2024 Ones to Watch - Innovators in CRE: Matthew Isaacs, Kelvin

Matthew Isaacs has served as the vice president of business development at Kelvin since 2019. In his role, Isaacs oversees a team of 10 focused on business development, marketing, and sales geared towards decarbonizing New York City’s legacy buildings. He has played a critical role in forming partnerships with legislative leaders, Local Law 97 supporters, and building owners that have powered the adoption of The Cozy and led to over 40,000 units sold and over 8,000 tons of carbon emissions avoided annually.

Innovative Solution: 

To overcome the main barrier to Kelvin deploying our energy-saving, comfort-improving technology in buildings, we developed a creative financing structure leveraging utility rebates, federal investment tax credits, and a $100m debt facility from ClearGen LLC to bring our technology suite to buildings at zero cost. Partnering with ClearGen LLC, a Blackstone company specializing in clean energy funding, we introduced a zero-money-down subscription model that allows building owners to install The Cozy smart radiator cover for free and pay a monthly fee that is offset by energy cost savings. This approach removes financial barriers, aligns with new regulatory standards in cities like New York, Boston, and Washington, D.C., and enables large-scale decarbonization of legacy properties. 

Innovative Outlook: 

I see a major opportunity to transform New York’s classic, radiator-heated, building stock into resilient grid-interactive assets generating new revenues from grid services, all while reducing on-site fossil use, energy costs, and carbon emissions. My vision for an economically rational shift from fossil fuels in legacy buildings is transformative, improving residents’ quality of life and providing a LL97 compliance pathway for building owners. By eliminating barriers to sustainable retrofits, we empower building owners to reduce emissions, lower utility bills, and avoid hefty fines, fostering a healthier environment and advancing sustainable, affordable living.

“Former real estate developer Matthew Isaacs transitioned to climate tech to focus on decarbonizing NYC’s legacy buildings. At Kelvin, he’s expanded The Cozy’s adoption through strategic partnerships, rebates, and creative financing, delivering energy efficiency at no upfront cost. In 2024, Kelvin signed nearly 100 new properties, reaching an 8,000 tCO2e carbon avoidance footprint. Matthew also leads Kelvin’s work with the Uptake Alliance and NYSERDA’s Empire Buildings Challenge, developing scalable decarbonization solutions for NYC.” - Emmi Buck, High10 Media.