Lucy Lyons is bringing efficiencies and data to take on a key carbon challenge
One point eight every minute. That is the rate at which homes and businesses in Great Britain must be retrofitted to meet the country’s 2050 net-zero goals, according to the UK Green Building Council. Accounting for 17% of emissions, the UK’s commercial and residential real estate sectors lag far behind where they need to be in the fight against climate change. Lucy Lyons, CEO and co-founder of Kestrix Ltd., says it can be done.
“If we upgrade our energy systems and seal heat leaks, assuming the grids continue to decarbonize, this [17%] number can be zero,” she said.
The world doesn’t need some new unicorn technology to achieve the transition, Lyns says. The UK transition can be made with today’s technology. The key problem, she argues, is a lack of accurate data.
The energy performance of buildings in the UK is assessed by the Energy Performance Certificate (EPC), a statistical tool that grades buildings on energy efficiency, estimated heating and cooling costs and Co2 emissions.
Assessments conducted through in-person visits by accredited surveyors are valid for ten years. Lyons says the EPC process is inefficient, outdated and flawed.
“The measure is designed to tell you how much it costs to run a house, not exactly what’s wrong with the fabric of the building,” she said. “They are often just inaccurate, because the person doing it maybe doesn’t want to check the loft or doesn’t want to go to the basement and see the heating system.”
Site visits are time consuming, often taking hours, or even days for larger properties. The resulting lack of clear and actionable data leaves building owners unable to create precise plans to reduce emissions.
The Google Maps of heat loss
Enter Kestrix. Skipping site visits, the company flies drones equipped with thermal cameras and artificial intelligence to evaluate building heat loss and develop retrofit plans.
This method, which Lyons calls a “Google Maps of heat loss,” allows Kestrix to analyze building energy efficiency far more precisely than EPCs. The company then analyzes that data and provides comprehensive upgrade recommendations. Kestrix has surveyed thousands of residential and commercial buildings, and has partnerships with several large public housing operators.
“Getting to work on something impactful was my dream and it’s crazy I’ve been able to live it.”
Lyon’s approach at Kestrix is built upon the realization she came to while working for carbon accounting firm Plan A. When it comes to measuring one’s climate impact, “customers don’t have the data needed…you have to solve that problem for them.”
In line with this principle, Kestrix’s Rapid Performance Assessment Algorithm uses AI and machine learning to develop far more specific and effective upgrade recommendations than EPCs can, and is 150 times faster at collecting heat loss data than conventional assessments. Kestrix plans to introduce a new version of the algorithm in early 2025.
After taking the risk of striking out on her own to co-found Kestrix, which now employs over a dozen people, Lyons is quick to acknowledge her luck: “My biggest fear as a kid was being stuck in an office job where I felt like I wasn’t doing anything important…getting to work on something impactful was my dream and it’s crazy I’ve been able to live it.”
When asked about her experience as a female operating in a sector dominated by men, Lyons describes a mostly positive one. Investors are “more excited to talk to me because I’m a female founder,” she said. “Yes, I’m a woman, but I’m a woman that venture capital dudes can relate to.”
However, she acknowledges that co-founder, Matt Goodridge, who is twice her age and worked with Google and McKinsey, “makes investors feel safe.” “The path (through gender bias) has been paved by a lot of women who’ve suffered a lot more than I do.”
Lyons has big plans for Kestrix. She is about to seek another $1 million in equity commitments. Kestrix has also partnered with a major British energy firm, which will more than triple the number of homes the company has currently mapped. It plans to launch in another European country sometime in 2025.
Her advice to aspiring entrepreneurs? “The work must consume you. Understand that you’re going to make a lot of sacrifices. And accept the fact that things still might not work out.”
Featured photo: Lucy Lyons pitching at the Swiss Ceremony Awards on October 26, 2023. Source: MassChallenge.
