The Wall Street Journal is reporting that energy efficiency data firm Opower is moving closer to its Initial Public Offering,which was originally rumored in November 2013.
Opower has gained traction with its residential energy efficiency technology, and is now targeting more small business customers.
The company works with about 90 utilities worldwide to show homeowners how their electricity usage compares to their neighbors, and Opower provides suggestions for energy efficiency.
“Opower taps into the roughly $6 billion that US utilities spend on energy-efficiency programs annually,” states the WSJ.
Recently, Opower said it is expanding its small and medium business (SMB) line to deliver energy efficiency savings for three new utility clients, including National Grid. Opower says SMBs are a difficult-to-reach segment for utilities, and they use five times more energy, on average, than their residential counterparts. Opower will use its behavioral science and data analytics technology to provide SMBs with comparisons to similar businesses.