These days, talking about energy efficiency is an easy way for businesses, building owners and utility companies to signal that they care about electricity overconsumption and environmental consciousness. It’s estimated that about US$133 billion was spent in pursuit of energy efficiency goals in 2017, and that number will only continue to rise as the market grows worldwide.
Luckily, there are companies like Fredericton’s SimpTek Technologies to help consumers and producers quantify these abstract goals and hone in on concrete ways that they can change their habits, introduce new products and lower overall energy use.
Simptek, an energy management technology company founded and led by UNB alumni, has grown in leaps and bounds since its formation in 2014 and is poised to expand into the future with the help of new investments from Opportunities NB (ONB) and the New Brunswick Innovation Foundation (NBIF). Simptek’s digital platform uses artificial intelligence to show consumers how they can reduce energy costs, mainly by providing insights into where energy usage is highest in a particular building. The latest update of this smart data platform, called Building360, allows users to identify opportunities for savings and determine which capital projects are the right fit for their unique situation. SimpTek has already seen a major revenue bump thanks to this new technology – as of April, the company had booked almost $1 million in sales, with more prospects on the horizon.
Strategic investments in SimpTek are part of a broader strategy by the provincial government to support entrepreneurs and create an environment of innovation in New Brunswick. Investments of $200,000 by ONB and $300,000 by NBIF announced in July of 2018 are expected to create eight jobs in this province and demonstrate further support for New Brunswick’s burgeoning technology sector. Businesses created in New Brunswick should be able to stay here without struggling to access growth capital, and each investment made signals the provincial government’s willingness to step in and fill funding gaps wherever they exist.
“SimpTek is on a mission to help our customers save money and reduce emissions while remaining comfortable,” said company CEO and co-founder Asif Hasan. “We are so pleased to have the support of Opportunities NB and the provincial government as we continue to grow and build our team.”
With passionate founders and smart investments by government, incredible things can be achieved in technology fields, especially those (like energy efficiency) that are ready to grow in the coming years. SimpTek is based in New Brunswick, but the company has worldwide aspirations and the talent to make that vision a reality. That’s exactly what New Brunswick needs, and it’s why the Government of New Brunswick is thrilled to help them grow.