NRG Energy backs energy data software startup EcoFactor

Good to see start-up investing by larger players in the market.


Power company NRG Energy has invested in startup EcoFactor, which uses smart algorithms, large data sets and connected thermostats to reduce customers’ home energy consumption. On Tuesday EcoFactor announced it has closed a new round of $10 million from new investor NRG Energy, and including current investors.

EcoFactor, founded in 2006 and launched in late 2009, has created software that pulls in data about things like weather, demographics, and home owner behavior. EcoFactor uses all this data to tweak a home’s connected thermostat settings ever so slightly to shave off energy consumption, but also to maintain a comfortable temperature in the home.

It’s like Nest’s learning thermostat, but without the slick hardware. Customers can also manually override the EcoFactor settings at any time.

EcoFactorFor utilities EcoFactor’s algorithms run demand response programs, which is when utilities collectively reduce customers’ heating and cooling consumption at times of peak demand. Say…

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