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- USD $101k - $500k
- Business Stage
- Growth (home market)
17TeraWatts is a design-focused software company that helps energy companies meet the demands of the new energy consumer.
- Problem and opportunity
The $100 billion residential solar market is in transition from highly tolerant early-adopters to the mass market where new energy consumers expect seamless, on-demand service, and hyper-personalized interactions. Unfortunately, arcane business practices and complex energy products have led to poor customer experiences, customer disengagement, and rising customer acquisition costs, hindering the rate at which solar and other renewable energies are being embraced by the public.
- Value proposition
By focusing on the customer experience, we help energy companies ensure that their residential customers’ experience of embracing solar exceeds their expectations. This improves customer retention for energy retailers and lowers customer acquisition costs by driving more referrals, which are 10x more effective than traditional sales channels.
- What makes us unique
By integrating design thinking, behavioral science, and data automation, we have created a new category of business software called Energy Experience that helps energy companies cultivate the bond between people and the energy that powers their lives. Our patent pending approach called Bodhi seamlessly integrates with energy companies' operations and software tools to keep homeowners informed of every step of the solar installation process, monitor the performance of their investment, and makes it easy for them to refer their friends and neighbors.
- Business model
We are a B2B2C business. Currently, we sell to residential solar retailers but our business strategy has allowed us to strategically capture and own the customer relationship and generate recurring revenue throughout the 25+ year life of the solar home. Revenue is generated through three main streams: installation tracking service, referral-based lead generation, and ongoing life-of- system engagement.
The growth opportunity we're currently exploring in Australia is with electric retailers in hyper-competitive deregulated electricity markets.
- Go-to-market plan
Our initial target market are solar retailers. Our marketing strategy relies on industry trade shows and digital marketing campaigns to build awareness. Complimenting this are partnerships with established leaders in the industry for rapid exposure to larger audiences. For example, we currently have a co-marketing partnership with eGauge a manufacturer of energy monitoring hardware and with Amicus a cooperative of over 60 solar installation companies in North America.
We have learned that over a million Australian solar homeowners have no clue on the performance of their solar energy system and that they are willing to pay for a service that provides meaningful insights into the impact of their solar system. We also learned that electricity retailers are interested in tapping into this gap as a way to acquire customers from this growing segment of residential solar owners and improve customer retention. Towards this end, we have signed an MOU with DiUS, an Australian technology company, to provide a hardware+software solution to address this growing opportunity.
- Management team
We’re an interdisciplinary team with ivy-league credentials and over a century of combined success in design, solar, and software development. Co-founder and CEO Scott Nguyen is a Harvard PhD physicist with 17 USPTO patents and over 15 years of energy industry experience at venture- backed start-ups and major corporations. One of our investors and Board Advisors is Donald Kendall Jr who previously was a board member of Solar City and oversaw their acquisition by Tesla.
- Vision for the future
The residential solar market is growing at a rate that will see the amount of installed residential solar double every 2-3 years. Electric Vehicles and batteries are following similar adoption curves. As these new energy consumers expect more information, more awareness, and more control, Bodhi will be there to meet their expectations. Our vision is that Bodhi will become the heart and brains of the new energy experience - integrating solar + EV's + connected devices.
We are looking for technical, business, and investment partners to help us enter the Australian electric retail market. And once successful, deploy those solutions back in the US and beyond.