CHARLOTTE, N.C.– March 14, 2024 – ClearGen LLC, a provider of capital for innovative energy solutions, has formed a partnership with Kelvin (formerly known as Radiator Labs) and will commit up to $100M of affordable energy efficiency and comfort improvements for legacy multi-family buildings and campus properties.
This collaboration is timely as urban areas, including New York (Local Law 97), Boston (BERTO), Washington DC (BPS) and other cities, enact regulations that penalize building owners for exceeding carbon emissions limits.
Kelvin’s innovative smart radiator cover, The Cozy™, stands at the forefront of this partnership. It optimizes heat distribution to eliminate overheating in legacy buildings and provides apartment-level and building-wide controls. The Cozy improves comfort for residents, reduces carbon emissions, and creates notable financial savings for building owners and operators.
The drive for energy equity is at the heart of this venture, providing a feasible path forward for older multi-family buildings seeking retrofit solutions without undertaking disruptive and expensive changes to infrastructure. Through this partnership, ClearGen and Kelvin overcome the financial challenges facing buildings by offering a fully financed solution, benefitting both building owners and residents. Deployment of The Cozy is the first step in future decarbonization and electrification of these buildings through Kelvin’s hybrid electrification platform.
This collaboration is timely as urban areas, including New York (Local Law 97), Boston (BERTO), Washington DC (BPS) and other cities, enact regulations that penalize building owners for exceeding carbon emissions limits. Kelvin’s smart radiator covers allow building owners to become compliant with new regulations and avoid fines, all the while achieving an average of 25% in heating bill savings, a figure endorsed by NYSERDA.
“Given that buildings account for 26% of global energy-related emissions, it’s not a surprise that emerging climate change legislation is addressing them directly,” explains Marshall Cox, Kelvin CEO. “The emissions from heating, cooling, and electricity in a building increase throughout the building’s lifespan, which in these legacy properties is many, many years. Tackling the energy used for heating and cooling presents a straightforward opportunity to lessen a building’s overall environmental footprint.”
“As a financial partner, ClearGen simplified the structuring and financing process that turned Kelvin’s energy efficiency solutions into an actionable plan,” explains Rob Howard, ClearGen CEO. “This initiative marks a significant step forward in promoting energy equity and sustainability in the housing sector.”
To date, Kelvin has sold over 30,000 of The Cozy smart radiators, demonstrating the effectiveness of their solution in reducing energy consumption and costs.
The partnership aims to tap into a substantial market opportunity, with the American Housing Survey’s Metro Area Data highlighting over 24 million legacy housing units in the U.S. alone, representing a potential revenue of $4.392 billion annually.
About Kelvin
Kelvin, formerly Radiator Labs, is a national leader in intelligent HVAC solutions for legacy buildings in major cities. The company designs and installs cutting-edge systems that decarbonize, save money, and provide comfort and temperature control within buildings without prematurely retiring existing systems. Based in New York City, Kelvin has sold over 30,000 systems to date. For more information, visit https://kel.vin/
About ClearGen
ClearGen, a portfolio company of funds managed by Blackstone Credit’s Sustainable Resources Group, is a leading provider of flexible funding options and consultative expertise in the clean energy sector. Its portfolio includes various projects in renewable energy generation, energy storage, resiliency services, waste-to-energy initiatives, energy efficiency, and green transportation. ClearGen is a comprehensive resource for mid and enterprise-level organizations for their clean energy capital needs. For more information, visit https://clear-gen.com/