Company Plans Aggressive Expansion in 2022, Including Expanded Teams, Product Lines, and Chicago HQ
GALESBURG, Ill., Dec. 7, 2021 /PRNewswire/ — Intellihot, the clean technology company creating innovative, next-generation solutions to transform the built environment, today announced that it has raised $50 million in growth financing led by investors Aegon Asset Management and the Avenue Sustainable Solutions Fund.
Intellihot is focused on creating breakthrough technologies to disrupt the $81 billion global HVAC market and plans to expand internationally. Intellihot’s innovative, AI-enabled green technologies are used around the country by large facilities including hotels, restaurants, stadiums, hospitals, and more. Current Intellihot customers include Hilton, Marriott, Hyatt, Benihana, the New York City Housing Authority, and Levi’s Stadium, home of the NFL’s San Francisco 49ers.
The growth financing will be used to expand Intellihot’s sales, marketing, and operations capabilities, propel the company’s research and development of advanced sustainable technologies, and increase production and scaling of existing products. As part of the planned expansion, Intellihot will add 50 new positions over the next two years, a 50% increase in company headcount. A significant portion of the expanded team will be based in Intellihot’s new Chicago headquarters slated to open in 2022.
“If we as a society have learned anything from COP26, it’s that we can’t wait to implement climate solutions and cut emissions,” said Sridhar Deivasigamani, founder and CEO of Intellihot. “We are proud to announce our planned expansion, enabled by this round of growth financing. The next few years will be significant for the Intellihot team as we continue to expand into lodging, multi-family housing, senior living facilities, schools, universities, restaurants, and more. We are dedicated to disrupting the ways commercial facilities heat and use water, slashing greenhouse gas emissions, and in doing so, ushering in a more sustainable future.”
“We are thrilled to announce our investment in Intellihot, a global leader in green technology working to revolutionize the built environment. Intellihot recognizes that, first, we’re using the same archaic hot water technology we used 150 years ago. And second, we wait for HVAC systems to fail before we replace them — without considering the potential loss of revenue and customer goodwill associated with system downtime,” said James Rich, Senior Portfolio Manager at Aegon Asset Management. “Intellihot’s green technology solutions solve both of those problems, while simultaneously reducing the greenhouse gas emissions of large commercial facilities. We look forward to working with the Intellihot team to scale these technologies and change the built environment for the better.”
“Paradoxically, hot water access is everywhere, necessary, and yet easy to overlook — until you don’t have it anymore. Intellihot has recognized the enormous opportunity at hand to integrate hardware and software into a smart, environmentally sustainable solution to improve how commercial facilities use hot water,” said John Larkin, Head of Impact Investments and Co-manager of the Avenue Sustainable Solutions Fund. “Intellihot reflects well upon our strategy to partner with great businesses that can deliver financial performance along with beneficial outcomes for society and planet.”
Founded in 2009, Intellihot creates transformative, next-generation technology solutions to transform the built environment, providing customers with increased efficiency, reliability, safety, and sustainability. Purpose-built for commercial applications, Intellihot’s advanced technology solutions are carefully engineered to provide decades of reliable and predictable service, reducing water and energy waste as well as capital and operating costs for customers.
About Aegon Asset Management
Aegon Asset Management’s 370 investment professionals manage and advise on assets of $461 billion, as of September 30, 2021, for a global client-base of pension plans, public funds, insurance companies, banks, wealth managers, family offices and foundations. The firm’s investment capabilities include offerings from four investment platforms where we have extensive asset-class expertise: Fixed Income, Real Assets, Equities and Multi-Asset & Solutions. Each platform has dedicated teams, organized globally and committed to their specialist areas. Aegon AM has 1,200 employees across Europe, the Americas and Asia. Learn more about Aegon AM at aegonam.com.
About Avenue Sustainable Solutions
The Avenue Sustainable Solutions Fund, L.P. seeks to provide creative financing solutions to high-growth companies that can demonstrate a measurable, positive environmental outcome alongside competitive financial returns. It focuses generally on North American companies within the underserved segment of the market created by the widening financing gap between commercial banks and larger debt funds. For additional information on Avenue Capital Group, which is a global investment firm with assets estimated to be approximately $11.8 billion as of October 31, 2021, please visit www.avenuecapital.com.