Bank of America Invests In Energy Management Firm
The Charlotte, NC-based financial institution recently announced its investment in Philadelphia-based technology and services company Field Diagnostics Services, Inc. (FDSI). Bank of America also plans to deploy the firm’s energy management system in 3,300 of its banking centers nationwide. This move is expected to result in up to 50% cost savings for Bank of America when compared with using standard building control technologies. The FDSI software platform is also forecast to reduce annual greenhouse gas (GHG) emissions from the banking centers by an estimated 14,000 CO2 tons annually.
The investment is part of Bank of America’s $20 billion, 10-year environmental commitment to promote sustainability in its operations and through its lending, investing, and new products and services, said Richard Cohen, who leads environmental investments for Bank of America’s Strategic Investments Group.
“Bank of America is actively making strategic investments that reduce greenhouse gas emissions while helping spark the new environmentally sustainable economy, and our partnership with FDSI is an excellent example of this strategy,” Cohen said. “Our collaboration with the Bank’s Corporate Workplace group to make the investment in FDSI takes this new energy-saving technology out of the laboratory and to a level that can truly impact the environment as well as our bottom line.”
FDSI offers advanced enterprise software, handheld energy efficiency diagnostic tools, and project management services that enable more rapid and accurate servicing of heating, ventilation and air conditioning equipment, decreasing energy and operational costs. It is currently developing an upgraded enterprise software solution that uses data captured from networked heating and cooling units to automatically detect energy waste, optimizing energy costs and reducing onsite servicing.
“There are nine million commercial heating and cooling units in the U.S. that can benefit from our technology, enabling businesses to save money and meet their sustainability goals,” said Todd Rossi, president, Field Diagnostics Services, Inc. “Aided by the support from Bank of America, we are pleased to bring our clean technology solutions to the broader marketplace.”
Bank of America’s environmental initiatives emphasize business opportunities, created by green economic growth, by providing critical financing to encourage the development of environmentally sustainable products and technologies; accelerate the deployment of existing technologies; and increase energy efficiency. Results under these initiatives include investments in solar and other renewable energy efforts at schools, municipalities and businesses, and financing the preservation of redwood forests, among other efforts. At the same time, the company has policies in place against financing projects that would destroy primary moist tropical rainforests, certain endangered forests or companies involved in illegal logging.