BlocPower, a startup from Brooklyn that turns buildings into Teslas

In our PropTech series, we continue to explore different startups that are changing the real estate industry. One of them is a Brooklyn-based climate technology company, BlocPower. 

Since 2014, the company has worked with government officials and non-profit organizations to retrofit buildings across New York. The founder of BlocPower, Donnel Baird, sums up the company's mission in his Twitter name: Turn Buildings Into Teslas.

BlocPower uses efficient heating and cooling systems to make buildings safer and more sustainable. The company works in underserved communities and turns older, gas-powered buildings into electric-powered ones. 

The electrification of housing units allows to lower energy bills by 20-40% per year, increase building value by 5-12% and reduce greenhouse gas emissions. By now, BlocPower has completed energy projects in more than 1,200 buildings across New York City area. The company has plans to expand nationwide. 

The climate-friendly startup uses monitoring and analyzing software to optimize the retrofit process. In addition, BlocPower launched a new initiative to bring low-cost, high-quality broadband and WiFi to communities in need.

Recently, BlocPower announced that Microsoft will invest $30 million to support the company. The debt investment comes from the $1 billion Climate Innovation Fund. So far, BlocPower has raised $63 million Series A round to electrify more buildings across the country, create new jobs, and help to address climate change.

Resources:

“Brooklyn startup BlocPower raises $30M from Microsoft in mission to ‘turn buildings into Teslas’,” by Ryan Deffenbaugh (Crain’s New York, 2022)

“Donnel Baird, 36,” by Matthew Flamm (Crain’s New York)

“CNBC DISRUPTOR 50, 47. BlocPower,” by CNBC.com staff (CNBC, 2021)

“BlocPower™ Raises $63 Million to Turn Urban Buildings Into Teslas™,” (BlocPower)

“$10/Month For Community Owned Wi-Fi,” (BlocPower)