Kontrol Technologies Corp., a leader in smart building technology, said it has secured multi-year service agreements for 18 new buildings in Ontario.
The company said the agreements add to its growing recurring revenue base.
“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, in a statement.
READ: Kontrol Technologies expands use of its BioCLoud technology for HVAC and building systems
“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,” Ghezzi added.
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 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 two to three years and provides Kontrol with recurring revenues.
Meanwhile, Kontrol said its 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.
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.
Avoiding these peak demand periods can often result in a lower overall cost of energy as local utilities seek to either reward good energy consumers or provide incentives for solutions that help mitigate peak demand from consumers.
“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,” CEO Ghezzi said.
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.
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