BuildingIQ makes steady start to trading

BuildingIQ, an energy management software provider, is looking to expand overseas after a steady start to trading on the Australian share market.

BuildingIQ, which provides software to manage energy use in buildings, is looking to expand into Southeast Asia after successfully listing on the Australian share market.

BuildingIQ securities, which listed at $1.00 each, closed their first day of trading on Thursday at the same price, with about 2.8 million securities changing hands.

The securities opened at $1.01 and traded between 99 cents and $1.03.

BuildingIQ raised $20 million in its initial public offer of 20 million Chess Depository Interests (CDIs).

That gave the company an initial market capitalisation of about $85 million.

BuildingIQ, which conducts 75 to 80 per cent of its business in the United States and the rest in Australia, plans to use money raised in the float to expand into new international markets.

"We want to increase our successful footprint in Australia and the US, but we also wish to expand geographically," BuildingIQ chairman Alan Cameron said.

"The board will be looking at various options with respect to that pretty quickly."

Mr Cameron declined to specify where other than to say "places in Southeast Asia".

BuildingIQ was founded in Sydney in 2009, and established itself in the United States in 2012. It has headquarters near San Francisco.

Its software, which is based on technology developed by the CSIRO, predicts and manages heating, ventilating and air conditioning (HVAC) loads in large commercial buildings.

The software, which is linked to a building's energy management system, calculates optimal energy use and timing based on weather forecasts, energy prices, tenant comfort, building characteristics and demand.

It then automatically instructs the building's energy management system to make changes to heating and cooling operations.

For example, a building can be cooled down between 4am and 6am when energy is cheap, and by the time people start arriving for work, the building should be at the optimal temperature.

Mr Cameron said other energy management solutions require human intervention.

Building IQ says its software has enabled owners and building managers to use less energy and cut HVAC energy costs by 10 to 25 per cent.

The software is best suited to large commercial buildings with a single occupant, and there are more of those types of buildings in the US than in Australia.

BuildingIQ's software is used in more than 140 buildings, including office blocks, hospitals, universities, hotels, government facilities, utilities and casinos in Australia and the United States.

Source AAP

Stay up to date with SBS NEWS

  • App
  • Subscribe
  • Follow
  • Listen
  • Watch