Bank of America to cut energy costs by 50%

Bank of America to cut energy costs by 50%

Bank of America has made an undisclosed investment in Philadelphia-based Field Diagnostic Services (FDSI) and will deploy the firm's energy management technology across thousands of US branches to reduce greenhouse gas emissions and cut energy costs in half.

FDSI provides technology that enables rapid and accurate servicing of heating, ventilation and air conditioning units, thereby decreasing energy and operational costs.

The firm is also currently developing system that uses data captured from networked heating and cooling units to automatically detect energy waste.

BoA says it will utilise FDSI's products and services in 3300 branches nationwide, which will result in up to 50% cost savings when compared to standard building control technologies. The FDSI platform is also forecast to reduce annual greenhouse gas (GHG) emissions from the banking centres by an estimated 14,000 CO2 tons annually.

Richard Cohen, who leads environmental investments for BoA's strategic investments group, says the FDSI investment is part of the bank's $20 billion, ten-year environmental commitment to promote sustainability.

"Bank of America is actively making strategic investments that reduce greenhouse gas emissions while helping spark the new environmentally sustainable economy," says Cohen. "Our collaboration with the bank's corporate workplace group to make the investment in FDSI takes this new energy-saving technology out of the laboratory and to a level that can truly impact the environment as well as our bottom line."

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