Canadian smart building specialist Kontrol Technologies secured multi-year service agreements for 18 new buildings.
In a release, the firm said that the multi-year service agreements add to Kontrol?s recurring revenue base. The new buildings are located in Ontario, Canada and include the addition of a new portfolio customer.
“We continue to scale our business by adding new customers and by expanding the scope of our solutions with existing customers in our service and building asset management platform,” said Paul Ghezzi, CEO of Kontrol Technologies. “Our value proposition allows us to win competitive bid opportunities while maintaining our focus on scaling organically within our existing client base. Taking a methodical approach to growing our ecosystem of connected buildings provides us with visibility into our business as we continue to capture market share and drive sustainable growth for our shareholders.”
Kontrol provides ongoing service and asset management for a growing number of commercial and multi-residential REITs (real estate investment trusts) and property managers. Under the terms of a typical engagement, Kontrol said it provides exclusive ongoing service, asset management and mission-critical solutions for heating, cooling, and ventilation (HVAC) systems. The typical service engagement ranges from a period of 2 to 3 years and provides Kontrol with recurring revenues.
Kontrol?s SmartSuite technology has been recently updated to provide peak shaving and peak demand management, an enhancement implemented in direct response to requirements by local utilities and customers. SmartSuite delivers in-suite energy management and real-time control of any HVAC system through a proprietary Internet of Things (IoT), wireless and cloud-based technology.
Peak demand is a term describing periods in which electrical or utility power is expected to be provided for a period at a much higher than average supply level and associated rates. Peak demand fluctuations may occur on daily, monthly, seasonal, and yearly cycles, and are generally logged in 15-minute intervals by local utilities.
“We continue to grow and evolve our multi-technology energy management platform to drive value for our customers by delivering energy savings and emissions reductions, while maintaining a clear focus on helping our customers achieve their sustainability targets,” concluded Ghezzi.
Last month, Kontrol Technologies said it is advancing net zero building infrastructure with the launch of SmartPower, a fully integrated geothermal and VRF (variable refrigerant flow) solution, for the new construction and energy retrofit market.
The launch of SmartPower for on-site power generation for heating and cooling of entire buildings represents a technology addition to the company?s current platform, including SmartSite software for building HVAC control and optimization and SmartSuite hardware and software for in-suite energy management.
Kontrol Technologies recently announced that it has surpassed 400 customer buildings and is set to double its market share in 2022.
In August, Kontrol Technologies announced the completion of the acquisition of Global HVAC & Automation.
The firm said that Global?s service offering complements Kontrol?s existing product portfolio, adding that the combination of the two is expected to create significant growth opportunities over the coming years.