ET: Startups take to providing forecasting and energy management solutions

With energy management assuming a vital role across sectors, startups such as Ecolibrium Energy, LoudCell and REConnect are providing forecasting and energy management solutions to large and medium-scale manufacturing and retail companies in India. These startups are able to improve fuel and power efficiency through real-time data analytics, forecasting, sourcing of power and switching to green energy where it’s possible.

“Our technology has a hardware device along with software support on the cloud, which helps them (clients) get real-time data of energy consumption on their premises, and we also help them take steps to optimise energy utilisation, plug leakages as well as help them access the cheapest source of power,” said Chintan Soni, co-founder and chief executive of Ecolibrium Energy, based in Ahmedabad. The company has 500 clients including companies such as Delhi Metro, Fiat, Arora Steels and Gobain. Companies investing in the technology saw energy costs go down 10-25%, Soni claimed.

The company, started three years ago, has been incubated by IIM-Ahmedabad and has received funding of Rs 7.5 crore from International Finance Corporation and Infuse Capital. It is targeting revenue of Rs 12 crore in the next two years.
“Since using their technology, my utility costs have come down 20%, and machine running costs have gone down 12%. I have been able to reduce transmission losses by 6%,” said Prakash Rawal, internal and project manager of Harsha Engineering, an Ecolibrium client which manufactures automotive parts. “With the device, we can replace manual reading with software reports.

REConnect, which provides forecasting and power sourcing services to energy companies, helps them reduce carbon footprint, besides trading in renewable energy certificates.
“We also help renewable energy clients in wind and solar energy with close to real-time forecasts as per requirement of the Central electricity Regulatory Commission. Our revenue comes on closing certain units of energy transaction and we charge per unit of transaction. We are looking at revenue of “We also help renewable energy clients in wind and solar energy with close to real-time forecasts as per requirement of the Central electricity Regulatory Commission. Our revenue comes on closing certain units of energy transaction and we charge per unit of transaction. We are looking at revenue of Rs 75 lakh in 2014-15 and target around Rs 3.5 crore in 2015-16,” said CEO Vishal Pandya.

The Media Article in Economics Times