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By 2050, countries around the world have pledged to reduce energy use and reach a net-zero target. To get there, they need to find smarter ways to decarbonize particularly dirty businesses, including the construction sector. The push to clean up the built environment has spawned many policies, including overlapping acronyms, including net-zero energy buildings (nZEBs) and zero-emission buildings (ZEBs).
In the European Union, the ZEB standard It is expected to start in January 2030 For all new buildings. Likewise, the US Department of Energy he said. Renovate new federal buildings over 5,000 square feet by 2030. It is South Korea He is also taking steps. Reducing emissions in the building sector by retrofitting buildings and strengthening ZEB requirements for new buildings by 2030.
They are buildings. Main air source, Water and noise pollution. of General environmental process – Materials production, construction, heating and electricity, including maintenance and demolition, drive around 40% of global greenhouse gas emissions. High environmental costs and looming deadlines have forced Energy X, a A Seoul-based startup and marketplace that “enables the construction of zero-energy buildings” from architectural design to construction completion.
Energy X It was founded in 2019 by Sean Park and co-CEO Tom Hong. That’s when the duo came up with their first startup – a sustainable building compression platform called Xquare.
The outfit works with a wide range of clients in South Korea, including large conglomerates looking to renovate buildings such as Hyundai, Naver and Lotte, Park told TechCrunch. Energy X users include building owners, construction companies and architects.
In the year Since its founding in 2019, the startup said it has closed 573 deals, including 1.6 trillion won ($1.3 billion) in construction costs for sustainable architecture — such as zero-energy buildings and LEED-certified (Leadership in Energy and Environmental Design) buildings. Some projects are still ongoing, and others have already been completed, Park.
There are many other construction marketplaces on site. Procor, a construction technology unicorn; It is officially released in 2021.and Aconex, an Australian-based construction platform; In the year In 2017, it was bought by Oracle for $1.2 billion. In energy efficient technology, Energy X peers at Enpal; In the year It raised $174 million in Series C at a price of $1.1 billion in 2021And applite, which In 2021, it received an undisclosed amount of funding estimated at $1.5 billionPark is mentioned.
In addition to hosting a marketplace for developing energy-efficient buildings, Energy X said it is working on solar and energy-saving technologies, including BIPV (building integrated photovoltaics), HVAC (heating, ventilation and air conditioning) for energy savings and BEMS (building energy management systems). For power management, Park explained. More than half of Energy X’s employees focus on energy technologies for the R&D team, Park added.
“Most building owners are not experts in building management, and they don’t know how to use it because building energy management systems (BEMS) are software-based,” Park said. In addition to the marketplace, “Energy X offers a cloud-based BEMS that uses our AI to continuously manage, maintain, and improve the system without the need to monitor, manage, or directly control it,” Park said.
The Seoul-headquartered startup has secured $20.3 million in Series B financing at a $120 million valuation, Park told TechCrunch.
The new round, led by Shinhan Asset Management, brings the startup’s total funding to about $31.5 million. The funding will help Energy X expand its marketplace and energy-saving technology, grow its team from 86 to 114 employees this year and launch in Japan, Park said. The startup will open an office in Japan in February, Park added.
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