In March, Penn State University signed a five-year contract with The Efficiency Network to help make the buildings on its main and Commonwealth campuses more energy efficient. The North Shore company, which goes by the acronym TEN, is also delivering a comprehensive, enhanced LED lighting project for PSU's Beaver Stadium.
Not bad for a company founded just two years ago.
Since then, it has added locations in Baltimore and Philadelphia as demand for the operation's expertise in making older buildings energy efficient has increased.
"There is a growing awareness of energy efficiency in our society. We believe we can take energy efficiency to a much broader customer base,” said CEO and co-founder Troy Geanopulos.
The Efficiency Network's service fees are entirely paid for from savings that its projects generate for its customers. The company has experienced a 673 percent increase in revenue and has added 13 new employees since 2013, and now has a total of 32, according to co-founder and president Robert Campbell.
According to Mr. Geanopulos, the company's network of contractors creates a competitive environment that allows its customers to get the best prices and designs. “We take the perspective of being able to look at all types of products,” he said.
One tool the company uses to help customers visualize projects is what is called a Smart Chart, an interactive, real-time way to see the impact of energy efficiency on a building either online or on a smartphone, Mr. Campbell said.
“Like an ATM, there are cash streams running through a building and we attempt to identify them,” Mr. Geanopulos said.
“Through strategic sequencing of projects, beginning usually with those that are most economically attractive, The Efficiency Network’s customers can create significant cash flow momentum and achieve significant cost reduction while at the same time addressing deferred maintenance items,” Mr. Campbell said.
Since the company strives to turn old buildings into “smart buildings,” he said, having its headquarters in Pittsburgh, with its large stock of old buildings, is beneficial.
“That’s where we want to work,” Mr. Campbell said.
Madasyn Czebiniak: email@example.com or 412-263-1962