Opower

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Opower
Subsidiary of Oracle Corporation
IndustrySoftware
FateAcquired by Oracle Corporation in 2016
SuccessorOracle Corporation
FoundedSan Francisco, California (2007)
FounderDan Yates
Alex Laskey
Defunct2016 Edit this on Wikidata
HeadquartersArlington County, Virginia, U.S.
Area served
Worldwide
Key people
Scott Neuman (Group Vice President)
ProductsDemand Side Management/Energy Efficiency
Software as a Service
Connected Homes/Customer Engagement
Peak Management/Load Shaping
Digital Self Service
Proactive Alerts
DER Customer Engagement
Call Center Interface
Websiteopower.com/ Edit this on Wikidata

Opower provides a software-as-a-service customer engagement platform for utilities. It existed as an independent corporation until its acquisition by Oracle Corporation in 2016. The Opower product line is under the Oracle Utilities global business unit.

History and growth[edit]

Founded in 2007 by Dan Yates and Alex Laskey, Opower was originally headquartered in Arlington, Virginia.

In July 2010, Opower opened a second office in San Francisco and had Fred Butler, a former president of the National Association of Regulatory Utility Commissioners (NARUC) and commissioner of the New Jersey Board of Public Utilities, join its advisory board.

In 2013, Opower added former utility CEOs John Rowe and Dick Kelly, and former White House Director, Carol Browner, to its advisory board. Tom Brady, former chairman of BGE, was named chairman of the advisory board.[1]

On September 1, 2010, the World Economic Forum announced the company as a Technology Pioneer for 2011.[2]

In November 2010, the company announced its third round of venture capital funding, a $50 million investment led by Accel Partners and Kleiner Perkins Caufield & Byers, to accelerate its expansion.[3]

In May 2013, Opower was named to the Inaugural CNBC Disruptors 50 List.[4]

In November 2013, Opower was named the #1 fastest-growing tech company in the DC region, and #20 in the US, by Deloitte.[5]

Opower held its initial public offering on April 4, 2014.[6]

On May 2, 2016, Opower announced that it was being acquired by Oracle. [7] [8] [9]

Science and technology[edit]

Opower's software uses statistical algorithms to perform pattern recognition analysis from data in order to derive information for utility customers. Without any devices installed in the home, the platform can perform usage-disaggregation analysis, presenting end users information such as heating or cooling usage apart from overall usage, and thus allowing them to spot additional opportunities to save money.[10] The average customer receiving the Opower platform has cut energy usage by more than 2.5 percent.[11]

Opower's Home Energy Reports incorporate the behavioral science techniques of Robert Cialdini, Opower's former chief scientist and the author of Influence, a 1984 book on persuasion.[12] The reports include targeted tips that seek to motivate customers to lower their energy consumption to the "normal" neighborhood rate. The reports also feature smiley-face emoticons for the most energy-efficient homes, a feature that Opower added after research showed that some consumers who used less energy than average started using more once they knew the norm. The reports also compare energy usage among neighbors with similarly sized houses.[13]


President Obama's visit[edit]

Barack Obama

President Barack Obama visited Opower headquarters in Arlington on March 5, 2010. He touted the company as an economic "success story" amid a troubled economy and as a "great emblem" for clean energy jobs.[14]

During the visit, Obama said the company's growth is "a model of what we want to be seeing all across the country."[15]

He made the visit two months after announcing a "$2.3 billion program"[16] of tax credits for "green jobs." "The work you do here...is making homes more energy efficient, it's saving people money, it's generating jobs, and it's putting America on the path to a clean energy future", Obama said at Opower.[17]

The White House released a video of Obama's appearance.[18]

See also[edit]

References[edit]

  1. ^ "Former CEOs of Xcel, Exelon Join Opower, Electric Light & Power, June 10, 2013
  2. ^ Thirty-One Visionary Companies Selected as Technology Pioneers 2011
  3. ^ "Opower plans expansion with $50 million investment," The Washington Post, Nov. 30, 2010
  4. ^ "CNBC Disruptor 50" CNBC, May 20, 2013
  5. ^ "Technology Fast 500 2013 Ranking", Deloitte, November 13, 2013
  6. ^ "Opower IPO: Opens up strong, starts trading at $25 per share", Gigaom, April 4, 2014
  7. ^ https://opower.com/oracle/
  8. ^ "Oracle agrees to buy Arlington energy data firm Opower for $532 million". Retrieved 28 December 2016.
  9. ^ "Oracle and Opower". Retrieved 28 December 2016.
  10. ^ "Opower Separates Heat, Light in Home Energy," Greentech Media, December 17, 2009
  11. ^ "Energy Use: Neighbor vs. Neighbor", Bloomberg Businessweek, 9 November 2009.
  12. ^ "Finding the 'Weapons' of Persuasion to Save Energy," New York Times, June 21, 2010, originally published in ClimateWire
  13. ^ "Do you use more energy than your neighbors?" USA Today, 1 February 2010
  14. ^ "Remarks by the president on Clean Energy Jobs," White House release, March 5, 2010
  15. ^ "Remarks by the president on Clean Energy Jobs," White House press release, March 5, 2010
  16. ^ "Obama unveils $2.3 billion for clean energy jobs," CNN Money, January 8, 2010
  17. ^ "Can Small Lifestyle Changes Lead to Huge CO2 Cuts?," Time, March 17, 2010
  18. ^ "Creating New Jobs in a Clean Energy Economy," White House YouTube channel, March 5, 2010