Advances in Bermuda’s waste management and energy production could be side benefits derived from the fifth annual Bermuda Tech Summit, according to the Bermuda Business Development Agency.

A Connecticut company centrally involved and seeking talks with the Bermuda Government is best known for its designing, building and operating bespoke renewable energy assets, allowing clients to avoid the upfront capital costs and technology risks associated with distributed energy.

Clean Peak Energy has also patented a technology that allows commercial building operators to reduce peak energy demand by as much as 30 per cent through optimum cooling procedures and a pre-cooling methodology using existing air conditioning systems and the unaltered building’s thermal energy storage capability.

Clean Peak Energy bills itself as trusted by large businesses and governments to help accelerate their transition to sustainable energy but it seems the company has focused on Bermuda’s longstanding waste management issues.

Edward Levene, the chief executive of Clean Peak Energy Group, was quoted by the BDA in a statement that also assessed the benefits of the Tech Summit.

The BDA said the calculated immediate economic impact of the fifth annual event, including lodging, transportation, food and beverage, retail and recreation was an estimated $321,825.

The event attracted more than 330 registrants at the Hamilton Princess and Beach Club over the three days to October 10 and supported 109 local jobs.

The BDA included in their post-event commentary, compliments from delegates including the Clean Peak Energy chief executive.

Mr Levene said: “I was able to meet leading Bermuda government officials, thanks to my attendance as a speaker at the 2023 Bermuda Tech Summit.

“We are scheduling additional meetings with officials to potentially provide Bermuda with sustainable, cost-effective solutions for recycling and waste management. I would not have made these connections or engaged with Bermuda without the BDA’s Bermuda Tech Summit.”

Other compliments came from Michael J Milani, the founder and chief executive of Mondeum Financial, who said: “I travel to a lot of events and I have to say that the BDA team did a phenomenal job, from the speakers to the venue to the accommodations. The best part of the whole thing was the quality of the attendees and the networking. An A+ experience all around. Looking forward to next year.”

Mondeum Financial is a part of Mondeum Capital, a broker-dealer in Florida serving active traders.

David Hart, the chief executive of the BDA said the event showcased Bermuda’s dynamic and growing tech sector and innovation leadership. He said the effort to promote the event and the industry included overseas travel to key markets.

He said: “This year alone, we have carried the Bermuda message to ten business development missions overseas, including to Consensus in Austin, Texas, in April; Money 20/20 in Amsterdam (Europe’s largest fintech conference); and the Israel InsurTech Global Summit.

“And we are excited that on the horizon we will be headed back to ITC in Las Vegas to meet leading InsurTech companies and then headed to COP28 in Dubai this fall to meet leading companies in the climate tech space.”

The Minister of Economy and Labour Jason Hayward said the event was aligned with the Government’s Economic Development Strategy's priority goals of retaining and expanding local and international business, attracting new business and promoting inward investment.

Mr Hayward said such events were critical to positioning Bermuda as a global leader in technology sectors, including fintech and insurtech.

He added: “Ongoing engagement with technology thought leaders allows us to highlight Bermuda's robust regulatory and legislative framework governing digital asset businesses that is attractive to companies looking for a quality ecosystem in which to test ideas, develop products and grow internationally, which, when coupled with our world-renowned pro-business culture, gold-standard regulatory regime and reputation as a sophisticated jurisdiction, makes Bermuda the ideal location for businesses to launch and thrive.”