NEW YORK, April 15, 2015 /PRNewswire/ -- The New York City Energy Efficiency Corporation (NYCEEC), a leading provider of clean energy and energy efficiency financing solutions, has provided a loan to Radiator Labs, Inc. for a large-scale demonstration of its "Cozy". The pilot aims to prove the commercial viability and market adaptation of this high-impact, high-return technology.
Uneven heating, over-heating and lack of tenant heating control are widespread problems, causing great discomfort for building residents. Radiator Labs has developed a solution to this challenge with its Cozy: a next-generation radiator cover that transfers heat to rooms at pre-defined temperatures.
"We are delighted to finance and support the acceleration of this important technology developed by Radiator Labs, a highly innovative and emerging, local cleantech company," said Posie Constable, Director of Business Development at NYCEEC. "We are proud to be part of a cost-effective solution that helps building owners save money, cut energy use and improve tenant comfort."
Radiator Labs has developed a cutting-edge technology that can save building owners up to 40% annually in heating costs. Tenants will now have full control over the climate in their space – the Cozy can also be controlled remotely anywhere from a phone.
There will be multiple demonstration sites throughout New York City, one of which is Columbia University's Butler Hall, a staff and student-housing residence. Nearly one-thousand Cozy units will be installed across different building types and neighborhoods, including a historic Broadway theater, dormitory and multifamily complex.
"This important milestone was made possible by NYCEEC's financing and engineering expertise," said Marshall Cox, Founder and CEO of Radiator Labs. "Working with NYCEEC's finance team was fast and simple, allowing us to focus on our business and launch our largest demonstration yet."
"Columbia University shares a commitment with NYCEEC and Radiator Labs to cleaner technologies and lower greenhouse gases. Continuing our research on a promising technology, we re-engaged Radiator Labs to further evaluate the energy saving potential and provide better tenant comfort. We look forward to working more with our energy partners to meet our sustainability goals," said Frank Martino, vice president of operations at Columbia University.
"This exciting pilot demonstrates the important role New York City plays as an urban test bed for start-up companies like Radiator Labs and others in the NYU Polytechnic School of Engineering Incubators," said Kurt H. Becker, Vice Dean for Academic Affairs. "We are proud to support these engineering entrepreneurs and their carbon-reducing innovation within our New York City Accelerator for a Clean and Resilient Economy, and we commend them upon achieving this major milestone."
While NYCEEC is financing the upfront construction costs, New York State Energy Research and Development Authority (NYSERDA) will provide support for the projects upon installation completion. Participating building owners are also sharing project costs.
"As NYSERDA continues to advance Governor Cuomo's agenda to encourage innovative energy efficiency technology, reduce energy waste and make energy more affordable for all New Yorkers, we are delighted to partner with NYCEEC and Radiator Labs to bring this technology to the marketplace and help solve a longstanding problem in New York City," said Janet Joseph, Vice President, NYSERDA. "NYSERDA is providing support to validate the performance of the Cozy product and is having a third-party energy engineering firm analyze that performance to expand this demonstration project, replicate commercialization and create greater customer awareness of the technology."
NYCEEC was represented by Pillsbury Winthrop Shaw Pittman on legal matters.
NYCEEC is a specialty finance non-profit that develops financing solutions for projects that save energy or reduce greenhouse gases. NYCEEC's custom-tailored solutions solve financing gaps for building owners and clean energy project developers. NYCEEC finances clean energy technologies, including energy efficiency, renewables, demand management, cogeneration and fuel conversions, across all building types and neighborhoods.
About Radiator Labs
Radiator Labs converts old cast-iron radiators into precision heating machines. Through an easy-to-install, patented technology, Radiator Labs adds climate control, operational efficiency and safety to any radiator, transforming steam heat into a comfortable and efficient solution. Radiator Labs, Inc. is currently headquartered in the NYC ACRE Green Incubator at Metrotech in Brooklyn.
About NYSERDA Emerging Technologies and Accelerated Commercialization Program (ETAC)
ETAC supports project demonstrations that create real-world evidence of the value of commercially-proven, yet underused, energy technologies and the benefits to those who are ready to lead the way. Supported by NYSERDA's expertise and incentives, ETAC creates partnerships between manufacturers, building owners, technology developers and other visionaries who are ready to be leaders in New York's energy future.