April 8, 2015: Incenergy Partners with Joule to Provide Financing for Energy Efficiency Projects
Financing to Meet Growing Demand for Energy Management at No Up-Front Cost to Customer
AUSTIN, Texas, and BEDFORD HILLS, N.Y. — Incenergy LLC, an energy efficiency software and equipment manufacturer, and Joule Assets Inc., a provider of microcapital solutions for energy efficiency and demand response, have announced a new project finance partnership. Under the terms of the deal, Joule Assets will enable Incenergy to offer in-house financing to its portfolio of clients.
Based in Austin, Texas, Incenergy offers HVAC retrofit solutions, energy management, energy metering, lighting controls, and integration services globally for the commercial building market. Targeting commercial buildings under the 150,000 square foot range, Incenergy’s potential customer base includes more than five million buildings in the U.S. alone. The company said its energy management platform helps businesses achieve 15-30 percent energy reduction, substantially lowers CO2 emissions, and attracts sustainability-minded tenants. Incenergy estimates that the advent of new financing options like Joule’s will significantly increase sales of its energy management systems.
“We are pleased to provide our customers access to Joule Assets’ unique financing structure,” said Barry McConachie, founder and CEO of Incenergy. “Incenergy was created on a simple notion. Reducing electricity usage gives the biggest savings in the shortest amount of time, for the least amount of money. From this premise we work to find ways to deliver the simplest, easiest commercial energy management solutions to our customers. We have been working hard to make energy management as straightforward and financially accessible as possible and we believe the Joule financing relationship could translate to a 50 percent increase in customer buy-in.”
Under the master services agreement (MSA), Joule’s energy reduction asset (ERA) project financing will mitigate performance, credit risks, and high transaction costs that have hindered financing for small-to-midsize energy efficiency and demand response projects.
“Over the past two decades, small and medium enterprises have lacked access to the kind of financing large-scale energy efficiency projects have enjoyed. As a result, a large section of the market has not reaped the energy and financial benefits resulting from wide-scale energy efficiency implementation,” said Mike Gordon, CEO and co-founder of Joule Assets. “Our ERA Fund serves a critical, unmet need in the market by connecting investors with the next wave of energy efficiency projects. We’re pleased to partner with Incenergy and help the company close more deals and increase profitability by enabling its customers the opportunity to substantially reduce energy consumption at no up-front cost and reap the benefits of the conditional cash flows associated with demand response.”
For more information about Incenergy, visit www.incenergy.com.
For more information about Joule Assets and its ERA Fund, visit www.jouleassets.com.
Publication date: 4/6/2015