City of Sydney Update
Wattblock delivered a market research survey to City of Sydney on the perceptions of strata committees this week. Highlights included average survey recipient expecting energy efficiency to cost their building $93k and only deliver payback over a 7.5 year period. In terms of barriers to energy efficiency, 60% of respondents don't know where to start, how much it will cost or how much they will save. 90% of respondents would be more interested in running energy saving projects if they knew what the savings would be in advance.
Capital Raise Update
Wattblock received an additional $100k of oversubscriptions to its seed round from investors with environmental and clean energy financing credentials. This brought the total capital raised to $600k. Further requests for term sheets have been received and are being considered.
Team Expansion
The team welcomes 4 new interns this week. Undergraduates Imogen joined on the Gold Coast and Greg joined in Sydney. We are also fortunate to have Abhishek joining us from the startup entrepreneurship program at AGSM and PhD candidate, Maryam joining from UNSW with a specialization in the integration of renewable energy with power systems.
Other Activities
- Finalized move to iCentral on October 30th
- Transition to the Xero accounting package
- Engaged ventilation company to create a solution for a strata building
- Mentored two UTS student companies on their muru-D application
- Attended a growth hacking workshop
- Shenzhen government featured Wattblock in a video shoot at ATP
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