PLEASANT HILL, Calif., Nov. 16, 2015 (GLOBE NEWSWIRE) -- ENACT SYSTEMS, the end-to-end business automation software platform for distributed energy such as solar, has been awarded two cooperative grants from the U.S. Department of Energy (DOE) as part of its SunShot Initiative. The two awards, add up to $1.64 million over 18 months with requirements for cost sharing by ENACT. The company's software-as-service platform is the leading business automation solution for reducing distributed energy soft costs and providing both users and customers quick assess to financing.
The first award of $650,000 is to develop a suite of Operational Analytics for Solar Business Operations. This first-of-its-kind end-to-end, operational workflow analytics module will further expedite sales of solar photovoltaic (PV) projects for ENACT users. Live workflow analytics can enable solar developers and installers to more efficiently manage their projects and gain valuable guided insights in real-time. The analytics will illustrate every step of a user's workflow process for sales and operations, and benchmark all process steps and related costs on a real-time basis. This suite of operations management capabilities allows companies to manage their entire workflow for design and installation, by allowing them to configure process steps for documentation and tasks at a company user level.
The second award of $1 million is to develop a first-of-its-kind Property Assessed Clean Energy (PACE) Solar Accelerator platform (PSA). This platform aims to provide solar contractors and developers with end-to-end platform functionality for automation of sales, design and financing of projects utilizing operations, pricing and underwriting processes leveraging PACE financing. PACE program administrators and lenders across the country can also have access and benefit from the platform through seamless access to deal flow from solar contractors and developers. In addition, the PSA solution automates document management for program financing approvals including the quoting requirements for successful PACE transactions. The result is the acceleration of sales and financing volumes, coupled with a reduction of transaction costs associated with origination, underwriting, financing and overall administration, leading to an improved ease of adoption and use of PACE as a financing solution.
"We are excited to be partnering with the DOE on building core software and data analytics capabilities that are in high demand for the rapidly growing solar marketplace," said Deep Chakraborty, CEO of ENACT SYSTEMS. "We share SunShot's goal of mass adoption of solar and are striving to develop key operational and financing tools to accelerate that adoption. These new platforms will help users further reduce solar transaction costs, while enabling new customers and other important stakeholders to benefit directly from the rapidly expanding solar playing field."
SunShot investments have sought to drive technology innovations that contribute to a significant drop in the cost of solar in the U.S. and increase deployment nationwide. Sunshot's goal is to achieve a solar levelized-cost-of-energy (LCOE) of subsidy-free $0.06 per kilowatt hour (kWh) by 2020.
ABOUT ENACT SYSTEMS INC.
ENACT's SaaS platform provides end-to-end business process automation solutions for distributed energy developers, installers, and investors. ENACT's functional SaaS marketplace is focused on lowering customer acquisition, operational and financing costs, while enabling incremental revenue growth for all stakeholders. ENACT SYSTEMS is headquartered in Pleasanton, CA, with an office in Bangalore, India.