Carbon Lighthouse, which has been working with Alexander & Baldwin on increasing energy efficiency and reduce carbon emissions at four of its buildings, has raised $27 million in growth round funding, including a $3 million investment by Ulupono Initiative, the Hawaii-based impact investing firm founded by eBay founder Pierre Omidyar and his wife, Pam.
The San Francisco-based company’s mission to reduce carbon emissions while increasing revenue for commercial property owners “made it extremely attractive to us to have an impact here in Hawaii," Greg Gaug, Ulupono Initiative’s vice president of investments, told Pacific Business News.
Gaug noted that the three Oahu properties owned by Alexander & Baldwin (NYSE: ALEX) — Pearl Highlands Center, Kakaako Commerce Center and Manoa Marketplace — that have been working with Carbon Lighthouse have eliminated more than 20,000 barrels of oil throughout the life of the projects through energy efficiency solutions.
A&B expects it could save “up to seven figures over 10 years, depending on the property, so it’s a significant number,” said Kit Millan, vice president of asset management at A&B Properties.
Carbon Lighthouse, which opened a Honolulu office in January, was founded in 2010 with the goal of “stopping climate change,” CEO Brenden MIllstein told Pacific Business News. The company, which was a member of the Elemental Excelerator’s 2016 cohort, has analyzed and implemented efficiency solutions in some 500 buildings across the United States.
Working for a fixed monthly fee of 20 cents per square foot, the company deploys sensors around a building that measure energy use, particularly for lighting and air conditioning and ventilation.