opportunity runs both hot and cold. The young, Toronto-based startup established itself as a company that delivers intelligent energy conservation solutions for real people and its green-minded approach is proving to be a winner with customers Stateside.
"We help consumers save money, conserve energy and reduce their environmental footprint; we build technologies to help consumers do that," explains Stuart Lombard, president and CEO of ecobee. "Our first product build is a more intelligent, programmable thermostat. Fifty to seventy per cent of your home energy use is due to heating and cooling."
Established in July 2007, ecobee's product platform is built around the Leadership in Energy and Environmental Design (LEED) green building rating system, an internationally recognized set of standards for environmentally sustainable construction. Fast-forward to February 2009, Lombard and his staff of 25 are selling the ecobee Smart Thermostat at a healthy clip south of the 49th parallel.
"We've been selling products since February 2009 with 95 per cent of our sales taking place in the U.S.," he said. "We sell in every single state and we have over 350 installation partners that install and service our product."
ecobee also works closely with about 20 electrical utilities across North America including Toronto Hydro via its Peak Saver Program. "We work with utilities on those types of applications and our product ties into the smart meters that are rolling out across the continent. Our product allows you to see your real-time electricity use."
Headquartered at 333 Adelaide Street West, the company is enjoying another growth spurt. Though energy conservation solutions like the Smart Thermostat appeal to green-minded homeowners in general, the average consumer's increasing appreciation for reducing his/her own carbon footprint combined with the Smart Thermostat's use of the Web is proving to be a resounding success.
"We're expecting 300 to 400 per cent growth year-over-year and we're growing on that trajectory right now," he added. "In the future, as we move toward new technologies, there will be a platform to manage the consumption and generation of electricity in your home and we'd like to tie into all of those things."
Writer: Liam Lahey