Parity Inc. Appoints Bright Power's Former Chief Customer Officer James Hannah as its US Managing Director, Secures Additional Growth Capital
Hannah says Parity's unique HVAC control platform could be the answer to the NYC energy reduction laws that are fuelling momentum
TORONTO, July 13, 2021 /PRNewswire/ -- Building HVAC technology innovator, Parity Inc. (Parity) is powering up and accelerating its US growth strategy with the appointment of James Hannah, former Chief Customer Officer at NYC's Bright Power, as its new US Managing Director.
Hannah officially joined Parity on July 5, 2021 — after spending 10 years with Bright Power, Inc., an energy management services leader headquartered in New York City. While at Bright Power, Hannah played a critical role in the company's transformation from a local energy consulting firm into one of leading energy management services companies in the "US" multifamily market growing revenues over 12X of his time there.
Flexible, Remote-Control Build Software Technology
"Our vision is to make Parity the trusted operating system for HVAC systems in every large multifamily building in North America," explains Hannah. "Parity's AI-powered, constant commissioning algorithm is what allows us to directly deliver guaranteed energy savings remotely and continually. It's our secret sauce," says Hannah.
Energy Peace of Mind and Reduced Exposure
According to Hannah, New York City's progressive green building energy reduction laws are fueling Parity's growth as a flexible, cost-effective technology. "Because our service is software based, we are able to minimize the energy consumption of the buildings that we work with without sacrificing resident comfort in any way. For building owners, this allows Parity to provide them with peace of mind knowing that the maximum energy performance of their HVAC systems is being achieved. Parity also backs its service with a savings guarantee, which is rare in the energy efficiency industry," he says. "Local Law 97 and other performance-based energy regulations are quickly transforming energy savings from a nice to have, to a must have for building owners. Parity offers a cost-effective and time-efficient way to limit exposure to these regulations on an ongoing basis.," he adds.
Hannah says Parity's unique solution is also striking a chord within the institutional real estate community, where investors are pressuring operators to deliver increasingly energy efficient assets while demonstrating progressive ESG guidelines and principles.
New Funding Supports Company's Continued Growth
"With New York City opening faster than anywhere else in North America, the pent-up demand, along with a favourable regulatory environment, is driving our growth," explains Brad Pilgrim, Co-Founder and CEO, Parity. "As a result, this is the time to focus on New York and the Northeast – and welcoming James onboard is our next big step forward."
The largest cleantech venture fund in Canada, ArcTern Ventures, is one of Parity's largest investors.
"We know real estate is an easy target for profitable energy efficiency plays," says ArcTern Ventures' Co-founder and Managing Partner Tom Rand. "Parity is targeting the NY and Boston markets which are perfectly positioned with some of the highest utility rates in the US and stringent legislation related to greenhouse gas emission reductions in buildings. To really unlock that market, we looked for a capital light, easy-to-install solution based on intelligence, not hardware. Parity has perfected that solution and has brought incredible talent to every position to support the company's growth."
Parity anticipates initiating a Series B funding round later this year.
About Parity Inc.
Established in 2016, Parity Inc. helps make urban living more sustainable by eliminating energy waste in multi-residential buildings. The company's artificial intelligence (AI)-driven Energy Management Platform guarantees energy savings while maintaining maximum comfort for building residents. Trusted by property managers, condo boards and mechanical partners, Parity's real-time dashboard and monthly reporting keep stakeholders always in the loop and in full control.
To learn more, visit www.paritygo.com
SOURCE Parity Inc.
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