SAN DIEGO, Aug. 3, 2016 /PRNewswire/ -- Renovate America, the nation's leading provider of residential Property Assessed Clean Energy financing, has acquired CakeSystems, the leading software provider for home energy modeling. The acquisition, Renovate America's first, will further define Renovate America as the best-in-class efficiency and renewable energy residential financing platform.
Among building energy performance and energy audit tools, CakeSystems is the most accurate, fastest, and easiest to use – qualities validated by such institutions as the U.S. Department of Energy, the U.S. National Renewable Energy Laboratory, the Lawrence Berkeley National Laboratory, and the California Public Utilities Commission, among others. Leading utilities, energy efficiency programs, energy auditors and home performance contractors choose CakeSystems' software solutions for their energy auditing and demand-side management program needs.
"Our acquisition of CakeSystems has immediate and long-term strategic value, and illustrates Renovate America's commitment to accuracy," said Renovate America CEO J.P. McNeill. "CakeSystems will enhance Renovate America's entire platform, empowering property owners with accurate savings estimations, facilitating our entry into new markets, and improving the quantification and reporting of Renovate America's impact on energy savings and pollution reductions for communities, homeowners and financing partners."
Under the terms of the deal, which closed on August 1, Renovate America acquired the codebase and intellectual property assets of Portland, Oregon-based CakeSystems from its parent, Earth Advantage, a non-profit dedicated to better buildings. Terms of the deal were not disclosed.
"Because Renovate America is financing a significant number of home energy improvements across the country, the hard work we've been doing at Earth Advantage over the last seven years to grow CakeSystems will now have even broader impact," said David Heslam, Earth Advantage's Executive Director. "This is also a significant milestone in the evolution of Earth Advantage. The sale of CakeSystems allows us to redouble our efforts in working with the Northwest building industry to accelerate how we collectively solve our climate and resource challenges."
Both Earth Advantage and Renovate America noted that while ownership is changing hands, CakeSystems' customer service will remain unchanged, Earth Advantage is now a reseller of the CakeSystems software solutions.
About Renovate America
Renovate America partners with state and local governments to offer HERO, a property assessed clean energy (PACE) financing program, to communities. HERO is the leading residential PACE program in the U.S. and has financed more than $1.6 billion of improvements. This unique public-private partnership offers consumers access to financing for more than 60 types of products that reduce energy and water consumption, without the need for government funding. The HERO Program has received a number of recognitions including a Climate Leadership Certificate for Innovative Partnerships by the U.S. Environmental Protection Agency, inclusion in the 2016 White House Water Summit, the Governor's Environmental and Economic Leadership Award in California, and the Urban Land Institute Best of the Best.
About Earth Advantage
Earth Advantage is a Northwest-based nonprofit whose mission is to accelerate the creation of better buildings. Earth Advantage is a leader in delivering green building certification, education, and research to the building industry throughout the Northwest.
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SOURCE Renovate America