Another energy startup positioning itself to be at the forefront of a dramatically transformed energy industry lists on the ASX today.
BidEnergy (ASX:BID) hits the market following a reverse takeover of Cove Resources. Like Mojo Power, the company is using technology to change the way it manages power consumption for users, and puts the onus for business back on to the suppliers, who bid for the work.
The company is led by energy industry veteran Stuart Allinson, a former chair of the Climate Change Authority, with tech entrepreneur Anthony Du Preez, and counts corporates such as Cotton On, General Electric Australia and Luxottica (owners of OPSM and Sunglass Hut) among its clients.
The listing tips $7 million into the business off the back of just $40,000 in seed capital and $300,000 from friends and family in late 2013. Among those betting on BidEnergy are Melbourne BRW Rich listers, the Liberman family.
Bid’s point of difference is the data insights it offers into the energy consumption of its clients, even when they have multiple sites, alongside an automated bid process for power retailers to supply based on that data. All 20 major commercial energy suppliers are using the platform, and like Mojo, BidEnergy is generating its revenue from subscription fees, and not a retail markup on energy usage
Allinson says the platform is designed to bring transparency and control to a complex issue. He also has ambitions to roll out the service globally in deregulated energy markets.
“Through automation, our platform deploys rapidly, delivering value over the entire contract lifecycle. Listing on the ASX enables us to reach a broader audience and tackle what is a global problem,” he said.