Incenergy Partners with Joule Assets: Financing for global energy efficiency projects
Incenergy Partners with Joule Assets to Provide Third-Party Financing for its Global Energy Efficiency Projects
Financing to meet growing demand in energy management sector at no up-front cost to customer
AUSTIN, TX and BEDFORD HILLS, NY, March 25, 2015– Incenergy LLC, a leading energy efficiency software and equipment manufacturer company, and Joule Assets Inc., the leading provider of microcapital solutions for the energy efficiency and demand response industries, today announced a new project finance partnership. Under the terms of the deal, Joule Assets will enable Incenergy to offer in-house financing to its global portfolio of clients, significantly shortening sales cycles and extending their project pipelines.
Based in Austin, Texas, Incenergy offers energy metering, lighting controls, energy management, HVAC retrofit solutions, 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. Incenergy’s advanced wireless, cloud-hosted platform delivers deep and rich control to building owners, operators and real estate portfolio managers through an intuitive web interface and mobile device applications. This energy management platform helps businesses achieve 15-30% energy reduction, substantially lower CO2 emissions and attract sustainability-minded tenants. Incenergy estimates that the advent of new financing options like Joule’s, will significantly increase sales of Incenergy’s 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. Some of the benefits of Joule’s ERA financing includes:
· No upfront costs to the end-user, resulting in increased deal closure for vendors
· Greater flexibility with on or off-balance sheet options
· Quick underwriting process; projects can be financed in a week
· Ability to finance not credit rated customer through innovative mitigation tools
· Additional revenues are shared with customers, which reduces the effective rate by offsetting the interest repayment through demand response and rebates. Before, customers could not access these revenues on their own, because their energy savings were too small.
· Scalable structure- Joule Assets does the work once and then it scales
“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.”
Incenergy, LLC is an Austin, Texas-based Smart Building Solutions company that offers affordable energy metering, lighting controls and energy management HVAC retrofit solutions and integration services for the commercial building market. The advanced wireless, cloud-hosted platform delivers deep and rich control to building owners, operators and real estate portfolio managers through an intuitive web interface, and mobile device applications for iOS and Android. The energy management platform helps businesses achieve 15-30% energy reduction, substantially lower CO2 emissions and attract sustainability-minded tenants. For more information about Incenergy, please visit www.incenergy.com.
About Joule Assets
Joule Assets delivers financing solutions for energy efficiency and demand response initiatives and projects. Through its first-in-kind Joule Energy Reduction Asset (ERA) Fund, a global private equity fund initially targeting $100M, Joule provides previously unavailable, upfront financing to energy efficiency vendors and cycles returns from monetized energy savings and vendor revenues back to Fund investors. Joule Assets leverages its proprietary database, market analysis software, and extensive industry expertise to deliver a secure financing option for vendors and untapped revenue streams for investors. You can learn more about Joule Assets and the ERA Fund at: http://www.jouleassets.com/ or apply for a consultation here. You can also follow us on Twitter @JouleAssets.
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