com/savings/ 18 Typical system: 36,000 Btu/hr; 80% AFUE for a natural gas furnace, 15 SEER rating for electric cooling unit

(https://www.eia.gov/consumption/residential/) 19 http://apps.psc.wi.gov/pages/viewdoc.htm?docid=371354 20 U.S. EIA; table T.5.a (https://www.eia.gov/electricity/sales_revenue_price/) 21 https://flightsphere.com/ 22 https://ghgprotocol.org/sites/default/files/standards_supporting/Chapter6.pdf 23 https://www.eci.ox.ac.uk/research/energy/downloads/jardine09-carboninflights.pdf 24 https://carbonfund.org/calculation-methods/ While most employees were able to submit a list of air travel in 2018, some

assumptions were made for visits to EIP’s limited partners. These trips dates were well recorded; however, the number of EIP

attendees was not clear. Typically, 2 or 3 staff members attend the meetings, thus we assumed an average of 2.5 travellers. After

completing the calculations, the findings were aggregated into a single measurement for business travel 25 https://www.eia.gov/consumption/commercial/

http://www.ipcc.ch/sr15/

https://esgclarity.com/investors-call-for-climate-action-at-g20/

https://www.csrwire.com/press_releases/42635-Investor-Calls-for-Climate-Action-Grow-Louder-as-World-Leaders-Set-to-Convene-in-New-York-City?tracking_source=rss



https://en.m.wikipedia.org/wiki/Agenda_21

https://www.iea.org/tcep/transport/

https://www.iea.org/tcep/buildings/

https://www.epa.gov/greeningepa/greenhouse-gases-epa

https://d2l8rne3sx3c3l.cloudfront.net/wp-content/uploads/2015/02/PRIME-NYSERDA-Climate-Impact-Assessment-Report_Final.pdf?x57461

https://d2l8rne3sx3c3l.cloudfront.net/wp-content/uploads/2015/02/PRIME-NYSERDA-Climate-Impact-Assessment-Report_Final.pdf?x57461

https://www.opusonesolutions.com/insights/

https://www.carbonfund.org/

https://www.cooleffect.org/

http://www.ecobee.com/savings/

http://www.eia.gov/consumption/residential/)

http://apps.psc.wi.gov/pages/viewdoc.htm?docid=371354

http://www.eia.gov/electricity/sales_revenue_price/)

https://flightsphere.com/

https://ghgprotocol.org/sites/default/files/standards_supporting/Chapter6.pdf

https://www.eci.ox.ac.uk/research/energy/downloads/jardine09-carboninflights.pdf

https://carbonfund.org/calculation-methods/

https://www.eia.gov/consumption/commercial/

P O R T F O L I O

S P O T L I G H T

“If we make choosing clean energy an

easy, attractive choice for everyone we can

all decrease our dependence on fossil fuels.

Today, Arcadia members all across the

country connect to wind and solar power

every day. There are about 130 million

power bills paid every year, meaning 130

million people could be making this choice.

To me, that’s the future of energy - 100%

clean and powered by people.”

Arcadia:

Clean Energy for

Renters & Homeowners

Impact

130 million Americans pay a power bill

every month. Arcadia leverages this

mundane task into a positive force for

good. By connecting customers with

renewable energy sources, customers

can purchase renewables for 50-100% of

their energy use and save about 20% on

their utility bills. In 2018 alone, Arcadia

customers purchased more than 386,000

MWh of clean energy attributes. In 2019

year-to-date, Arcadia customers have

purchased more than 664,000 MWh of

clean energy.

In late 2018, Arcadia launched a

community solar program that now

supports over 9,000 subscribers in

eligible states. Historically, low-income

residents have been excluded from

opportunities to participate in

community solar due to intensive credit

checks and high FICO score

requirements. Arcadia supports low-FICO

customers by analyzing their historical

utility bill payments, significantly

lowering barriers to entry and ensuring

that more families can access the cost-

saving benefits of community solar.

I N N O V A T O R

Kiran Bhatraju

S E C T O R

Energy Fintech

L O C A T I O N

Washington D.C.

386,000 MWh of renewable energy

attributes in 2018

9,000 Community solar

subscribers

20% Savings on customer

utility bills

“At Sense, we can engage consumers around energy with mobile applications that provide

a real-time, detailed view of what's happening in their homes. Consumers become more

energy aware and discover energy savings in their homes. Through partnerships with other

smart home device providers, we’re now adding control and automation to deliver even

more convenience, energy savings, and flexibility in when energy gets used - to make

better use of the increasing amounts of renewable energy on the grid.”

P O R T F O L I O

S P O T L I G H T

Sense Labs: Smart

Home Energy Monitor Impact Tackling emissions from energy usage

begins with increasing energy

efficiency. Hidden phantom loads lead

to excess energy usage and adds dollar

signs to utility bills. Sense identifies

energy hogs, allowing customers to

recognize their energy habits to

prioritize savings. Many customers

save over 20% in energy costs and, in

2018, reduced over 12.5 K tons of

CO2e. The company envisions a future

where customers can cut over 50% of

their home energy usage as buildings

become smarter and more efficient.

Through unique electrical signatures,

Sense can identify how much energy is

being used by 30 types of devices.

Alongside energy and savings, Sense

also contributes to home safety and

health. Their monitor can also help

customers see whether devices are

performing properly, protecting against

fires, inefficiencies, or unneeded

replacement. The company has

established an online community

forum for customers to share their

energy saving stories, Sense Saves.

I N N O V A T O R

Mike Phillips

S E C T O R

Smart Home

L O C A T I O N

Cambridge, MA.

12,500 Metric Tons of C02e

Avoided in 2018

30 Unique Devices

Identified

20% Potential Energy Cost

Savings

P O R T F O L I O

S P O T L I G H T

"With Damage Prevention, Urbint's leveraging AI to

positively impact both public safety and the

environment - preventing third party damages and

reducing greenhouse gas emissions. We are proud

of the tremendous impact we are making on the

resiliency and safety of communities.”

Urbint:

Safety enabled with

Artificial Intelligence

HEADQUARTERS

Cambridge, MA

Impact

Urbint supports a safer, more resilient

future by mitigating uncertainty in

energy infrastructure maintenance

through the application of predictive AI

technology. Urbint can reduce the

instances of predictable damage events

by helping operators understand and

avoid risk on gas pipes, water pipes,

and utility poles. Predictive

maintenance and reduction of leaks can

also significantly reduce greenhouse

gas emissions.

Pipeline damage due to third party

excavation is a leading cause of pipeline

failure. Urbint’s AI-driven solution

leverages real-world and utility data to

anticipate the likelihood of incidents.

With a better understanding of external

threats, Urbint can help utilities avoid

significant economic, environmental,

and human loss that can arise from

natural disasters, gas leak explosions,

and aging grid infrastructure.

I N N O V A T O R

Corey Capasso, CEO

S E C T O R

Intelligent Operations

L O C A T I O N

New York, NY

10 Major Utility

Partners


avoided in 2018

35% Average Reduction

in Leaks

P O R T F O L I O

S P O T L I G H T

“Managing energy systems and focusing on how we can add value for customers in ways

they care about is our core focus; we are reducing carbon emissions and creating energy

savings that otherwise wouldn't have occurred. Sparkfund is doing this with individual

customers, but also with incumbent energy providers who must lead the charge for change

or it won't occur at scale across the market. We're proud that the SparkOS is the

infrastructure that facilitates that change.”

Sparkfund:

The Smartest Energy Subscription

Impact The IEA found that energy efficiency

alone could double the global

economic value of the energy we use

today; however, financing serves as a

major barrier. Sparkfund leverages

an innovative subscription model to

help companies adopt new energy

systems without upfront capital,

while simultaneously slashing their

greenhouse gas emissions. Efficiency-

as-a-service can drive upgrades

without the burden of upfront

capital, allowing companies to tackle

climate change one upgrade at a

time. The Sparkfund Technology

Subscription lets customers maintain

and upgrade heating, cooling,

lighting and resiliency systems for

less than what they spend on these

systems today, permitting companies

to focus on their core business

operations.

To date, Sparkfund has installed 548

projects and saved companies over

$70 million on energy bills. In 2018,

Sparkfund customers reduced over

32,00 metric tons of CO2e. I N N O V A T O R

Pier Lafarge, CEO

S E C T O R

Smart Homes & Buildings

L O C A T I O N

Washington DC


Avoided in 2018

584 Energy Efficiency

Projects Installed

$70M Customer Savings on

Energy Bills

P O R T F O L I O

S P O T L I G H T

“Swimlane was built by analysts for

analysts and is helping shape the future

of security orchestration, automation and

response (SOAR). Through the power of

community and actionable information

sharing regarding integration and

automation, we aim to shorten the

response timeline and improve the

efficacy of cyber defenses worldwide.”

Swimlane:

Security Orchestration Impact

Less than 1% of severe security alerts

are investigated by 80% of

organizations with 500 or more security

alerts per day. Swimlane helps alleviate

security-related risk and stress with a

security orchestration, automation and

response (SOAR) platform.

By automating manual operational

tasks, Swimlane can maximize the

capacity of security analysts to improve

incident responses, avoid analyst

burnout, and ensure organizations are

safe from serious security threats. The

SOAR platform returns insightful

analytics and real-time dashboards

allowing organizations to stay on top of

their cyber security priorities. Swimlane

seamlessly integrates with other tools

and serves as a single platform for

automation, orchestration, incident

response and management, case

management, and reporting. As the

world experiences increasingly complex

security issues, Swimlane can help

organizations optimize operations and

keep data secure. I N N O V A T O R

Cody Cornell

S E C T O R

Cyber Security

L O C A T I O N

Denver, CO

$11,000 Federal Government Agency

savings per week

150x Faster response time to

phishing incidents vs. avg.

90% Of Tier-One Security

Tasks Automated

P O R T F O L I O

S P O T L I G H T

“ecobee was founded on the belief that people everywhere

deserve access to innovative technology that has the power to

save energy and transform everyday life for homeowners. We

are excited to offer families a better way to save energy and

money without sacrificing comfort or convenience not just

today, but for years to come.”

ecobee: Creating a

Smarter Home for a

Better Tomorrow

Impact Up to 50% of a household’s energy use

is for heating and cooling. ecobee’s

smart thermostats have the power to

help homeowners save an average of up

to 23% on heating or cooling. In 2018,

ecobee customers saved over 360,000

MWh of energy, avoiding over 340,000

tons of CO2e. That’s equivalent to the

sequestering power of 5.7 million trees

– and counting.

ecobee believes that doing good for the

world is good business. With this

mission, ecobee has begun to take steps

to ensure energy saving opportunities

are extended to underserved

communities and customers. Over 6,000

families are overcoming energy poverty

through ecobee’s programs and

partnerships. The program is combined

with educational opportunities to teach

communities about energy efficiency

and ensure everyone is included in the

critical energy transition. With an

overarching purpose to help people

reduce their impact on the

environment, ecobee strives to foster a

better tomorrow.

I N N O V A T O R

Stuart Lombard

S E C T O R

Smart Home

L O C A T I O N

Toronto, Canada

23% Savings on

Customer Utility Bills

350K Metric Tons of C02e

Avoided in 2018

6,000 Homes Tacking

Energy Poverty

P O R T F O L I O

S P O T L I G H T

“eSmart Systems´ mission is to create intelligent solutions to accelerate the

transition towards a more sustainable future. By using AI driven software solutions

we enable our customers to operate more efficiently, resulting in both social and

environmental benefits. Our software helps utilities reduce line inspections

times, extend asset life, decrease power outages and improve line worker safety.

eSmart:

Energy Systems

Reinvented

Impact

eSmart Systems’ Connected Drone

software can analyze up to 200,000

images in 1 hour. That is more than a

grid maintenance operator can do

over the course of a year. With

digitized and efficient processes

comes safer, more reliable grid

infrastructure. eSmart’s technology

detects defects in grid infrastructure

to prevent events – such as wildfires

and blackouts – that can cause

significant economic, environmental

and human loss.

By transforming drone-collected

inspection data into actionable

insights, eSmar’s AI-enabled

software solution can extend asset

life, reduce costs, resources and

truck rolls. By providing human

experts with tailored information, AI

helps prioritize the most critical

defects resulting in an estimated 25%

reduction in outage costs. With

eSmart’s platform, risks can be

identified early, and assets can be

monitored in real-time to reduce

failure rates and increase grid

reliability. I N N O V A T O R

Knut H. Johansen

S E C T O R


L O C A T I O N

Halden, Norway

200K Images Analyzed in 1 Hour

by a Connected Drone

25% Reduction in

Outage Costs

2.5x Better Accuracy than

Humans for Certain Defects

Impact As cyber-related risks continue to grow,

organizations of all sizes are vulnerable.

Dragos recognized that the Operations

Technology (OT)/ Industrial Control

System (ICS) community needed

improved insight into the threat

environment.

With its strategic partners, Dragos is

developing a low-cost, cloud-enabled

network within the OT domain that

integrates available technologies to

produce real-time, actionable

information that reduces cyber risk.

Supported by the Department of

Energy, Dragos launched Neighborhood

Keeper, a low-cost, collaborative threat

detection and intelligence sharing

program to address these pain points.

As part of the program, utilities will use

Dragos Platform sensors to detect and

alert on OT/ICS threats. Anonymous

information will be sent securely to a

cloud-based environment where

Dragos and partner analysts provide

community members actionable

information such as trends and

advisories. Insight from the program

enriches our understanding of threats

and ensures the smallest among us are

safe from cyber-related incidents.

L O C A T I O N

Hanover, MD

S E C T O R

Cyber Security

I N N O V A T O R

Robert Lee

“Neighborhood Keeper is an innovative

and highly beneficial approach to providing

security to smaller providers, as well as

value to the entirety of the community, by

sharing completely anonymized insights

from threats detected in OT/ICS networks.

Larger providers are coming together to

ensure our critical infrastructure is

protected, representing the strength of the

industrial community, and further helping

Dragos’ mission of safeguarding

civilization.”

Dragos: Visibility,

Detection and

Response

7 of 10 Of the largest electric utility

companies use Dragos

6,000 Events evaluated per

day per company

9 Activity groups

targeting ICS tracked

P O R T F O L I O

S P O T L I G H T

Impact AutoGrid is leveraging AI and big data

to accelerate the transition to a

cleaner, more reliable electric grid.

With an integrated solution for

demand response, DER management,

virtual power plants and energy

storage management, AutoGrid is using

predictive controls to help energy

companies control and optimize new

energy assets. Through innovative data

management and flexible energy

control, AutoGrid can balance energy

supply and demand in real time,

allowing for seamless integration of

renewable and new energy

technologies.

AutoGrid provides solutions for energy

companies in both the regulated and

deregulated markets. Autogrid’s Bring

Your Own Technology (BYOT) is one

example. AutoGrid’s BYOT Demand

Response platform supports a variety

of customer-owned applications.

Regardless of the hardware provider,

AutoGrid provides full asset

connectivity and support from

enrollment to ongoing support. This

allows for consumers to choose their

flex load technologies while still

affording utilities the ability to manage

energy demand successfully.

L O C A T I O N

San Francisco, CA

S E C T O R


I N N O V A T O R

Amit Narayan

“Powered by our AutoGrid Flex platform,

we operate the world’s largest AI-

powered flexible energy resources

optimization networks. AutoGrid is

enabling energy companies to make the

digital transformation that is critical to

win in the new energy world.”

AutoGrid: Flexibility,

Delivered 10 million

AI predictions every

10 minutes

5,000 MW of optimized flexible

energy resources

7 of 10 Largest US utilities control

assets with AutoGrid

P O R T F O L I O

S P O T L I G H T

Impact AMS helps commercial buildings reduce

costs and provides energy network

services such as energy storage and

smart controls. The AI software

platform uses deep learning algorithms

to enable optimized dispatch and

trading of complex energy assets in

energy markets. AMS installed the

world’s largest virtual power plant in

Southern California which delivered

over 2GWh of grid services in the first

year of operation. The deployment of

distributed energy and battery storage

to provide local capacity to the grid

replaces fossil fuels and inefficient

peaker plants during high demand

hours. Flexible load can create

significant carbon savings through

direct time shifting of energy and

greater renewable hosting capacity.

AMS also used its AI algorithm to help

an Australian wind farm navigate a

period of negative wholesale prices and

trade power. This innovative software is

allowing renewable energy producers to

increase margins and expand

effectively. AMS is making higher

renewable energy penetration possible

with a platform that identifies the most

cost-effective technology design for

both sides of the meter.

L O C A T I O N

San Francisco, CA

S E C T O R

DERs

“At AMS, we are accelerating the clean

energy revolution by maximizing the ROI

of renewable and storage assets. Our

artificial intelligence-powered software

platform optimizes how these resources

bid and interact with energy markets, so

that we can deploy more intermittent

renewables around the world. Along

with wind and solar, the AMS platform

operates the world’s largest fleet

of distributed energy storage systems.”

AMS: Advanced

Intelligence

520 Metric tons of CO2e

savings in 2018

X Mobile users

X Truck roll reduction

P O R T F O L I O

S P O T L I G H T

I N N O V A T O R

Susan Kennedy

Impact Transportation accounts for 15% of

global greenhouse gas emissions.

ViriCiti is accelerating the adoption of

zero-emission commercial vehicles

through its innovative optimization

platform that maximizes the battery life

of electric buses. Providing the essential

tools for customers to transition to

electric fleets, ViriCiti is helping to

expand cleaner, more dependable

transportation services.

ViriCiti’s technology successfully

extends EV range by 40% on a single

charge by providing insight into the

real-time status of the battery and the

location of the next charger. As a

market leader, ViriCiti serves over 60%

of the e-bus market and has helped

fleet operators save an average of $276

per month per bus on reduced idling,

improved driver behavior, and

maintenance savings.

ViriCiti also promotes equitable access

to zero-emission transport that

minimizes air emissions and reduces

noise pollution. In partnership with the

CA government, ViriCiti launched a

program to ensure electric bus routes

were extended into underserved

neighborhoods, in total leading to

305,944 electric miles driven in these

areas.

L O C A T I O N

Amsterdam, Netherlands

S E C T O R

Mobility

I N N O V A T O R S

Freek Dielissen & Alexander

Schabert

“We have been involved in electric bus development since the very beginning and

strongly believe electric is the future of clean transport. Our aim is to accelerate the

adoption of electric vehicles by making their operations easy and transparent.

Together with our customers, we just crossed the milestone of 30 million electric

kilometers driven - we hope to see this number double in the upcoming year!“

ViriCiti: Driving Toward

Emissions-Free

305,944 Electric miles driven

in DAC

1,100 Metric Tons of CO2e

Avoided in 2018

40% Extension on EV

battery life

P O R T F O L I O

S P O T L I G H T

Impact As the global population is expected to

add 2.5 billion people in the next 30

years, it is vital for cities to become

more intelligent about how citizens and

infrastructure interact to enhance

livability, workability, and sustainability.

CIMCON created the NearSky Smart City

platform, which allows cities to easily

analyze data from many technologies to

foster a more sustainable and enjoyable

city. Smart city applications can improve

public services and resiliency while also

reducing energy consumption, carbon

emissions, and costs. These benefits

lead to a higher quality of life for city

residents and fuel economic growth.

Installing sensors on legacy

infrastructure converges historically

siloed technologies into a central

management system (CMS) and has

created the building blocks for smart

cities. The CMS aggregates real-time

data on city assets allowing operational

efficiency and actionable insights. These

insights improve public safety with smart

cameras, optimize mobility through

traffic monitors, and provide public

services like Wi-fi and charging stations.

Smart city solutions cover everything

from intelligent streetlights, air quality

monitors, and pedestrian analytics to

waste management.

L O C A T I O N

Burlington, MA

S E C T O R


I N N O V A T O R

Anil Agrawal

“CIMCON Lighting, Inc. uses LED lighting to create a wireless

sensor network and platform enabling cities to implement a

variety of Smart City applications to manage outdoor lighting,

monitor air quality, meter electric vehicle chargers, improve

public safety and security, optimize parking, traffic and waste

management to improve the quality of life for city residents”

CIMCON Lighting:

Cities Simplified

150 Cities using CIMCON

technology

12 Smart City solutions available

on NearSky Platform

432 Metric tons of CO2e

savings in 2018

P O R T F O L I O

S P O T L I G H T

Impact More efficient use of energy starts with

an understanding of how customers are

using their energy. Innowatts harnesses

customer data from a growing pool of

23 million smart meters to help utilities

forecast customer behavior and create a

more personalized energy experience.

Unlocking the power of AMI insights

allows utilities to procure energy more

efficiently and create AI-enabled,

customized energy efficiency

suggestions for customers. By

pinpointing energy upgrades within a

customers’ home, customers can reduce

their energy bills and decrease strain on

the electrical grid. Smarter utilities and

more informed customers ultimately

yield unmatched energy and carbon

savings.

Innowatts’ suite of solutions includes

behind-the-meter customer energy

intelligence that allows for seamless

integration of distributed energy

resources and IoT solutions. Innowatts is

helping utilities become smarter and

better stewards to their customers. As

customers become more engaged and

educated about energy services, utilities

will unlock new saving and optimization

opportunities that cut costs and

greenhouse gas emissions.

L O C A T I O N

Houston, TX

S E C T O R


I N N O V A T O R

Siddhartha Sachdeva

“Our vision at Innowatts is to create a scalable digital

utility platform that transforms the way energy is

bought, sold, managed and consumed. We see

eUtility™ serving as the 'nerve center' for tomorrow’s

energy provider — delivering the analytics,

intelligence, and technology solutions that will help

reinvent the way we do business as an industry. The

greater efficiencies of the grid will lead to a cleaner

and smarter system.”

Innowatts: Powering the

Digitalization of Energy

40% Average improvement in

forecasting accuracy

23M Smart meters

enabled

2.83B Data points processed

every hour

P O R T F O L I O

S P O T L I G H T

Impact For citizens living in urban settings,

mobility is a critical determinant of the

opportunities, jobs, and relationships

residents can access. Helping cities

adapt to a transportation future that

prioritizes the needs of people over

cars will catalyze notable impact on the

planet, the livability of our cities and

the equitable distribution of economic

opportunities. Remix empowers

transportation professionals to

reimagine urban transportation to

prioritize people over cars and make

communities safer, more accessible,

and more resilient. As multi-modal

transportation options grow, Remix

allows city planners to envision optimal

pathways and safety protocols. The

platform also helps planners strategize

evacuation routes as cities face

increasing risks from natural disasters.

Deployed in over 350 cities in 17

different counties, Remix is reshaping

the way people think about mobility.

In the past year, Remix customers

created over 12,000 transit plans and

more than 1,000 conceptual street

redesigns, bringing the cumulative

total to 53,000 transit plans crafted

since the company began.

L O C A T I O N

San Francisco, CA

S E C T O R

Smart Cities

I N N O V A T O R

Tiffany Chu

“At Remix, we’re proud to partner with governments

worldwide as they build more livable cities and redesign

public spaces for greater access, equity, and efficiency. The

plans our customers are creating on our platform for new

infrastructure and transportation systems have the potential

to collectively improve mobility options for approximately

240+ million people. We love powering impact at scale.”

Remix: Prioritizing

People Over Cars

350 Cities reimagining

transportation

53,000 Transit plans

improved

4,000+ City planners on

the platform

P O R T F O L I O

S P O T L I G H T

Impact When Hurricane Harvey inundated

Houston in 2017, Enchanted Rock

proved the resilient value of its

microgrid solution. ERock’s team

dispatched 22 microgrids at gas stations

and convenience stores less than 10

seconds after customers lost power. The

backup generators provided

uninterrupted power for the next 100

hours at 100% availability. As the only

building with power within range, one

of the Bucees stations was transformed

into an operation base for first

responders, allowing them to effectively

continue rescue missions. As weather-

related blackouts have doubled since

2013, reliable backup power is vital for

continued operations.

Alongside emergency power, ERock’s

Texas microgrids also have a positive

environmental impact. These generators

displace load from higher emitting

generation capacity and support the

integration of renewables on the grid.

ERock’s generators release less than 1%

of the NOx emissions released by

conventional Tier 2 Diesel generators.

Paired with ERock’s financing

arrangement, their backup generation

comes at 10-20% of the cost of a

standard reliability system.

L O C A T I O N

Houston, TX

S E C T O R

Distributed Energy

I N N O V A T O R

Thomas McAndrew

Enchanted Rock: Utility

Grade Backup Power

P O R T F O L I O

S P O T L I G H T

“An Enchanted Rock natural gas-powered microgrid

is an ideal quick response option to avoid utility

power outages for organizations with sensitive

operations. Natural gas is a reliable fuel source that

burns much cleaner than diesel, so there are no

practical run hour limitations. Our gensets can

operate in island mode during an outage or

synchronously to support the grid when other grid

assets, such as renewables or peaker plants, are

unable to meet peak load. These grid runs are

typically less than 5% of the hours in a year.”

22 Stores kept open during

Hurricane Harvey

2,900 Metric tons of CO2e avoided

in 2018

300 MW of operating distributed

generation

P O R T F O L I O

S P O T L I G H T

“Mosaic’s vision is 100% clean energy for all. Our

mission is to empower millions of people to prosper

by creating the best way to finance clean energy

solutions. We’ve helped over 300,000 people

through solar or energy-efficient home improvement

projects and continue to innovate to address our

planet’s climate challenge.”

Mosaic:

100% Clean

Energy for All

Impact With the mission to reach 100% clean

energy for all, Mosaic has underwritten

over $3.2 billion in solar loans,

expanding access to clean energy

alternatives. Given high upfront costs,

it can be difficult for homeowners to

purchase clean energy despite long-

term savings. Mosaic has crafted

innovative financing solutions that give

homeowners and contractors multiple

payment options when installing solar.

Mosaic has accelerated the adoption of

rooftop solar through the financing of

over 780 MW of solar to date. In 2018

alone, Mosaic supported the reduction

of 350,000 metric tons of CO2 –

equivalent to taking 64,000 cars off the

road for a year.

Clean energy creates green jobs and

sustainable economic development.

This number includes customers,

contractors, equipment, suppliers, and

more whose lives have been changed

due to the opportunities that arise

from solar energy. Mosaic works

toward the mission of empowering

millions to prosper from solar by

innovating the most affordable

financing for clean energy solutions.

I N N O V A T O R

Billy Parish

S E C T O R

Distributed Energy

L O C A T I O N

Oakland, CA

780 Megawatts of

Solar Financed

350,000 Metric Tons C02e

Avoided in 2018

$3.2B Underwritten

Solar Loans

P O R T F O L I O

S P O T L I G H T

“Clevest’s solutions help the utility

industry reduce the environmental

impact of traditional field

operations by promoting the

efficient delivery of electricity, gas

and water resources and the

efficient use of these resources by

consumers. By implementing a

Clevest solution, utility companies

with250,000 meters can expect to

eliminate an average of 1.8M

pages of paper per month, and to

reduce fuel consumption by

approximately 23% or 19,550

gallons/74,000 liters per month.”

Clevest: Utility Owned,

Utility Focused Impact

Through the promotion of efficient gas,

water, and electricity delivery, Clevest

is reducing the environmental footprint

of utilities. With this workforce

automation solution, utilities can

eliminate paper and paper-based

processes, reduce fuel spend and lower

the consumption of water, electric, and

gas resources. One utility customer

eliminated the environmental impact

from upwards of 80,000 sheets of

paper per year. Another large utility

customer was able to reduce their

carbon impact by cutting 500,000 drive

miles a year through Clevest’s

Enterprise Scheduling engine that

routes technicians more efficiently.

Clevest also increases safety through

the optimization of mobile workforce

field operations.

With more efficient solutions,

technicians are able to accelerate the

transition to cleaner, smarter utility

operations. With faster deployment of

new infrastructure, enhanced metering

solutions, and smart grids, utilities are

better positioned to provide a more

efficient and reliable service to

customers.

I N N O V A T O R

Thomas Ligocki

S E C T O R


L O C A T I O N

Vancouver, BC

230 Utility

Customers

20% Truck Roll

Reduction

12K Mobile

Users

“We believe software intelligence is key to grid modernization, moving

away from experimentation and towards broader implementation of

smart and clean technology globally. Utilities are thinking about what

they are going to do with grid-edge technologies, and digitalizing the

grid with software like our GridOS solution to fully exploit these

technologies will support growing more sustainable operating,

business and customer engagement models..”

Opus One Solutions:

Decentralize Energy Economy

I N N O V A T O R

Josh Wong

S E C T O R


L O C A T I O N

Toronto, Canada

20+ Utility

Partners

100% Ability to support

Renewables Integration

1/hour GridOS reports capacity

across distribution system

Impact Opus One Solutions’ mission is to

create an intelligent, connected and

sustainable energy network by

equipping distribution utilities with its

intelligent energy networking platform.

GridOS optimizes complex power flows

to deliver effective, timely energy

management, value management and

integrated planning to reap the

benefits of distributed energy

resources. Opus One can help utilities

unlock greater potential in the energy

markets, support higher penetration of

renewable energy and DERs, and

ultimately provide better service to

customers.

In an energy ecosystem that is ever-

changing, Opus Ones helps utilities

unlock new business models and

develop feasible non-wires solutions,

market models and grid investments.

For example, Opus One is partnering

with Amera, piloting a transactive

energy market using blockchain and

distributed ledger technology. Opus

One has modernized and optimized

the electric grid for over 20 utility

partners.

P O R T F O L I O

S P O T L I G H T

Structuring solar packages to be more

equitable and accessible is the key to

wisespread clean energy growth

among American homes and

businesses. Palmetto is making it easy

for homeowners to switch to solar

energy.

Aside from creating dollar and

carbon savings for US customers,

Palmetto is committed to extending

its impact across the world. Palmetto

partners with Solar Sister to expand

the access of clean energy to homes

across Africa. Solar energy can help

African communities accelerate

economic development and save

money on polluting energy

alternatives like kerosene and wood.

Palmetto is a certified Benefit

Corporation (B Corp), dedicated to

prioritizing impact in addition to

financial returns.

P O R T F O L I O

S P O T L I G H T

Impact

“We are continually focused on

reinventing the clean technology

sector and bringing innovation

through software, fulfillment,

customer service and structured

finance. We aim to deliver a

platform to enable other

entrepreneurs to launch, build

and scale their own businesses

by utilizing our platform.”

Palmetto: Creating a

Future Powered by Solar

I N N O V A T O R

Chris Kemper

S E C T O R

Distributed Energy

L O C A T I O N

Charleston, SC


Avoided in 2018

“Attivo Networks provides organizations of all

sizes with visibility, high efficacy detection, and

adversary intelligence for understanding and

derailing threats early in the attack cycle. A

virtual landmine of deceptive decoys, lures, and

redirections are placed throughout on-premises,

cloud, and OT networks, and with one small

mistake attackers are revealed and forced to

start over or abandon their efforts altogether.”

Impact According to the Department for

Homeland Security, cyber-attacks

targeted at control systems for

automated industrial machines

increased nearly 50% between 2012

and 2015.

As the power grid becomes more

digitized, the likelihood of attacks

rises. Attivo Networks helps reduce

the likelihood of these attacks

through a deception defense

software that provides real-time

threat alerts, improved incident

response and reduced risk for

corporate users.

While the threat landscape is

becoming more dynamic, Attivo

Networks has created a simple,

manageable solution for threat

defense. The solution redirects

malicious attackers away from target

assets and reports alerts, data, and

intelligence to a centralized platform.

Attivo swiftly targets deception

behavior within the network and can

misdirect an attacker into revealing

their identity.

Attivo Networks: Threat

Deception Made

Simple

P O R T F O L I O

S P O T L I G H T

I N N O V A T O R

Kutar Kothari

S E C T O R

Cyber Security

L O C A T I O N

Fremont, CA

200 Industry

Customers

94% Reduction in Attacker

Dwell Times

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