TORONTO, May 13, 2025 (GLOBE NEWSWIRE) — Parity, the leader in Remote HVAC Optimization as a Service for multifamily buildings and hotels, has expanded into California. This marks a major milestone in its U.S. growth strategy. The focus on the state is anchored by the appointment of Jerremy Spillman, former Senior Director of Sales at JLL Technologies and Co-Founder of Hank, who joins Parity as Director of West Coast Operations.
Parity is quickly approaching 100 million square feet of real estate under management and raised $19 million in Series B funding last year. Trusted by many of North America’s largest real estate owners, operators, and investors, Parity’s AI-driven HVAC automation platform remotely optimizes building systems in real time, slashing energy waste by up to 30% and maximizing demand response revenue.
California, facing steep utility rates and mounting grid strain, is a prime market for Parity’s solution. Electricity rates in California have risen over 70% in the past decade, and summer peak loads are expected to push the grid to new limits in 2025. Parity’s expansion into California positions it at the center of a market that is actively searching for ways to reduce costs, emissions, and grid strain.
“California is a market we have been excited about entering since Parity first expanded to the United States,” said James Hannah, Managing Director, U.S., at Parity. “The combination of increasingly high utility rates and the growing need for buildings to more intelligently interact with the electric grid makes California a natural fit for Parity’s services. Our platform not only helps building owners and operators reduce energy costs and emissions, but also transforms their properties into smarter, grid-responsive assets. We feel confident entering the market, as we have proven results across North America, positioning us to support the state’s ambitious energy and climate goals.”
California continues to push towards electrification and grid decarbonization; Parity’s AI-driven HVAC optimization platform is positioned to help buildings evolve into Grid-Interactive Efficient Buildings (GEBs). GEBs allow dynamic interaction with the grid, allowing HVAC systems to change energy usage to off-peak times, lower costs, cut emissions, and participate in demand response programs. By utilizing Parity, this is done automatically and without compromising occupant comfort.
“We have had our sights set on a West Coast expansion ever since entering the U.S. market in 2020,” said Brad Pilgrim, Co-Founder and CEO at Parity. “After meeting Jerremy Spillman, we knew we were ready to hit the ground running. Jerremy not only brings years of experience in HVAC optimization and energy efficiency, but also the entrepreneurial mindset needed to help Parity scale successfully in this new market. His background in growing an impactful building technology company gives him a unique understanding of both the opportunities and challenges ahead.
Spillman brings over a decade of experience in real estate, energy efficiency, and building technology. Before his time at JLL Technologies, he founded Hank, a cloud-based HVAC optimization platform, acquired by JLL in 2021. Spillman previously held leadership positions at FreeWire Technologies and Direct Technology.
“I have spent the last decade focused on solving energy and sustainability challenges in commercial real estate,” said Jerremy Spillman, Director of West Coast Operations at Parity. “Parity delivers results, significant savings for owners, and operational ease for building operators. With energy costs climbing and grid stability becoming increasingly important. Parity’s solution is exactly what the California multifamily market needs right now.”
This expansion follows a year of major momentum, including Parity’s Series B funding round aimed at scaling into new markets and verticals. As building owners look to future-proof assets, reduce operational costs, and meet sustainability goals, Parity’s HVAC Optimization as a Service model provides a solution that delivers guaranteed savings.
About Parity
Parity is a Remote HVAC Optimization as a Service company. They deliver guaranteed utility cost savings to multifamily residential buildings and hotels with no upfront investment. Parity’s cutting-edge software remotely controls and optimizes HVAC systems in real time for optimal energy efficiency. Beyond utility cost savings, Parity reduces CO2 emissions, maximizes demand response revenue, and reduces onsite staff workloads, all while maintaining occupant comfort.
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