Redaptive, which provides energy efficiency and data solutions for commercial and industrial enterprises, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Redaptive utilizes its proprietary technology-enabled platform to identify, validate, and implement energy efficiency and sustainability-focused initiatives across a commercial and industrial (C&I) customer's entire real estate portfolio. Through installed measures, the company delivers a holistic Energy-as-a-Service (EaaS) Offering, which includes providing turnkey deployment of energy efficiency and other sustainability-focused systems at their facilities; providing ongoing monitoring, maintenance, and energy analytics; and funding these initiatives with a performance-based contract model that often eliminates the need for upfront capital. From inception through September 30, 2021, Redaptive has installed over 2,400 project upgrades at approximately 2,200 C&I customer facilities.
The San Francisco, CA-based company was founded in 2015 and booked $67 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol EAAS. Redaptive filed confidentially on September 10, 2021. BofA Securities, J.P. Morgan, Guggenheim Securities, Credit Suisse, Canaccord Genuity, and Roth Capital are the joint bookrunners on the deal. No pricing terms were disclosed.
