Innovations in Sustainability Continue to Surface, Offer Companies More Ways to Achieve Goals, Show Results3 min read
The ways in which we consume and manage energy are changing as fast as the technologies that require it. As populations grow at a rapid pace, the need for more energy efficient, sustainable innovations becomes paramount.
Businesses recognize the need to be more sustainable and are looking for ways to meet their own carbon emissions reduction goals and to be able to show the results of the steps they take to achieve these goals. Innovations in sustainability continue to emerge that play such roles, such as the following:
1. Hybrid electric vehicles
Hybrid cars have been on the mass market for several years now, with the trend now seeing fully electric models becoming increasingly mainstream. Even as ubiquitous as the oil industry is, it may not be long before more consumer cars are powered by electricity than gasoline.
While hybrid vehicles generally cost 20 percent more than vehicles with standard engines, electric vehicles can cost as much as 70 percent more.1 Hybrid vehicles offer businesses, who wish to reduce their carbon footprint from transportation, a less pricey option. In addition, hybrid vehicles can reach a farther range. “Plug-in hybrids may drive for 10-50 miles using only electricity before they start using gasoline, and can then drive for about 300 miles,” according to the University of California, Davis. 2 “Most electric vehicles are currently capable of about 100 miles of driving before they need to be recharged.”
Constellation Technology Ventures, Exelon’s venture investing arm, invested in XL Fleet Electrification. The company is a connected fleet electrification company that manufactures electric powertrains for class 2-6 hybrid electric and plug-in hybrid electric trucks.
2. Sustainability monitoring and reporting
The ability to measure the impact of your business’ sustainability efforts is fundamental for being able to understand the existing baseline of metrics and subsequently monitor the impact of sustainability measures on your business’s bottom line and therefore to the environment. As a result, more companies and more are electing to purchase a metrics program.
Constellation invested in Measurabl, a cloud-based software that collects data, that creates investment-grade sustainability reports and helps you identify improvement opportunities. In commercial real estate, for example, environmental, social and government (ESG) data is used to exceed tenant demand for sustainable living, comply with governmental regulations and to access capital markets. A program like Measurabl allows a building to measure and show its steps toward sustainability.
3. Buying and selling of offsite renewable energy projects
Many forward-looking businesses are looking to deliver on commitments by transitioning to 100% renewable power via the purchase of offsite renewable energy. But, finding competitive project pricing and sifting through requests for proposals (RFP) has been a very manual and time-consuming process for most businesses. Online access to the most up-to-date details and diligence on projects and pricing can be an attractive alternative to businesses.
LevelTen, a CTV portfolio company, has created a web-based marketplace that streamlines the buying and selling of offsite renewable energy projects, such as wind and solar across North America. LevelTen’s platform connects project developers with corporate buyers in a way that facilitates easier execution of physical power purchase agreements and virtual power purchase agreements, while facilitating additional risk intermediation services.
4. Electric vehicle chargers
To support the massive electrification shift in the auto industry, ChargePoint has created the world’s largest, most open electric vehicle (EV) charging network. EVs could offer clear environmental and economic benefits, but their fueling infrastructure is far behind that of combustion-based cars – for now. ChargePoint’s mission is “to get everyone behind the wheel of an EV and provide a place for them to charge wherever they go.” Their growing network of over 25,000 charging stations serves parking operators, property owners, retailers, multi-family property developers and even residential customers.
ChargePoint also designs, builds and supports its network’s charging stations. Through the mobile app called “ChargePoint,” EV drivers get the convenience to schedule and monitor their vehicles’ charges in their homes, workplaces and public spaces.
Learn more about Constellation Technology Ventures (CTV), Exelon’s venture investing arm. CTV invests in companies representing innovative energy technologies and business models, building a portfolio that represents a broad range of development stages and technology types. To get in touch with a Constellation business representative, get in touch by email us at CTVDeploy@exeloncorp.com.