IDB Lab and Energy Dynamics Limited will help Trinidadian companies improve energy efficiency, promote clean energy and reduce the outbreak of COVID-19 in regional buildings
As part of its program to support emerging entrepreneurs in the Latin America and Caribbean (LAC) region to overcome the challenges of the pandemic, IDB Lab, together with its partners Deetken Impact Sustainable Energy and CABEF-HREFF, approved new debt financing to the Trinidadian company Energy Dynamics Limited (EDL) to provide services throughout the Caribbean to help companies convert to clean energy, improve their energy efficiency and install technology that reduces possibility of COVID outbreak in internal office spaces.
EDL is an Energy Service Company based in Trinidad and Tobago, founded in 2000. The company’s customers are based throughout the Caribbean, and include manufacturers, hotels, commercial offices, universities, and hospitals. EDL’s business to business (B2B) model helps their customers de-risk initial energy efficiency and renewable energy investments by providing solutions on a performance contract model, generating revenue either from shared or guaranteed energy savings, and providing financing over a period of up to ten years. The company has developed the Corporate Utility Management Program (CUMP) that, besides energy management, energy efficiency and renewable energy, also includes water management, indoor environment quality management (IEQ) & training and culture/ behavioral change management of staff.
Its newest product is the “C-MIST” service (COVID Management, Indoor Environment Quality Engineering, Sanitization and Technology), provides facilities and office buildings with COVID resistant conditions as a response to the COVID-19 pandemic in the region. Promoting the C-MIST service, EDL will expand the Indoor Environmental Quality (IEQ) component of its existing CUMP model to include services which will improve the ventilation and provide technical solutions to make existing regional buildings COVID-19 resistant.
As part of this service, EDL will be retro-commissioning buildings so that they have better ventilation and will include special high efficiency filters (MERV13+), ultraviolet (UV-C) lamps and bi-polar ionization technology on the HVAC systems. EDL expects that the CUMP and C-MIST services will be strategic to help the hospitality industry curtail operating costs and bounce back more quickly to operations, transmitting confidence to tourists seeking safe environments. The loans from IDB Lab and CABEF-HREFF will allow EDL to acquire the equipment and hire staff needed to bring these new technologies to fruition in several countries in the Caribbean region.
About IDB Lab
IDB Lab is the IDB Group’s innovation laboratory to promote development through the private sector by identifying, supporting, testing and piloting new solutions to development challenges and seeking to create opportunities for poor and vulnerable populations in the LAC region. To fulfill its role, it engages and inspires the private sector and works with the public sector when needed. www.bidlab.org/en
H-REFF (Honduras Renewable Energy Financing Facility) and CABEF (Caribbean Basin Sustainable Energy Fund) are two impact funds that co-invest as a single fund in renewable energy and energy efficiency projects and companies in Central America and the Caribbean that deliver solid financial returns and positive environmental and social impacts that contribute to the Sustainable Development Goals (SDGs). The Funds’ capital comes from a committed collection of anchor investors, including IDB Lab, the Global Environment Facility (GEF), innovative multilateral organizations, Canadian impact investors and a leading-edge Silicon Valley based foundation. The Funds are managed by Deetken Impact Sustainable Energy, a Costa Rica based impact investing advisory firm with presence in Canada, South America and the Caribbean deetkenimpact.com/sustainable-energy .