Cox Enterprises invests $20 million in an energy-tech company
ATLANTA, June 4, 2019 /PRNewswire/— Cox Enterprises today announced that it has invested $20 million in Carbon Lighthouse, an innovative company that helps commercial building owners significantly reduce their energy costs and environmental footprint with no upfront cost. Cox Enterprises is a private, family-owned company with $21 billion in revenues and a long-standing commitment to building businesses that support local communities and the environment.
“Our investment in Carbon Lighthouse aligns perfectly with our mission to be a force for good in the world,” said Alex Taylor, president and CEO of Cox Enterprises. “At Cox, we strive to build great businesses that also have a positive impact on both our people and our planet.”
The investment in Carbon Lighthouse is part of Cox Enterprises’ broader strategy to build a multi-billion-dollar business that addresses sustainability challenges, while also driving topline growth and diversifying its business. Areas of interest for Cox Enterprises include renewable energy production and energy efficiency, sustainable agriculture and water.
“Cleantech is the perfect space to help diversify and grow our business,” said Evelyn Bolden, senior director of cleantech strategy and investments at Cox Enterprises. “We’ve made great progress in meeting our sustainability goals, and investing in cutting-edge cleantech companies like Carbon Lighthouse will help us make an even bigger impact.”
Carbon Lighthouse uses its proprietary technology to analyze new sources of building data to uncover hidden inefficiencies and deliver the most profitable energy solution for each unique building through its ongoing service. Since 2010, the company has served hundreds of buildings across the country and doubled revenue and impact every year for the last nine years.
“We need to do work that is highly profitable for clients and ourselves, otherwise there is no way to scale large enough and quickly enough to stop climate change,” said Brenden Millstein, CEO and co-founder of Carbon Lighthouse. “As we continue to double year-over-year for the next many decades, we are grateful for existing investors and new partners like Cox Enterprises who are committed to growing companies for long-term impact.”
The technology and expertise offered by Carbon Lighthouse also enables building owners to contribute to global efforts to reduce carbon emissions. The U.S. Green Building Council has estimated that buildings account for 39 percent of carbon dioxide emissions in the United States. Since 2010, Carbon Lighthouse’s solutions have enabled a reduction in carbon emissions that is equivalent to taking eight power plants offline.
Since 2007, Cox Enterprises has invested more than $350 million in sustainable businesses and technologies, and it is the largest investor in Carbon Lighthouse. Other recent investments include: BrightFarms, a sustainable agriculture startup; True North Venture Partners, an investment firm with a portfolio of sustainable technologies and businesses that are reshaping the energy, water, fuels and chemicals industries; the Southeastern Solar Farm Fund, a partnership that operates four solar farms across Georgia and Florida; the New River Clean Energy Facility, a landfill gas power generation project; and the Golden Isles Conservation Center, which removes tires from the waste stream and breaks them down into their original components for recycling.
In addition to investing in sustainable technology companies, Cox Enterprises has taken bold actions to reduce its own environmental footprint. Through its national sustainability program, Cox Conserves®, Cox Enterprises is on track to send zero waste to landfill by 2024 and become water and carbon neutral by 2044. So far, the company has offset 567,000 tons of carbon, saved 276 million gallons of water and diverted 170,000 tons of waste from landfills, according to its annual CSR Report.
About Cox Enterprises
Cox Enterprises is dedicated to building a better future through our leading communications, automotive services and media companies. Our major operating subsidiaries include Cox Communications, Cox Automotive and Cox Media Group. Headquartered in Atlanta, Georgia, Cox is a global company with $21 billion in annual revenues and brands that include Autotrader, Kelley Blue Book and Cox Homelife. Founded in 1898 by Ohio Governor James M. Cox, the company is a family-owned business committed to its people, communities and the planet. To learn more about Cox, visit coxenterprises.com, view our Sustainability Report at coxcsrreport.com, or us follow us on Twitter via @CoxEnterprises and @AlexTaylor_Cox.
About Carbon Lighthouse
Carbon Lighthouse is on a mission to stop climate change by making it easy and profitable for building owners to eliminate carbon emissions caused by wasted energy. Their unique approach to Efficiency Production goes deep into buildings to uncover and continuously correct hidden inefficiencies that add up to meaningful financial value and carbon elimination that lasts. Since 2010, commercial real estate, educational, hospitality and industrial customers nationwide have chosen Carbon Lighthouse to enhance building comfort, increase net operating income and achieve their sustainability goals. For more information visit: www.carbonlighthouse.com.
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