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Company |
thinkeco |
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http://www.thinkecoinc.com/
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Founded: |
11/2008 |
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City: |
New York, New York |
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Country: |
United States |
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CEO: |
Jun Shimada |
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Founders: |
Jun Shimada and Mei Siabata |
| Category: |
Other |
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Funding: |
VC |
| Tags: |
energyefficiency, green, sustainability, energy, smartmeter, energysavings, |
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Employees: |
6-15 |
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What does thinkeco do?
ThinkEco is a NY-based early-stage company developing easy-to-use energy efficiency technologies. The company embeds sophisticated electronics design and algorithmic expertise into its solutions so that a user can easily save money and energy with minimal effort. Its first product, the modlet (modern electrical outlet) monitors and manages electricity at a plug-load level. By using the modlet, current pilot testers have been able to save more than 10% of their electricity usage without disrupting daily routines, which equates to a payback period of approximately 6 mo.
Users simply plug the modlet into existing outlets and then plug-in appliances. The ThinkEco web application works as a control panel for the system (via the users computer), wirelessly communicating directly to his/her modlets. The web app automatically generates an on/off schedule, turning off appliances when they are not in use and therefore wasting energy. Appliances are turned on again before the user needs them.
The modlet system is scalable for an entire office or home. Because it’s a portable solution the modlet can be moved from location to location as needed.
How are they different?
Plugged-in appliances comprise 40% of residential, 26% of commercial energy use today. They are the fastest-growing energy load in both sectors and are expected to triple by 2030, as more people acquire more electronics. The number of appliances that draw wasteful standby power is also on the rise, resulting in a growing pool of wasted energy use amidst the steadily rising electricity bill.
Consumers are seeking easy and affordable ways to reduce this waste, but current solutions either involve inconvenient or manual behavior changes or tend to be expensive and labor-intensive home automation projects. Most of these solutions also fail provide verification of savings to the end user, making customer adoption and retention of these devices historically low. Standby power accounts for more than 100B kWh of annual U.S. electricity consumption and more than $10B in annual energy costs, creating a significant savings opportunity.
The modlet will be the first technology available on the market to provide an effective and simple way to address the wasted energy generated by plugged-in appliances.
Why could thinkeco be BIG?
The US consumer market is increasingly becoming energy conscious. 75% of American consumers are worried that home energy prices will increase over the next 5 years (2009 CEA survey). To mitigate the effect of rising energy prices, 80% of consumers say that they will closely monitor their electricity consumption, 73% will investigate new technologies to conserve electricity, and 69% will reduce the usage of products that consume electricity. When asked about their interest in technologies that improve energy efficiency, the majority of consumers are also motivated by both financial and non-financial considerations (i.e., being environmentally responsible). The modlet provides consumers with a new way to address their energy consumption.
Despite the proliferation on the market the modlet is the best solution to meet customer needs, (for reasons previously stated).
How they plan to make money:
Initial profits will be made through sale of the modlet which will be on the market Q4 of 2010.
Our thoughts:
No thoughts at the moment. Very interesting!
Please visit their website to learn more: http://www.thinkecoinc.com/
ThinkEco is either very confused, or “stretching” the truth. For a $40 appliance to payback in 6 months implies $80 of annual savings, which in turn implies an *average* reduction of about 80 watts of vampire power. There are virtually no appliances which use anywhere near this much. Most appliances use no more than 10 watts while on standby, and the vast majority (even cordless phones) use <5 watts.
Even if there were, nearly all consumers would be better off buying a standard, analog appliance timer costing $15 then ThinkEco's $40 product. These appliance timers are not "labor-intensive home automation projects"; rather, they "just work" when plugged in and are just as easy to use as a programmable thermostat.
nice. I also like this