EfficiencyOne and Efficiency Capital Announce Partnership to Accelerate Energy Efficiency Adoption in Nova Scotia

EfficiencyOne and Efficiency Capital Announce Partnership to Accelerate Energy Efficiency Adoption in Nova Scotia

FOR IMMEDIATE RELEASE

New initiative will provide fully funded, turnkey solutions for low-carbon building retrofits.

Dartmouth, NS – June 13, 2023 – EfficiencyOne and Efficiency Capital today announced a partnership to help building owners and operators across Nova Scotia decarbonize their buildings. The unique collaboration will allow building owners to access to fully-funded, turnkey energy efficiency and net-zero retrofits that are paid for over time to ensure they are affordable compared to current alternatives, thus removing a major barrier to the adoption of energy efficiency solutions across the province.

EfficiencyOne, operating in Nova Scotia as Efficiency Nova Scotia, is Canada’s first energy efficiency utility and delivers energy efficiency programs and services to Nova Scotians. Efficiency Capital is Canada’s first energy-as-a-service company that invests in low-carbon projects across Canada, with a focus on the built-environment.

EfficiencyOne identified that private-sector partnerships are critical to bringing more innovative financing and impact investment to accelerate the uptake of energy efficiency and carbon-free technologies and measures in the province.

“We are excited to partner with Efficiency Capital to accelerate energy efficiency and de-carbonization in Nova Scotia,” said Stephen McDonald, President and CEO of EfficiencyOne. “This partnership will allow us to leverage our local knowledge and resources to deliver more energy efficiency solutions to Nova Scotians, helping them save money on their energy bills and reduce their environmental impact.”

Efficiency Capital’s funding solutions reward clients who undertake deep energy retrofits, thus enabling higher greenhouse gas (GHG) reductions. Owners benefit from lower costs compared to the market when undertaking such retrofits. All the work at client sites will be implemented by local ecosystem partners—including engineers, contractors, consultants and maintenance professionals—to ensure that all jobs and economic growth stay local.

“We are committed to investing in Nova Scotia and helping the province reach its climate goals,” said Chandra Ramadurai, CEO of Efficiency Capital. “Two of the major barriers to energy efficiency adoption are the availability of capital and capacity. This partnership with EfficiencyOne will allow us to bring our expertise and capital to bear on de-carbonization and efficiency projects across the province, helping to create local jobs as part of Nova Scotia’s energy transition.”

The Memorandum of Understanding signed between both parties is the first step in a long-term relationship between EfficiencyOne and Efficiency Capital. The agreement demonstrates each organization’s respective commitments to helping the province reach its climate goals of reducing GHG emissions by 53% below 2005 levels by 2030 and reaching net zero by 2050.

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About Efficiency Capital

Efficiency Capital (EC) is one of Canada’s first energy-as-a-service companies that develops, funds and manages net-zero projects in the built environment. Incubated by The Atmospheric Fund (TAF) – a regional climate agency that is the Toronto and Hamilton area hub of the LC3 network, EC seeks to increase the flow of third-party capital into such projects by leveraging strategic partnerships with various banks, impact investors, community foundations and other organizations to enable the transition to a low-carbon economy. EC has access to over $100M in low-cost project funding to deliver fully funded, turnkey and de-risked decarbonization solutions. For more information visit www.efficiencycap.com.

About EfficiencyOne

EfficiencyOne, operating in Nova Scotia as Efficiency Nova Scotia, transforms the way people use energy. Together, we help people achieve their energy goals, save money, conserve resources, improve wellbeing, and combat climate change. Our role is to inform and motivate Nova Scotians to use less energy, use it smarter, and enjoy the good things efficiency brings. Investing in energy efficiency comes with many benefits—lower heating bills, more comfortable spaces, new jobs in your community, and a smaller overall carbon footprint. To date, EfficiencyOne has achieved more than $4 billion in energy savings, including over 400 million for low-income homeowners and renters, and contributed 22% of Nova Scotia’s GHG emission reductions. For more information visit www.efficiencyone.ca.

Media Contacts:

EfficiencyOne

Janet Tobin

Communication Lead

jtobin@efficiencyns.ca

902-499-6494

Efficiency Capital

Manasvi Thakur

Account Manager

manasvi@bubblegumcanada.com

437-366-4207