Existing investors CBRE, Engie New Ventures and Evergy Ventures returned for a round that will help the energy efficiency retrofitter expand its product offering.
US-based energy efficiency technology provider Redaptive raised approximately $157m in funding from investors including real estate services group CBRE and energy utilities Engie and Evergy yesterday.
Investment management firm CarVal Investors led the round, which was also backed by growth equity firm Linse Capital, while Engie and Evergy took part through Engie New Ventures and Evergy Ventures respectively.
Redaptive provides and installs materials and technology that enable large buildings to make significant energy savings at a large scale, and also offers a maintenance service once the systems have been deployed.
The funding will help the company expand its product offering, which includes energy-efficient lighting and heating, ventilation and air conditioning equipment.
Arvin Vohra, chief executive of Redaptive, said: “We have achieved record sales this year, despite the global pandemic. By reducing costs for our customers we are seeing an increase in commitments from companies to make their facilities more efficient, resilient and sustainable.”
The company has now raised $181m in total, according to Bloomberg. CBRE led a $20m round in April 2018, investing alongside Engie New Ventures, Linse Capital and GXP Investments, a subsidiary of Great Plains Energy, which merged with peer Westar to form Evergy later that year.