Cordia

What Cordia does

Cordia is a Phoenix-headquartered sustainable energy solutions provider that finances, builds, owns, and operates centralized district energy systems, microgrids, combined heat and power (CHP) plants, and thermal storage infrastructure serving more than 700 institutional customers across 10 metropolitan markets in 9 U.S. states. Operating 17 energy systems at a stated 99.99% reliability rate, the company delivers heating, cooling, steam, and electricity under long-term Energy-as-a-Service (EaaS) agreements that typically span 20-40+ years, enabling customers to avoid upfront capital outlays while outsourcing energy infrastructure risk. Cordia was carved out of Clearway Community Energy and acquired by KKR in October 2022 for $1.9 billion, which prompted its rebranding and recapitalization as a standalone growth platform.

Cordia's technology stack is deliberately technology-agnostic, encompassing district energy networks, microgrids, CHP, thermal storage, fuel cells, solar, battery energy storage systems, and GeoExchange. Headline installations include the 21.25 MW Pittsburgh International Airport microgrid (the first U.S. airport microgrid of its kind), a self-sufficient CHP microgrid at Penn Medicine Princeton Health that eliminates 18.1 million pounds of carbon annually, an 80% on-campus CHP plant at Duquesne University, and the ASU Tempe cogeneration facility, which achieves 75-85% efficiency by capturing and reusing waste heat. The company reports sustainability gains including 36,225,045 gallons of water conserved in 2023 and 9 of 17 sites operating on 100% renewable electricity as of 2024.

Cordia's revenue model is asset-based and utility-style, anchored by regulated rate bases in jurisdictions such as Harrisburg (PA PUC) and supplemented by O&M fees, project development fees, and capital/financing arrangement fees. Primary customer segments are healthcare systems (Penn Medicine, AHN, UPMC, M Health Fairview), universities (Duquesne, ASU, Creighton, Augsburg), government complexes (Pennsylvania Capitol, San Francisco City Hall, Allegheny County), airports (Pittsburgh International), stadiums (Chase Field, PNC Park, Target Center, Petco Park), commercial real estate (Young Quinlan Building), and emerging data center/critical-infrastructure verticals. Growth is driven by strategic acquisitions (e.g., $165M Essential Utilities closing in January 2023, $50M Duquesne distribution acquisition in March 2025, JMI Realty East Village District Plant in June 2025), organic plant expansion (Plant 4 at Phoenix Biomedical Core in March 2026, Baylor University Central Utility Plant in Texas), and long-term O&M contracts such as the ASU Tempe CHPF renewal in September 2025.

Name

Cordia

Legal name

Cordia LLC

Website

https://cordiaenergy.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

251–500 employees

Short description

Cordia is a Phoenix-headquartered Energy-as-a-Service provider operating 17 district energy systems and microgrids across 10 U.S. metros, delivering heating, cooling, steam, and electricity to 700+ institutional customers under 20-40 year contracts, and is majority-owned by KKR.

Ownership category

akta.pro rank

Product category

District Energy Services

NAICS

Steam and Air-Conditioning Supply (221330), Electric Power Transmission, Control, and Distribution (22112), Electric Power Distribution (221122)

SIC

Electric, Gas & Sanitary Services (4900), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Electric Distribution System Owners (Wires-Only Companies) (EUADABAI)

akta.pro secondary industry

Energy & Renewables Specialty Contracting (Solar PV, Storage, EV Charging) (IMAFALAJ)

Keywords

• District energy systems
• Energy-as-a-service
• Combined heat and power
• Microgrid solutions
• Thermal heating and cooling

Headquarters

HQ city

Phoenix

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Energy-as-a-Service (EaaS) — Asset Ownership & Long-term Energy Service Agreements: Cordia finances, designs, builds, owns, operates, and maintains energy infrastructure under long-term energy service agreements (typically 20–40+ years) with customers. Revenue is earned through utility rates charged to customers for heating, cooling, and electricity. Customers avoid upfront capital investment while Cordia generates stable, recurring long-term cash flows from contracted utility revenues.
2. Operations & Maintenance Services: Cordia provides expert O&M services for energy systems under separate or bundled agreements, generating fee-based recurring revenue from customers who own their infrastructure but outsource operations.
3. Capital & Financing Fees: Cordia provides flexible capital for energy infrastructure projects, earning returns through project financing structures. Revenue may include arrangement fees and ongoing financing margins on debt deployed for energy system construction and acquisition.
4. Project Development Fees: Cordia earns development fees from feasibility studies through construction and long-term operations, covering site assessment, design, permitting, and construction management of customized energy systems.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels7 records

Core offering

Cordia finances, designs, builds, owns, operates, and maintains on-site and district energy infrastructure — including steam, chilled water, hot water, and electricity generation systems — and delivers these utilities to institutional customers under long-term Energy-as-a-Service (EaaS) agreements. The company operates 17 centralized energy systems and microgrids across 10 U.S. metropolitan areas, supplying thermal and power services to hospitals, universities, airports, government complexes, stadiums, and commercial real estate. Customers avoid upfront capital investment and instead pay contracted utility rates over 20–40+ year terms while Cordia assumes infrastructure ownership, operational risk, and ongoing maintenance.

Product overview

Cordia is an Energy-as-a-Service provider offering comprehensive on-site and district energy solutions through a platform-plus-services model. The core offering comprises four integrated service modules: Asset Ownership & Management, Operations & Maintenance, Capital & Financing, and Project Development. These services are delivered across a portfolio of technology products including Thermal Generation, Power Generation, Energy Storage, and the branded CordiaClean clean energy solution. Underlying these services are core technologies such as District Energy systems, Microgrids, Combined Heat & Power (CHP), Thermal Storage, Fuel Cells, Solar, Battery Energy Storage Systems, and GeoExchange. The company operates 17 energy systems nationwide serving over 700 customers with a 99.99% reliability rate, focusing on healthcare, higher education, commercial real estate, government, hospitality, stadiums, airports, and data centers.

Differentiator

Problem solved

Functional benefit

Brands

• CordiaClean: A product offering under Cordia's Energy-as-a-Service solutions portfolio.
• Sun Devil Energy

Products and services

• Energy-as-a-Service (EaaS) Comprehensive energy solutions integrated across the full lifecycle — planning, financing, construction, ownership, and long-term operations — delivered with no upfront capital cost to institutional customers. Includes bundled Asset Ownership & Management, Operations & Maintenance, Capital & Financing, and Project Development.
• Asset Ownership & Management Optimizes asset performance and reduces risk by owning and managing customer-sited energy infrastructure throughout its lifecycle, freeing customers from capital and operational burden.
• Operations & Maintenance Expert operations and maintenance to keep energy systems running safely, efficiently, and without interruption on a 24/7 basis, available as a standalone or bundled offering.
• Capital & Financing Provides long-term, flexible capital for energy infrastructure with zero upfront cost, risk transfer from customer to Cordia, and ongoing financing margins supporting infrastructure construction and acquisition.
• Project Development Delivers energy systems tailored to customer mission, performance goals, and sustainability objectives from feasibility study through long-term operations, including site assessment, design, permitting, and construction management.
• Thermal Generation On-site thermal generation capabilities producing steam, hot water, and chilled water for heating and cooling applications in district energy systems serving buildings and campuses.
• Power Generation Electricity generation capabilities including Combined Heat & Power (CHP) systems for efficient on-site power production at 75–85% efficiency.
• Energy Storage Energy storage solutions including thermal storage and battery energy storage systems for enhanced grid resilience, peak demand management, and renewable integration.
• CordiaClean Proprietary clean energy solution offering under Cordia's EaaS portfolio, designed to deliver carbon-free and sustainable energy services to customers including renewable district cooling and zero-emission electrode boilers.

Quantifiable outcome

• 99.99% system reliability rate across all 17 energy systems
• +8 more outcomes

Named customers20 records

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

14 partnerships are on record, tiered core, strategic and minor.

• Arizona Public ServicecoreTechnology or Integration · 19 March 2026Arizona Public Service (APS) provides carbon-free electricity to power Cordia's new Plant 4 at the Phoenix Biomedical Core. The 10,200-ton chilled water plant will be fully powered by carbon-free electricity from APS and is being built on University of Arizona-owned land under a 50-year ground lease.
• Baylor UniversitystrategicStrategic or Co-development Partner · 27 October 2025Baylor University and Cordia signed a Predevelopment Agreement to develop a new energy system for Baylor's campus in Waco, Texas. The project involves designing, building, and operating a Central Utility Plant to replace the outdated system. Construction expected to begin in 2027 with a 30-year operating term.
• Jacob Graff (COO), Jason Hill (President of P3), Mark Schneider (CCO)coreOthers · 21 October 2025Leadership realignment announced to strengthen Cordia's national structure and drive growth. Jacob Graff elevated to COO, Jason Hill to President of P3, and Mark Schneider to CCO, with focus on expanding operational excellence, strategic partnerships, and commercial growth.
• Arizona State UniversitycoreImplementation/ SI/ Consulting Partner · 18 September 2025Cordia awarded contract to operate and maintain ASU's Tempe Combined Heat and Power Facility (CHPF), a critical component of ASU's energy infrastructure delivering 16,000 kW electricity, 10,000 tons chilled water, and 160,000 lbm/hr steam to 88 buildings. Cordia has operated the facility for over two decades. New agreement includes comprehensive O&M, proactive maintenance, and long-term service agreements.
• Duquesne UniversitycoreStrategic or Co-development Partner · 30 October 2024Expanded public-private partnership with Duquesne University including $50 million acquisition of the university's plant distribution system assets (pipes, electrical lines, meters) and amended 35-year energy service agreement. The interconnection of Duquesne's system with Cordia's Uptown system enhances efficiency and reliability. The arrangement monetizes excess steam capacity for the university's benefit.
• Omaha Public Power District (OPPD)strategicTechnology or Integration · 2 May 2024OPPD's renewable energy credit program enables Cordia Energy Center Omaha to operate on 100% renewable electricity. This transition marks a pivotal sustainability milestone and directly contributes to reduction of scope 2 emissions. OPPD invests proceeds into sustainability efforts for its own operations.
• Essential Utilities, Inc. (Peoples)coreTechnology or Integration · 30 January 2024Cordia completed financial close on three microgrids and district energy systems in Allegheny County, PA acquired from Essential Utilities subsidiary Peoples for $165 million. Systems include Pittsburgh International Airport Microgrid, AHN Wexford Hospital district energy system, and Allegheny County District Energy System. All three began operating in 2021 and leverage Southwestern Pennsylvania's natural gas abundance.
• Pittsburgh International Airport AuthoritycoreStrategic or Co-development PartnerCordia operates the first-of-its-kind PIT Microgrid enabling the airport to operate independently from the regional electric grid via a 21.25 MW natural gas plant. This pioneering project sets a new standard for energy resilience in critical U.S. airport infrastructure.
• San Francisco Public Utilities Commission (SFPUC)strategicStrategic or Co-development PartnerCordia is pursuing a decarbonization plan with SFPUC to transition ECSF's steam generation from natural gas to carbon-free electricity sourced from San Francisco's Hetch Hetchy Power System, aligned with the city's sustainability goals.
• Swords to PlowsharesminorStrategic or Co-development PartnerNonprofit veteran housing organization partnering with Cordia to supply steam to 629 Post Street building, enabling residential conversion without electric service upgrades or internal infrastructure modifications, saving significant CAPEX.
• UC Law San Francisco (formerly UC Hastings)minorStrategic or Co-development PartnerSteam service contract for landmark student housing at 100 McAllister Street, enabling renovations without costly electric service upgrades while preserving the building's historical integrity.
• Greater Omaha ChamberminorOthersCordia received the Greater Omaha Chamber 2024 Business Excellence Award in LEADERSHIP, recognizing the company as a trailblazer contributing to the Omaha community's enrichment.
• U.S. Department of Defense / ESGRstrategicOthersCordia awarded the Secretary of Defense Employer Support Freedom Award, the highest recognition given by the U.S. Government to employers supporting employees in the National Guard and Reserve. Only 15 companies selected from 1,758 nominations nationwide.
• JMI RealtystrategicStrategic or Co-development PartnerCordia completed acquisition of the East Village District Plant (EVDP) from JMI Realty, expanding capacity to serve more customers across central San Diego's downtown core.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Others

• Cogentrix Energy / Carlyle district energy platform: Cogentrix and similar Carlyle-managed power and district energy platforms operate on-site and district thermal/CHP projects for institutional customers under long-term agreements. Directly comparable in business model (private-equity-backed energy infrastructure serving universities, hospitals, and airports), acting as an adjacent PE-backed competitor.

Broad incumbents

• NRG Energy / NRG Business Solutions: NRG is a major US competitive power generator and energy services provider serving commercial and institutional customers with on-site generation, microgrids, and energy management. Comparable in CHP, microgrids, and institutional energy services, though NRG is more horizontally diversified.
• Eversource Energy: Eversource is one of the largest US investor-owned utilities, operating regulated electric distribution, transmission, and natural gas. Comparable in regulated utility rates and infrastructure ownership, though Eversource serves much broader retail electric territory rather than exclusively institutional district energy.
• Dalkia (EDF Group subsidiary): Dalkia is the largest district heating and cooling operator in Europe, owned by EDF, serving thousands of institutional and municipal customers. Comparable to Cordia in business model (third-party district energy ownership/operation) and decarbonization focus, though primarily European.
• Veolia North America (District Energy): Veolia operates district energy and chilled water systems in major US cities (e.g., Philadelphia Navy Yard, several downtown districts) with the same asset-light customer-facing model as Cordia. Comparable institutional customer base and decarbonization roadmap.
• ENGIE Solutions / ENGIE North America: ENGIE is a global energy services and district energy operator with North American operations serving universities, hospitals, and municipalities. Comparable in providing energy-as-a-service, on-site generation, and microgrid solutions, though ENGIE offers a much broader renewable and utility portfolio.

Direct peers

• Enwave Energy Corporation: Enwave operates deep-lake cooling and district heating systems in Toronto, plus district energy systems in cities across North America. Highly comparable to Cordia as a North American district energy utility serving institutional customers with steam, chilled water, and combined heat and power.
• Vicinity Energy: Vicinity Energy operates the largest district steam and chilled water network in the United States, serving Boston, Cambridge, Philadelphia, and several other cities with the same Energy-as-a-Service model and decarbonization trajectory as Cordia. Direct overlap in district heating/cooling as a regulated asset owner serving universities, hospitals, and commercial real estate.
• Consolidated Edison (Con Edison) — Steam Operations: Con Edison operates the largest commercial steam system in the world, serving ~1,800 customers in Manhattan with similar technology to Cordia's Pittsburgh, San Francisco, and Harrisburg steam networks. Direct comparable on the regulated district steam utility model.

Regional players

• WGL Energy / AltaGas (formerly Washington Gas Light commercial energy services): WGL Energy operates commercial and institutional combined heat and power, district energy, and energy management projects primarily along the US East Coast. Comparable in CHP-focused projects serving hospitals, universities, and government. Primarily serves a different geographic footprint than Cordia.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cordiaenergy
• Instagraminstagram.com/cordia.energy

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cordia