Weekly Update

November 1, 2024 (Review of Week EOY-9)

No message to kick off this week, just the facts. Bomee will be back for next week’s memo!

Metrics

• Unique Buildings: 5,793 (October, +104 MoM)
• Annual Run Rate: $1.7M (+$340K MoM)
• Monthly net burn: $98K (average over last three months)
• 2024 Transaction fees to date: $25,563 (+$15,164 WoW - Carleton paid!)
• Outstanding invoices as of today: $95,333 (+$15,529 WoW)

Last Week’s Highlights

• Jeremy and I had some good discussions about the data ingestion piece of the CPC CFHF revised scoping project. There’s been some iteration, and I think we now have a better plan that will reduce unnecessary work and should provide a better UX. (JB)
• I demoed Momentum Monday at a Con Edison’s Participating Contractor event. A few existing users came up to tell me how helpful Momentum is, and a few new folks wanted to sign up. That’s always good to hear. (JB)
• Last week was our SOC 2 “client visit week,” with an auditor poking around via meetings and deep dives on docs, issues, and PRs. We’ll likely have follow-up homework on a few possible “exceptions” to explain or mitigate, but it seems that the process went smoothly. Let’s continue walking the talk on security! (FH)
• Sales re-engagement with NYC channel partner Aurora Energy Advisors about how Momentum can add value to the LL97 compliance process across the 1,000 - 1,500 NYC buildings they serve. There is a market opening in NYC with the first year of LL97 reporting months away. Starting in 2025 service providers will be charging owners a couple thousand books a building to “certify” building carbon footprint…. seems like a great moment for them to also offer streamlined decarb plans. Also re-engagement with Levitus, a northeast focused non profit lender who now seem to get what a Momentum scope builder subscription could do for them to build a GGRF pipeline. (MZ)
• Constructive feedback from our partner Kinetic Communities on a recent affordable housing bid process with a large owner. We talked through how our process can evolve to handle more complex project situations where there is uncertainty about exact rebate amounts during the contractor bidding phase. (MZ)

Any missing highlights? Please share in Slack comments.

Crow’s Nest

Looking out for icebergs: What are the risks on the horizon that we’re watching for and navigating around?

Jason’s List

• Making it easier for contractors to submit bid pricing is critical for our larger vision. The spreadsheet parsing we have for generic projects should be a step up from the in-app bid form that most CPC CFHF contractors avoided. That spreadsheet bid form is still very structured though, and eventually we’ll need to figure out a way to pull in and make sense of whatever format contractors want to send us.
• Which RFPs will we win? Not only will this affect budget and hiring, it will impact our product roadmap. What features will we need to deliver and when?

François’ List:

• Speaking of navigating around, the broad range of short- to mid-term possible opportunities for revenue we discussed last week look like “charging stations” for our EV road trip. We will have to plan our trip carefully, or risk spending time and money building features no one needs now, or creating tech debt that quickly slows us down more than it saved us time initially.

Marc’s List:

• Our partner Kinetic Communities has some uncertainty in the programatic funding streams that support their work. As a power user of Momentum, this uncertainty has the potential to impact our transactional pipeline development work.

• Erika’s List:
• We have been working on cleaning up FinOps items so we are in a good place to have consistent, reliable reporting by year end. We are starting to do the same for our other operational areas (HR, Compliance) to make sure our processes can scale, that we are tracking the right information and making sure that information is available to support reporting, compliance and decision-making.

On Deck for This Week

• We’ll be meeting with the NYC councilmember who has proposed requiring the installation of ACs in apartments. This is an important issue, and apartments should eventually have access to cooling. But the current language in the bill is problematic and may undercut the city’s larger decarbonization efforts. 🤞 for a receptive audience. (JB)
• We’ll start discussing the our 2025 scope of work with Willdan, earlier than it’s been in past years. We’re eager to try out adding our project bidding features into their program–hopefully this can be part of next year’s contract. (JB)
• Need to get a handle with Kate on who’s in and who’s out for the affordable housing bidding pilot between now and the end of the year. (MZ)
• Partnership conversations with prospective team members for the large NYC Accelerator RFP that we expect to be released soon (MZ)

• We have our next Quarterly Goals meeting on Thursday where we will look ahead, as a team, to Q4 and Q1 2025. (EP)

• Here’s what’s on the Company Radar

Please Leave Feedback

Please note your reaction to this update in the Slack channel. It helps us to know what is resonating, what is unclear, etc. Thanks!

• What are your highlights / lowlights?
• Did we miss a highlight? Something else you want to react to?

There were no comments this week.