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ThinkEco

New York

Incubator: New York City Accelerator for a Clean and Renewable Economy

Jun Shimada and Mei Shibata, founders

Revenues: $2.5 million (2012)

Employees: 18

www.thinkeco.com

Despite calls for energy conservation, electricity use is still high in the United States, which puts pressure on the grid system and forces utilities to look for ways to lower energy usage. ThinkEco, a green technology company, reduces residential and commercial electricity use by enabling cloud connectivity to multiple energy loads in the home and office. As part of its platform, ThinkEco developed an innovative, energy-saving product called the modlet® (for modern outlet) – a cost-effective, intelligent outlet that communicates wirelessly to monitor, measure and control energy used by plugged-in devices. For example, if you have a window AC unit, you can turn it on from your smartphone 15 minutes before you arrive home. The modlet app is web browser and Android/iPhone compatible and has achieved mass-market interest, earning numerous awards and national media coverage. Via the modlet platform, ThinkEco offers cloud-based energy-efficiency and demand-response applications to utility partners and corporate clients.

Incubator’s role: The New York City Accelerator for a Clean and Renewable Economy orchestrated a partnership between ThinkEco and Consolidated Edison, one of the nation’s largest investor-owned energy companies. The partnership resulted in the creation of the modlet smartAC solution for window air conditioners, which was then deployed across 10,000 air conditioners in New York City in 2012. In addition, NYC ACRE fostered ThinkEco’s relationships with New York University and the NYC energy communities. “ThinkEco and NYC ACRE were a great fit from the start,” says Jun Shimada, ThinkEco co-founder. “The incubator’s advice, support, community and services helped ThinkEco establish itself in the market. And our mission to reduce energy usage matched up well with ACRE’s mission to develop a low-carbon economy in New York City.”

 

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