Opower
| Company type | Subsidiary |
|---|---|
| Industry | Software as a service, Energy management software |
| Founded | 2007 in Arlington, Virginia, United States |
| Founder | Dan Yates, Alex Laskey |
| Fate | Acquired by Oracle Corporation in 2016 |
| Headquarters | Arlington, Virginia , United States |
| Products | Software-as-a-service platform for utility customer engagement and energy consumption analysis |
| Parent | Oracle Corporation |
Opower was a U.S.-based firm established in 2007, specializing in a software-as-a-service platform designed to engage utility customers. It functioned as an independent entity until Oracle Corporation acquired it in 2016. Presently, Opower's offerings are incorporated within the Oracle Utilities global division.
Founders
Established in 2007 in Arlington, Virginia, Opower was created by Harvard alumni Dan Yates and Alex Laskey. The duo originally met during their freshman year at Harvard and later reconnected while in San Francisco. Laskey’s experience included participation in an energy-centric political campaign and inspiration drawn from Robert B. Cialdini’s book, Influence: The Psychology of Persuasion, which emphasized the effects of social proof and normative social behavior to promote energy conservation.
Yates and Laskey recognized a chance to innovate within the energy sector by leveraging behavioral science through informational services rather than developing new technologies. Their first product delivered comprehensive home-energy reports that employed behavioral strategies to encourage customers to align their energy use with neighborhood standards. These reports featured personalized tips, smiley-face icons for top performers, addressed rebound consumption effects, and included comparisons among neighbors with similar residences.
President Obama's visit (2010)
On March 5, 2010, President Barack Obama visited Opower’s headquarters in Arlington, showcasing the company as an economic "success story" and a prominent example of clean energy employment growth. He commended Opower's expansion as a model for advancing clean energy initiatives nationally. This visit occurred shortly after his announcement of a $2.3 billion tax credit aimed at fostering "green jobs." Obama highlighted Opower’s contribution to improving energy efficiency, reducing costs, creating employment opportunities, and promoting a sustainable energy future. The White House issued a video documenting the occasion.
Later work
In July 2010, Opower broadened its presence by opening a second office in San Francisco and appointed Fred Butler—former president of the National Association of Regulatory Utility Commissioners and commissioner at the New Jersey Board of Public Utilities—to its advisory board.
On September 1, 2010, the World Economic Forum recognized Opower as a Technology Pioneer for the year 2011.
In November 2010, Opower raised $50 million during its third round of venture capital funding led by Accel Partners and Kleiner Perkins Caufield & Byers, facilitating accelerated expansion.
By 2012, Opower introduced the Outlier data blog presenting analyses derived from its extensive energy data spanning over 50 million households worldwide. Key studies examined included the influence of the Super Bowl on electricity consumption, usage patterns among electric vehicle owners, and trends in rooftop solar panel orientations.
In 2013, Opower enhanced its advisory board by adding former utility executives John Rowe and Dick Kelly along with former White House Director Carol Browner. Tom Brady, previously chairman of BGE, assumed the role of advisory board chairman.
Opower went public with its initial public offering on April 4, 2014.
On May 2, 2016, Oracle Corporation declared its acquisition of Opower for $532 million, subsequently integrating the company into Oracle’s global operations.
Science and technology
Opower utilizes advanced statistical algorithms focused on pattern recognition to interpret utility data without relying on in-home hardware. The platform is capable of usage disaggregation, separating heating and cooling energy consumption from total usage, which allows customers to uncover further opportunities for energy savings. Since its introduction, Opower's solution has contributed to lowering consumer energy consumption by 2% to 5%, resulting in a reduction of 13 billion pounds of emissions.
Awards and honors
In May 2013, Opower was featured on CNBC's first-ever Disruptors 50 List.
By November 2013, Deloitte recognized Opower as the fastest-growing technology firm in the DC area, ranking it #1 locally and #20 nationwide.
See also
External links
- Video: Alex Laskey: How behavioral science can lower your energy bill (2013) presented at TED on YouTube
- Video: Energy saving: Deena Rosen at TEDxUtrecht (2014), former design lead at Opower
- Podcast: Dan Yates, Co-Founder & former CEO of Opower (2019) available on Apple Podcasts
- Article: Opower CEO Dan Yates on Saving Power for the People (2014) published by The Mercury News