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Bank of America Banking On Green Technology |
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A lot of companies are talking about investing in green technologies to save energy, but Bank of America appears to think it could also be a profitable investment.
The Charlotte, NC-based bank announced this week that it has made an undisclosed investment in Field Diagnostic Services Inc. (FDSI), a Philadelphia company that makes energy management systems.
Using the company’s technology, Bank of America hopes to cut its heating and cooling costs and carbon footprint by 50%. It plans to deploy FDSI’s technology in some 3,300 banking centers nationwide.
By investing in the company, BofA is not only looking to cut its own costs, it is hoping to get a piece of the action as other companies invest in green technologies. “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,” FDSI president Todd Ross said in announcing the deal.
FDSI offers technology that enables faster and more accurate servicing of heating, ventilation and air conditioning units, which is says in turn decreases energy and operational costs. Perhaps more strategically, it is in the process of developing software that uses data captured from networked heating and cooling units to automatically detect energy waste, optimize energy costs and reduce onsite servicing.
Using the combined technology BofA hopes to reduce its annual greenhouse gas emissions by an estimated 14,000 tons a year.
The bank says the investment in FDSI is part of a $20 billion, 10-year commitment it has made to improving environmental sustainability throughout its operations.
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