In the winter, your apartment’s heating system is blasting out heat at random hours of the night. Still, when it isn’t randomly shooting out fire, it’s making odd noises and wasting a lot of energy. If you want to cultivate your heat and think about your wallet (and the environment) then think about Cozy, the new system created by Radiator Labs. It can be installed in your home or apartment to eliminates waste from your heater.
CEO Dr. Marshall Cox tells us about their time with MetaProp as well “that they are expanding its offering” and giving you a better experience living in NYC apartments.
Give us a brief description of your company.
Radiator Labs, winner of the MIT Clean energy prize, the Popular Science Innovation Award, and the Verizon Powerful Answers award, has developed a product that eliminates the waste implicit in steam heated buildings. The system, called the Cozy, is a wireless, low-cost, and easily installed retrofit that drops on top of radiators to control indoor temperatures in buildings with radiator heat. In individual installations the system can eliminate overheating and vastly improve comfort. By retrofitting whole buildings, the Cozy redistributes steam flow to heat up colder rooms faster, saving up to 40% in heating costs and yielding a potential cumulative annual savings of $7 billion over the 120 million residential and commercial radiators in the United States. The Cozy is currently installed in 8 buildings in the New York City area, the majority of which are part of a technology demonstration study funded by the New York State Research and Development Authority (NYSERDA), which is externally validating energy savings over a two-year study period.
What’s the size of the market you are attacking?
In the US there are 120 million radiators, and well over 200 million worldwide. At current unit prices, this would yield a worldwide market of over $100b.
What’s the business model?
Radiator Labs currently sells directly to larger portfolios, but will be connecting with distribution partners in the future to meet the needs of smaller portfolios and individual customers.
How is it different?
The business model is not necessarily new, but the product is.
What kind of traction have you achieved since joining the Accelerator?
Radiator Labs has significantly expanded its customer base, and will have over 1,300 units installed throughout 8 buildings by the end of January.
What was the experience like working with the MetaProp Accelerator?
It was great! A lot of exposure to many different perspectives.
What was your favorite part about being in NYC?
Radiator Labs is based in Brooklyn – it’s great!