The 'Standard Oil of renewable energy' aims to slash commercial building loads and energy costs
- Feb 12, 2021 12:21 am GMT
Brooklyn-based David Energy is coming in hot.
Co-founder and CEO James McGinnis has said he plans to build the "Standard Oil of renewable energy" and is preparing to take its first step and become an innovative energy supplier. The company has developed its own software, Mycor, that collects in-depth building demand data and leverages it in a smart building process that shifts power consumption to times when renewable energy is cheapest.
David Energy acts as a retail electricity provider. It buys renewably-sourced energy, sells it to customers at fixed rate and rebates any savings back to the customers. It also works in active demand management: through its Mycor technology, they claim they are uniquely equipped to streamline and adapt to fluctuations in demand for commercial buildings, cutting costs and cleaning up commercial building footprints. The company is digital-focused, which makes it stand out in the energy supply field and fill a major gap in the digital utility industry—something which will be of increasing importance as renewables continue to dominate the day.
McGinnis was named in the Forbes 30 under 30 list. The effort to own two positions in the commercial building energy supply chain is very John Rockefeller, so his prediction of being the "Standard Oil of renewable energy" may not be too far off, for better or for worse. Either way, this company, David Energy, will be one to watch.
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