(Photo Credit: Charles Smith, Flickr Creative Commons)Logical Buildings introduced the EPAX software platform today. This energy procurement, advisory, and execution proptech tool is designed to help building owners manage energy expenditure risk.
The tool provides building owners and managers insight into — and control over — energy procurement, creating new opportunities for intelligent planning and reducing costs, according to the company. Based in Livingston, New Jersey, Logical Buildings develops smart building technology, integrates IoT and DER systems, and provides smart building services.
The EPAX software platform monitors energy markets in real time for price changes and potential long-term cost savings, and then it notifies property managers about these opportunities on a daily basis, Logical Buildings explained.
Once the software determines the optimal term, rate structure, and supply contract covenants, users can quickly jump onto lower-priced contracts through a transparent reverse auction where suppliers compete in real time. This, says Logical buildings, results in low-priced bids that do not favor any individual supplier.
“EPAX is unique in its ability to break down complex market data into simple choices for property owners and managers, allowing them to secure the best-possible contract terms, as well as organizing and managing energy utility accounts for large, diverse portfolios,” the company says.
The new software also works with Logical Buildings’ SmartKit AI software and mobile apps. By incorporating EPAX, property managers can simultaneously change the temperature in the lobby of a New York City high-rise and measure their cumulative risk exposure if New York electricity prices were to rise by 10% over the summer, according to the company.
Jeff Hendler, CEO of Logical Buildings, told Energy Manager Today that one of Logical Buildings’ flagship clients purchases more than $15 million of energy annually across the nation.
“We have digitally transformed their entire approach to energy procurement, providing them mark to market cohort evaluations of real estate asset energy expenditure risk per traded regional hub, pre-qualifying supplier contract covenants, and enabling them to transparently bid their incumbent supplier against other credible suppliers,” he said. “They see everyone’s bid in real time — they no longer live behind the traditional broker iron curtain.”
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