Brad Pilgrim, CEO at Parity Inc., says the company is looking to expand into such markets as California, Florida, Colorado and Illinois.A Toronto-based company with technology that promises to lower energy costs and greenhouse gas emissions from buildings has raised $25-million from a Canadian impact investor to expand in the United States.
“The energy intensity in the Northeast and in the West play into high utility rates, and decarbonization of buildings and services like ours are now being demanded, and in some places being required,” Mr. Pilgrim said in an interview. The spark came from attending a meeting of his Etobicoke condominium in 2016, where the topic under discussion was surging costs at the building that were forcing a jump in monthly condo fees.
It’s not just about costs. The real estate sector is a crucial target in the fight against climate change. Emissions from buildings account for about 37 per cent of global greenhouse gas emissions,according to Parity, and its systems are aimed at reducing energy consumption from buildings by 25 to 40 per cent.