Kelvin Partners with Enduring Planet to Accelerate Heating Decarbonization in Multifamily Buildings

Kelvin is decarbonizing heating in older multifamily buildings by making existing heating systems smarter and more efficient. In cities like New York, many buildings rely on central steam and hydronic systems that deliver the same heat to every apartment, regardless of need. This often leads to overheating and wasted energy. Kelvin's Cozy enclosures give residents individual temperature control while working with the building's existing boiler. Its networked platform uses building-level data to improve heating efficiency and make electrification more affordable.

Kelvin has deployed 30,000 Cozys across 15,000 New York City apartments. NYSERDA has validated average heating savings of 25.5%, and the measure is now included in the New York State Technical Resource Manual. Kelvin's technology also helps avoid approximately 15,000 tons of CO₂ emissions annually.

Despite its growing traction, Kelvin faced challenges securing financing that aligned with its business model. The company's revenue is contracted, but inventory, installation, and operational expenses typically come six to nine months before payment. Traditional lenders struggled to accommodate this cash flow structure, leaving Kelvin looking for a partner that understood its business and could support its continued growth.

Enduring Planet partnered with Kelvin to:

• Provide non-dilutive working capital to fund inventory and operations ahead of contracted revenue
• Offer financing without personal guarantees, preserving ownership while reducing personal financial risk
• Structure a facility around Kelvin's cash flow, enabling the company to take on larger projects without waiting for earlier ones to pay out

Enduring Planet's understanding of Kelvin's business allowed us to structure financing around its contracted revenue and upfront project costs. The facility closed in May alongside an equity round, which our commitment also helped secure.

With this financing in place, Kelvin is well-positioned to take on larger projects, reach more apartments each heating season, and continue its mission to decarbonize heating in older multifamily buildings.

Enduring Planet engaged with our business at a moment when most lenders were pulling back. Their focus lets them evaluate deals that look non-standard but are fundamentally sound.

Marshall Cox

Founder & CEO, Kelvin