Hartford, CT – The Connecticut Green Bank announced $5 million in secured loan facilities to support the market expansion of Budderfly, a Connecticut-based company providing an energy management solution.
The company was awarded the funding through the Green Bank’s Capital Solutions Open RFP, which is open to companies and technologies that have proven commercially viable or have strong business models, with the ability to rapidly achieve sustainable impact at scale.
Budderfly provides energy-saving equipment for its customers, assuming responsibility for logistics, up-front capital, and other associated risks for the business owners it serves. Budderfly brings knowledge of energy-saving technologies for refrigeration, lighting, HVAC, and more as well as tremendous experience retrofitting spaces to bring immediate energy improvements to its customers. It then keeps the buildings running smoothly with 24/7 monitoring, analytics, and ongoing maintenance. It has provided its energy and cost saving services to over 80 Connecticut businesses, primarily quick service restaurants, convenience stores, and healthcare facilities, and intends to use the loan to continue to expand its Connecticut customer base.
The Connecticut Green Bank provided Budderfly with a six-year $5 million loan. The Department of Economic and Community Development has also provided loan capital to Budderfly tied to achieving economic development goals for the state.