Industry News was not sufficient in the eyes of property managers. “We bought the homes. We pay you rent. Let us pay for what we want,” said resident Ron Snow. “It’s only fair.” Room-by-room control system inches closer to debut Boston-based startup Ecovent, an automated system that regulates the temperatures of individual rooms through the use of vents and sensors, reportedly received more than $6.9 million in a Series A funding round led by Emerson Climate Technologies, boasting more than $1 million in pre-orders. Devised in 2012 by MIT student Dipul Patel, Ecovent claims to boost efficiency by sending just the right amount of air to each room through the use of sensors placed throughout the house. “Smart vents”, installed in place of traditional vents, are automatically opened and shut in response to digital signals sent out by a “smart hub,” which can be programmed and tweaked using the dedicated smartphone app. The system is also compatible with various smart thermostats currently on the market, according to the company. With a retail tag of $700 and upwards (early-bird discounts notwithstanding), the first Ecovent orders are expected to be shipped by year’s end. Despite market volatility, oil prices continue steady decline As the stock market fluctuated wildly in August—most notably in a 558-point Dow Jones Index crash on Aug. 24 followed by a near-comparable rebound two days later—oil prices continued their steep decline. On Aug. 26, light, sweet crude for October delivery was at $38.60 per barrel, less than a dollar above the six-year low it reached earlier in the week, and heating oil stock rose by 1.4 billion barrels, according to The Wall Street Journal. The effect is already being observed in the price of heating oil. Whereas last year the average price of heating oil in Massachusetts was around $3.70 per gallon, companies such as FuelCo in Springfield, MA were offering it for as low as $1.86/ gal as of August 26. In New York City, prices averaged $2.83 per gallon, a 29% drop from the same time last year. Just how low can oil go? Carsten Fritsch, a commodities analyst for Commerzbank, anticipates that China’s ongoing economic woes could bring crude oil to as low as $30 a barrel, levels not seen in a decade. Ana- ICM/Sept/Oct 2015 21
ICM September-October 2015
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