Provider Offering "Energy Efficiency as a Service" Secures $55 Million In Funding
Budderfly, a provider of Energy Efficiency as a Service, announced a new $55 million in growth equity and project debt funding, led by Balance Point Capital with participation by Connecticut Innovations.
"This funding, together with the previous $22 million funded over the past 24 months by Edison Partners, founder and CEO Al Subbloie, Budderfly senior management, the State of Connecticut through the Department of Economic & Community Development, and others, will be used to scale customer project installations, accelerate Budderfly's go-to-market efforts and expand product growth," the company said
"Combined with expected vendor partner financing, Budderfly is now fully positioned to implement its industry-leading plan to manage over $3 billion in customer energy spending over the next 10 years," the company said
"Budderfly brings an innovative approach to the emerging Energy Efficiency as a Service market, with advanced software, patented energy Internet of Things (IoT) measurement and control devices and numerous energy-saving facility components and upgrades. Budderfly's unique business model delivers an energy management solution that provides significant energy savings at no cost to the customer. With nearly 1,000 locations across North America contracted to date, Budderfly has the scale and experience to serve all types of facilities from office buildings, retail stores and restaurants to schools, recreational buildings, health-care facilities and beyond," the company said
"Our service combines accurate point of consumption measurement and controls with our energy efficient infrastructure upgrades, maintenance, expertise and monitoring to provide a one-stop, single vendor, energy management solution that delivers real savings to our customers," the company said