Federal Funding for Energy-Efficient Projects to Boost Honeywell’s Revenue
Honeywell’s Building Solutions unit expects more revenue this year from stimulus funding for energy-efficiency projects, reports Bloomberg Businessweek.
Paul Orzeske, president of the unit, told Businessweek that about $18 to $20 billion in U.S. stimulus funding is earmarked for energy-efficiency projects, and only about 10 to 15 percent of the funding has been spent.
Orzeske also said in the article that Building Solutions has about $100 million in stimulus-financed orders scheduled for delivery over the next 24 months. He says what slowed the process is that municipalities and schools had to apply through state governments.
About 80 percent of the current market is tied to energy-efficient projects in the institutional and federal sectors, but private commercial buildings are the next frontier, according to a recent report from Pike Research.
In January, Honeywell announced that its recent quarter saw orders for efficiency-related products and services grow 45 percent to more than $650 million, including a $79 million renewable-energy and building-retrofit contract with Eastern Illinois University in Charleston, Ill.
Honeywell chairman and chief executive Dave Cote, said “the opportunity for energy efficiency is significant because residential and commercial buildings consume 80 percent of the electricity in the United States,” and that “Honeywell products and services could reduce energy consumption by 15 to 20 percent.
Some of Honeywell’s recent stimulus-funded projects include two renewable energy and building retrofit programs for two school districts in New Hampshire.
Several government-funded projects including $9 million in funding from the California Energy Commission for LED streetlight projects and $2.6 million for small businesses in Boston indicate that more stimulus funds are starting to flow.
The Boston Herald also reports that the Old Colony public housing complex in South Boston will receive $22 million in stimulus funding for redevelopment, including green building and energy efficient measures.
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