This past Wednesday at 1 Million Cups in Reno we got to see two presentations that focused on technology and management software for smarter energy use. Fossil-Lean is a company that is in the very early stages of planning their strategy but already had their main technology nailed down for fuel consumption tracking for the trucking industry. And LoadIQ has been in business for several years and are leaving the research phase and ready to go after large corporations with additional funding for their technology that tracks use of electricity throughout the day and week as well as by which appliance is using the electricity.
Greg Bynum of Fossil-Lean was the first to present his startup. The product his company plans to distribute is a new adaptation from the UK to monitor fuel levels in commercial trucks. There are several benefits to consistently and closely watching fuel levels in trucks that can carry 100 gallons of costly fuel. Apparently the industry does experience quite a bit of theft from siphoning and also to make sure that billed amounts are equal to actual amounts received from the pump.
Bynum’s background is in fire-fighting but he says he can’t stay still in retirement (apparently he’s run out of golf courses!). He was looking for general feedback from the crowd and hopefully connections with a good partner or connections within the trucking and fuel management industry. He says he has gotten great feedback to those who he has talked to about the technology. The audience was interested in different ways to profit off of the technology including a monthly service fee to provide reports to customers. There was also some different suggestions as to partnering with other companies already in the space. Several people said that they had someone Bynum needed to talk to.
A successful presentation for such an early stage company. We look forward to hearing more about this growing company (including hopefully moving manufacturing to Reno!).
The second company was LoadIQ presented by CEO Dr. Hampden Kuhns. This company originated out of the Desert Research Institute and is a hardware and software company. Their hardware plugs easily into most electric boxes and is able to distinguish between different “loads” or use of electricity per appliance.
This helps companies keep track of expensive electricity costs throughout the day and week per machine. Some of the early adopters of their technology have discovered air conditioning systems that were malfunctioning and turning on every ten minutes, janitors that were leaving lights on over the weekend and inefficient machines throughout their business or schools. Right now, the company is focusing on large applications where the payoffs can be significant and the complexity makes the simple “turning off the lights” not enough.
LoadIQ was looking for companies that want to check out their technology so they can improve their software and expand their experience as well as looking for potential investors.
What a green week at 1 Million Cups! We’ll see you next week!