EcoFactor grabs Cleantech Open's biggest prize

A Bay Area startup that offers software which aims to slash home energy consumption by managing heating and cooling was crowned the first national winner of the Cleantech Open Business Competition. EcoFactor’s prize was announced at the Cleantech Open Awards Gala on Nov. 17.

The company's software-as-a-service system uses a home’s wireless thermostat and broadband Internet connection to regulate temperature by incorporating data from inside and outside the home to calculate its individual thermal characteristics.

Redwood City, Calif.-based EcoFactor says its system can save users up to 30 percent in HVAC-related energy use, which itself accounts for about half the energy used in an average American home. In November, the startup announced a three-year contract with Texas utility Oncor.

The company was up against 11 other finalists, culled from an initial pool of almost 300 entrants. As the national winner, EcoFactor walked away with grand prize package of $100,000 in cash and $150,000 worth of in-kind serivices, such as legal, financial and marketing services. 

Now in its fourth year, the Cleantech Open business competition offers training, mentoring and funding to startups in six areas: transportation; renewables; energy efficiency; air, water and waste; green building; and smart power.

The day’s other winners included HydroVolts, a Seattle-based startup that makes in-stream hydrokinetic turbines, which won the contest’s sustainability award of $20,000 in services from B Corp, Climate Earth and NetSuite software (NYSE:N). Replenish Energy, a Puerto Rican algae-to-fuel startup won the Cleantech Open Ideas Competition and $100,000 in services such as marketing support and legal advising.