Connecticut Green Bank Subsidiary’s Fourth Green Liberty Notes Offering is Second Consecutive Sell-Out, Brings Cumulative Raise Over $800,000

Offerings provide an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program 

 

Hartford, CT (October 31, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed four crowdfunded investment offerings this year, successfully raising more than $800,000. This offering was the second consecutive sell-out, with investor demand exceeding the maximum investment goal of $250,000. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100. These offerings are made possible through a partnership with Raise Green, a climate tech marketplace for local impact investing.  

“With the first year of Green Liberty Notes offerings in the books, we are pleased to see repeat investors and familiar names support this cause, as well as a growing number of new investors with each offering,” said Bryan Garcia, President and CEO of the Green Bank.  

The Green Liberty Note was created as an investment companion to the award-winning Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, the majority of the investments made have been in increments of $1,000 or less.    

The latest offering’s coupon, which is set with each new issuance, is 3.50%. Future issuances are anticipated quarterly, with four expected in 2023. 

Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption by investing in energy efficient lighting and equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers. 

To sign up for notifications of future issuances, please visit invest.ctgreenbank.com.   

With $560,000 Already Raised this Year, Connecticut Green Bank Subsidiary Opens Fourth Investment Offering to Citizens

Offering through Raise Green’s crowdfunding platform allows anyone the opportunity to invest as low as $100 to support small business energy efficiency in Connecticut and help confront climate change

 

Hartford, CT (Sept. 29, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly launches their fourth Green Liberty offering, a crowdfunding campaign made possible in partnership with Raise Green, a social and environmental marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.

“Our first three offerings have raised more than $560,000 this year from investors across the country, with a majority from here in Connecticut. Building upon our successful summer offering, which was completely sold out, we are excited to see more and more citizens getting involved and earning a competitive return on their money,” said Bryan Garcia, President and CEO of the Green Bank.

Notes are easy to purchase through an online platform without a broker, with $100 minimums. To date, 71% of the investments made have been $1,000 or less, and more than half of the investors have been Connecticut residents.

Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero interest loans.

As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.

For more information about the investment opportunity, please visit invest.ctgreenbank.com.

Joe Kennedy III Dedicates First-of-its-Kind Microgrid

THURSDAY, SEPT. 15, 2022 – NEW BRITAIN, CT – A one-of-a-kind microgrid was switched on today to power four critical community facilities at the Daughters of Mary of the Immaculate Conception campus.

Former U.S. Rep. Joseph P. Kennedy III, now managing director at Citizens Energy Corporation, was today joined by Mayor Erin E. Stewart of New Britain, CT DEEP Acting Deputy Commissioner of Energy and Technology Policy Vicki Hackett, Schneider Electric VP of Microgrids Don Wingate, Mother Mary Janice Zdunczyk from the Daughters of Mary, and Connecticut Green Bank CEO Bryan Garcia to dedicate the unique microgrid.

The project was named in honor of the late Mother Mary Jennifer Carroll, who first led the order down the path of sustainable energy development. The first installation, a solar array, was completed five years ago and is now a key component of the campus microgrid to serve its senior living facilities.

“We are so proud to celebrate this massive feat for renewables today,” said Kennedy, who recently joined Citizens Energy to develop new business opportunities. “My father founded this company to be a change maker. Not only are we fulfilling our mission to make life’s basic needs more affordable, but we are building the clean energy projects that others only talk about. This may be the first of its kind, but it won’t be the last!”

The project transforms the 137-acre campus into a groundbreaking renewable energy hub, using green energy to power four standalone buildings and reduce energy costs for the organization. The $7 million project ensures that the critical institution will be able to provide much-needed social services and senior care through emergencies that threaten the local electric grid. 

“Throughout my entire time as Mayor we have placed an emphasis on making New Britain a greener, more sustainable City,” said Mayor Erin E. Stewart. “This microgrid project fits in perfectly with that mission and we appreciate the Daughters of Mary for their efforts to help New Britain reduce its environmental footprint.”

“We, the Daughters of Mary, are so proud and pleased to play a role in such an important and viable environmental issue,” said Mother Mary Janice Zdunczyk. “We are grateful to Mother Mary Jennifer for her vision and foresight to pioneer into unchartered territory and achieve such innovative and financial success. We also wish to thank her ‘silent partner,’ Karen Kulak, for her due diligence in pursuing this unique battery concept and working alongside of Mother Jennifer, during and after, to see it to completion.”

The innovative design combines 1.4 megawatt hours of battery storage capacity with a total of 1.2 megawatts of solar generation to create a completely self-sufficient system. This unique technology utilizes funding provided by a grant from the State of Connecticut administered by the Connecticut Department of Energy and Environmental Protection (DEEP) in the amount of $3.9 million, the largest-of-its-kind for microgrid development to be completed. The project is also the state’s first microgrid capable of operating on 100% renewable energy around the clock in island mode.

“I applaud the pioneering vision of the Daughters of Mary to continue innovating the energy system on their campus,” DEEP Commissioner Katie Dykes said. “This advanced microgrid is the first in Connecticut to combine solar panels and battery storage to provide an extra layer of resilience for up to 19 days of continuous power to ensure that the important care and services the Daughters of Mary provide can continue during a power outage.”

This state-of-the-art technology is essentially four individual microgrids that deploy groundbreaking engineering work to allow the individual systems to remain grid-tied, island independently, or share electrons and island together as one larger microgrid. The installation also includes a 250 kW natural gas generator for emergency use. This first-of-its-kind solution is also Citizens Energy’s first project with its strategic alliance partner, Schneider Electric.

“On behalf of the full team at Schneider Electric, we’re honored to have been selected as a trusted alliance partner to make this incredibly dynamic project come to life,” shared Don Wingate, Vice President of Microgrids at Schneider Electric. “We’re thrilled to bear witness to the positive impact of this one-of-a-kind microgrid on the critical care facilities that support families in crisis as it reduces the energy costs for the entire campus community.”

The innovative technology was developed through the Connecticut Green Bank’s Commercial Property Assessed Clean Energy (C-PACE) program. The nation’s first green bank offers this unique financial model that lets you pay for green improvements over time through a voluntary benefit assessment on your property tax bill. C-PACE makes it easier for building owners to secure low-interest capital to fund energy improvements.

“This project exemplifies the Green Bank’s vision for a ‘planet protected by the love of humanity,’ as the energy savings from this system allow the Daughters to enhance their mission of caring for those in need,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “When I met Mother Jennifer at the first ribbon cutting five years ago, her words were a source of inspiration helping connect our work in green energy to the human impact in our communities. Congratulations to everyone who made this project happen.”

Two local Connecticut companies, Ecosolar Installations and Associated Real Estate Services, have also played instrumental roles throughout the development cycle, assisting with the grant process as well as local stakeholder management. Ecosolar served as the primary construction lead, responsible for the site work, construction and electrical work associated with all aspects for the project including solar, storage, natural gas generator and controls. Both companies continue to support the project.

 

About Citizens Energy

Citizens Energy Corporation is a Boston-based nonprofit founded by former U.S. Rep. Joseph P. Kennedy II. Under his leadership as chairman and president, Citizens Energy has compiled a 40-plus-year history of channeling revenues from successful energy ventures in oil, natural gas, electricity trading, energy efficiency and conservation, transmission, wind power and solar arrays to programs that help the poor.

 

About CT DEEP

The Connecticut Department of Energy and Environmental Protection (DEEP) is charged with conserving, improving and protecting the natural resources and the environment of the state of Connecticut as well as making cheaper, cleaner and more reliable energy available for the people and businesses of the state. The agency is also committed to playing a positive role in rebuilding Connecticut’s economy and creating jobs – and to fostering a sustainable and prosperous economic future for the state.

 

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency. 

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com

 

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank and has since supported the creation of more than 26,000 green energy jobs in the state, while reducing the energy cost burden on over 66,000 families, businesses, and nonprofits. The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut’s green economy to create more resilient, healthier, and equitable communities.

– END –

Connecticut Green Bank Begins Search for First Director of Environmental Infrastructure Programs

Position will lead development of new program that expands Green Bank’s mission beyond clean energy

 

HARTFORD, Conn. (August 23, 2022) – The Connecticut Green Bank, the nation’s first state-level green bank, seeks an entrepreneurial leader to serve as its first Director of Environmental Infrastructure Programs to develop and implement a new business unit of the organization and transform public and private investment in environmental infrastructure. The creation of this leadership role builds upon the Green Bank’s decade of success as a leader in the climate change fight and applies the green bank model to new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. This model extension was the result of the bipartisan passage of Governor Lamont’s House Bill 6441 in June 2021.

“Over the last year, our team has been meeting with key stakeholders to discuss environmental infrastructure, gathering information about their existing policies, programs, resources, and goals, as we create a comprehensive plan for addressing these subsectors,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “Those conversations have helped us define the qualifications, experience, skills, and personality of the candidates we want to consider for this important new role. The ideal candidate could have a background in finance, policy, or environmental sciences.”

The Director will be tasked with designing, implementing, and overseeing new programs to raise revenues to deploy environmental infrastructure in the state with a focus on decarbonization and climate resilience. With the recent passage of the Inflation Reduction Act, and its inclusion of the Greenhouse Gas Reduction Fund, alongside the Green Bank’s ability to issue 50-year Green Liberty Bonds for environmental infrastructure, the incoming Director will have resources to mobilize private investment in Connecticut’s growing green economy.  A core goal of this position is ensuring increased investment in vulnerable communities, including a focus on Community Reinvestment Act eligible and environmental justice communities.  The Green Bank has established a goal of directing no less than 40 percent of investment and benefits from its programs into vulnerable communities that are disproportionately impacted by the effects of climate change by 2025.

For more information about the position, please visit https://ctgreenbank.applicantpro.com/jobs/2531572.html

Connecticut Green Bank, the Country’s First State Green Bank, Salutes U.S. Congress and President Biden for Passage and Signage of Inflation Reduction Act

 Historic legislative package takes bold climate action and advances clean energy future while establishing a National Climate Bank

 

HARTFORD, Conn. (August 16, 2022) – The Connecticut Green Bank, the nation’s first state-level green bank, applauds the U.S. Congress’ passage and President Biden’s signage of the Inflation Reduction Act (IRA), which includes $369 billion in investments to advance the country’s clean energy transition and fight climate change. The Green Bank is proud to have its successful model emulated and has high hopes for the IRA’s impact.  

“Our administration is making unprecedented investments to mitigate the effects of climate change and ensure that our state parks and open spaces are maintained for generations to come. We applaud President Biden’s leadership, and that of our Congressional delegation, in confronting climate change and building the green economy for all Americans through the passage of the Bipartisan Infrastructure Law and now the Inflation Reduction Act. Since I took office, I have been a steadfast supporter of the Connecticut Green Bank not only as a partner in this work but as a model for the rest of the country to follow,” said Governor Ned Lamont.

The Act includes $27 billion through the Greenhouse Gas Reduction Fund (a.k.a. National Climate Bank or Clean Energy and Sustainability Accelerator) to spur investment in projects, activities, and technologies that reduce greenhouse gas emissions, with $15 billion explicitly earmarked for low-income and disadvantaged communities for local, state, tribal, and nonprofit green banks in partnership with the private sector.

“Over a decade ago, we passed nearly unanimous bipartisan legislation establishing the nation’s first state-level green bank,” said Lonnie Reed, Chair of the Connecticut Green Bank, and former Co-Chair of the Energy & Technology Committee.  “We have demonstrated in Connecticut how to deploy public resources to attract and mobilize private investment that is creating jobs in our municipalities, reducing energy burdens on our families and businesses, and confronting climate change – especially in vulnerable communities.”

Since 2011, Connecticut has provided a successful model for the establishment of a federal green bank, mobilizing nearly $2.5 billion into the state’s green economy while creating thousands of jobs, reducing energy costs for thousands of families, businesses, and communities, and reducing greenhouse gas emissions that worsen public health.

Additionally, the Connecticut Green Bank has established a goal of directing no less than 40 percent of investment and benefits from its programs into vulnerable communities that are disproportionately impacted by the effects of climate change by 2025.

“This historic legislation creates a national plan for combatting the climate crisis. As the first green bank established a decade ago, the Connecticut Green Bank is ready to build on our success and keep improving the lives of residents in our state – especially low-income and disadvantaged communities and households,” said Bryan Garcia, president and CEO of the Connecticut Green Bank. “Our staff and board of directors have continued to work hard to demonstrate how government can confront the climate crisis in innovative ways, and we are thankful for Connecticut’s congressional delegation, Governor Lamont, and the Connecticut General Assembly for their support. Our vision of a planet protected by the love of humanity reflects an unwavering commitment and incessant hope to the betterment of our communities and country.”

For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.

For information on the impact of the Connecticut Green Bank, please download our FY22 impact report at https://www.ctgreenbank.com/strategy-impact/impact/societal-impacts/

To access the Comprehensive Plan of the Connecticut Green Bank, please visit  https://www.ctgreenbank.com/strategy-impact/planning/

 

About the Connecticut Green Bank

The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank and has since supported the creation of more than 26,000 green energy jobs in the state, while reducing the energy cost burden on over 66,000 families, businesses, and nonprofits. The Green Bank’s vision is a planet protected by the love of humanity and its mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. To date, the Green Bank has mobilized nearly $2.5 billion into the State’s green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health.

###

 Supporting Quotes

This landmark legislation has created strong enthusiasm and optimism with its provisions, signaling a new approach to fast tracking and implementing the necessary climate change policies, and many of energy and environmental allies and professionals wanted to share their support. 

  • Senator Blumenthal – “This new national climate fund — modeled on our state’s green bank — will be a game changer. It’s an economic and environmental winner, enabling major investments in clean energy and vital infrastructure. Especially at this critical climate change crossroads, an institution inspired by the Connecticut Green Bank can make a historic difference. I look forward to seeing Connecticut Green Bank’s successes replicated on a national level through more jobs and lower energy costs for consumers.”
  • Representative Himes (CT-04) – “For years, I’ve championed legislation to create a national green bank to help finance and kick-start investment in clean energy technologies. The Inflation Reduction Act will – at long last – make that vision a reality. The Greenhouse Gas Reduction Fund, modeled on the Connecticut Green Bank, will bring security and stability to private investment within the clean energy sector. I was thrilled to help pass this historic investment in sustainable innovation, and will continue to work with local, state, and federal leaders to protect our planet.”
  • Representative Larson (CT-01) –  “Over the last ten years, the Connecticut Green Bank has supported projects that protect the planet and make clean energy more accessible,” said U.S. Rep. John B. Larson. “The Inflation Reduction Act is the nation’s largest-ever investment to combat climate change, finally delivering the results our country has demanded. I worked with my colleagues on the Ways and Means Committee to expand green energy deployment nationwide, and I am thrilled we created a Greenhouse Gas Reduction Fund modeled after our state’s Green Bank to invest in zero- and low-emission technologies.”
  • Ash Center at Harvard University – “In 2017, the Ash Center for Democratic Governance and Innovation at the Kennedy School of Government at Harvard University honored the Connecticut Green Bank with the prestigious Innovation in American Government Awards for ‘Sparking the Green Bank Movement’,” states Steve Goldsmith, the Derek Bok Professor of the Practice of Urban Policy. “The passage of the Inflation Reduction Act, and its inclusion of the Greenhouse Gas Reduction Fund (a.k.a. National Climate Bank), is an example of how proven subnational government innovation can serve as a model for adoption by the highest orders of government in the United States of America.”
  • Coalition for Green Capital – “Having led the effort to support Governor Malloy and Commissioner Dan Esty to establish the Connecticut Green Bank over a decade ago, I can attest to the importance of public-private partnerships to combat the climate crisis,” states Reed Hundt, CEO of the Coalition for Green Capital and former member of the Board of Directors of the Connecticut Green Bank.  “The board of directors and staff of the Connecticut Green Bank – the nation’s first state-level green bank – has served as an example for other city, county, and state green banks, and now the nation.  We have built a coalition of green banks across the country, including public, quasi-public, and nonprofit organizations like credit unions and community development financial institutions that stand ready to mobilize hundreds of billions of dollars of investment in low-income and disadvantaged communities. We will build cheaper and clean power faster than anyone has ever thought possible.”
  • Amalgamated Bank – “The Inflation Reduction Act is an historic step in tackling the climate crisis. Amalgamated Bank is proud to stand with Connecticut Green Bank and our many clients in the clean energy sector as well as advocacy communities who have for decades worked for climate policy and tax fairness. We will stand with them as this bill is signed to keep pushing for climate justice and a safe planet,” states Ivan Frishberg, Chief Sustainability Officer of Amalgamated Bank.
  • Nutmeg State Financial Credit Union – “Since 2013, we have offered the Smart-E loan in partnership with the Connecticut Green Bank as a way to provide our members with low interest rate financing to make energy- and money-saving upgrades to their homes. This investment improves our communities and our environment, while making homes more comfortable. The passage of the Inflation Reduction Act could unlock similar opportunities for credit unions like ours nationwide,” said John Holt, CEO of Nutmeg State Financial Credit Union.
  • Ramirez & Co. – “The Connecticut Green Bank has been a leader in finding innovative ways to generate revenue while helping the environment. As the nation’s oldest green bank, its vision and success have served as a model for this national initiative.  Demand for socially responsible investing will continue to increase, and this historic federal investment provides the potential for exponential growth in the years ahead,” said Alfredo Quintero, Senior Managing Director, Ramirez & Co., the co-underwriter on two Green Liberty Bond issuances that sold more than $40 million in verified climate bonds retail and institutional investors in support of solar PV and energy efficiency in Connecticut. 
  • American Farmland Trust – “Enactment of the Inflation Reduction Act comes at a pivotal time for our nation’s farm and food system. American Farmland Trust (AFT) applauds Congress for including in the bill a historic investment of more than $20 billion in agricultural conservation. Farmers and ranchers are critical allies in the fight against climate change. Still, they need tools and resources to protect their land, increase resilience to extreme weather, sequester carbon in the soil, and reduce emissions. Inspired by forward-thinking and innovative approaches like the Connecticut Green Bank, the Inflation Reduction Act will scale these types of investments into a national program to improve the climate resiliency of farms and forests,” said Chelsea Gazillo, American Farmland Trust New England Policy Manager. “Thanks to recent state legislation, the Connecticut Green Bank now has the charge of investing in environmental infrastructure, which includes agriculture. We look forward to working with them in this capacity and continuing to show Connecticut as a leader in this space.”
  • Save the Sound – “We are pleased to see that the Inflation Reduction Act’s historic $369 billion commitment to addressing climate action includes a dedicated Greenhouse Gas Reduction Fund, based on a green bank model, to leverage private capital to finance the needed investments in a clean energy future. Over the last decade, Connecticut’s Green Bank – the first in the nation – has generated more than $2 billion in investments in expanded solar access, energy efficiency improvements, and reduced greenhouse gas emissions. The Inflation Reduction Act will enable us to build upon and expand that legacy of success,” said Charles Rothenberger, Climate and Energy Attorney, Save the Sound.
  • Clean Water Action “The Inflation Reduction Act is the largest investment in addressing the harmful impacts of climate change and while Clean Water Action is pleased that the bill has been signed into law, we have much more work to do. Many frontline communities and regions will continue to face the disproportionate burden of climate change, particularly with the provisions for fossil fuels that will perpetuate environmental injustices in Appalachia, the Gulf coast, and Alaska. Building on the leadership and innovations of the CT Green Bank can help advance energy efficiency and clean energy solutions beyond Connecticut. These investments make energy efficiency and renewable energy more affordable. They also help propel growth of highly skilled green jobs and the economic engine for shifting to a carbon-free, just transition for all,” said Anne Hulick, JD, MS, RN, CT Director, Clean Water Action. 
  • National Audubon Society – CT State Office “This is an exciting moment for The National Audubon Society — and other conservation organizations — who are concerned about our changing climate. Enactment of Inflation Reduction Act opens up many new funding opportunities, and we are especially pleased with the attention given by federal legislators to environmental and climate justice.  Funding for green banks across the nation is another major provision of the Inflation Reduction Act.  This funding will significantly enhance the opportunities created by Connecticut’s passage of Public Act 21-115 – AN ACT CONCERNING CLIMATE CHANGE ADAPTATION.  That act expanded the Green Bank’s role to include projects related to climate resilience and environmental infrastructure, and we look forward to working with them to define ways to make a positive impact especially with the additional federal funds made available by the Inflation Reduction Act.” said Robert LaFrance, Director of Policy.
  • CMC Energy Services – “Since 1977, we’ve been helping our customers save money on their energy bills. In recent years, the demand for weatherization has increased, and we have been offering Connecticut Green Bank financing to help customers make these important upgrades. The Inflation Reduction Act would help companies like ours in other states provide dependable service and financing to their customers,” said Joseph Roy, Director of Program Delivery at CMC Energy Services, a Green Bank partner on single- and multifamily financing programs.
  • PosiGen “We are excited that the IRA focuses investment into disadvantaged communities because PosiGen’s mission is to make Solar for All,” said Tom Neyhart, PosiGen CEO. “With green investments like this one mean, we are able to expand into communities we previously could not serve, delivering our low cost, no credit check, no money down solar lease product and energy efficiency upgrades to homeowners. That expansion will mean the creation of hundreds of solar installation jobs. The impact that our program has goes farther than just the families we save money. The money we put back in their pockets is spent in the communities. That’s tens of millions of dollars of economic impact in low-income communities and communities of color, creating and sustaining jobs and supporting the businesses in those communities.”
  • DNV – “DNV has worked as a consultant to the Connecticut Green Bank and similar entities in other states for many years, and we’ve seen the direct impact of their investment on job creation and project completion. A national green bank would help unlock funds that will allow for even more energy efficiency and renewable projects across the country,” said Richard S. Barnes, region president, Energy Systems North America at DNV.

Connecticut Innovations Launches VentureClash Climate Edition

Co-hosts for the inaugural event include Connecticut Green Bank, the Department of Economic & Community Development, the Connecticut Department of Energy and Environmental Protection, and the Connecticut Public Utilities Regulatory Authority.
NEW HAVEN, CONN. (Connecticut Innovations (CI), along with Connecticut Green Bank, the Department of Economic & Community Development, the Connecticut Department of Energy and Environmental Protection, and the Connecticut Public Utilities Regulatory Authority, today announced the launch of VentureClash Climate Edition, a networking and pitch event that brings together companies and thought leaders solving real-world climate issues.

The event, set to take place at District New Haven on Thursday, October 27, will attract some of the world’s most disruptive green companies, giving Connecticut the chance to invest in groundbreaking ideas that can fast-track climate-related innovations, strengthen the state’s environmental resilience and create new job opportunities.

“The launch of VentureClash Climate Edition coincides with the launch of our newest ClimateTech Fund, which will put $100 million of capital to work,” said Konstantine Drakonakis, fund manager of Connecticut Innovations’ ClimateTech Fund. “We are actively looking to attract and invest in climate mitigation, adaption and resilience, and environmental and public health safety focused technology companies that can grow and succeed in our state. This initiative brings together other agencies in the state with a similar vision for addressing climate-related issues.”

VentureClash Climate Edition is looking for international and domestic companies interested in building a presence in Connecticut that offer solutions across, but not limited to, four main industry sectors: energy, water, waste and mobility. The companies selected to present will be introduced to a network of customers, investors, mentors and resources throughout the state’s ecosystem, while gaining access to strategic collaboration and investment opportunities.

“As the nation’s first green bank, tackling climate change through innovation is in our DNA, and the Green Bank is excited to support CI in the newest iteration of VentureClash, focusing on the essential sector of climate technology,” said Sara Harari, Associate Director of Innovation at Connecticut Green Bank. “Connecticut has long been a leader in state-level efforts to confront climate change, and events like this help draw new talent to our growing green economy.”

“An exciting competition like VentureClash not only aligns with federal efforts to bolster the clean economy but also builds on Connecticut’s leadership on climate and innovation,” said DEEP Commissioner Katie Dykes. “It is critical that we bring new clean technology to commercial scale here in Connecticut and across the country to meet this moment of the climate crisis. The Lamont administration has positioned the state to apply sustainable solutions, make energy more affordable and attract new technology investments to address the climate challenge here, so we’re all looking forward to the event this October.”

“Supporting the growth of Connecticut’s green economy is one of the four key objectives of PURA’s equitable modern grid framework. In pursuit of this objective, PURA recently authorized the Innovative Energy Solutions (IES) Program, a $25 million per year funding opportunity for innovative ideas with the potential to transform Connecticut’s electric system and provide value to customers at scale,” said Josh Ryor, managing director of PURA. “VentureClash is a unique and exciting opportunity to attract innovative, green companies to Connecticut by connecting them with the suite of exceptional resources, like the IES Program, offered by our state agencies.”

The deadline for applications is Monday, August 22, and presenting companies will be announced in mid-September.

In addition to company pitches, the all-day event will include diverse industry panels with subject matter experts and distinguished keynote speakers.

For more information or to apply, please visit http://www.ventureclash.com.

Connecticut Green Bank Subsidiary Surpasses Goal for Third Investment Offering, Cumulative Raise Exceeds $550,000 

Offerings provide an opportunity for citizens to invest as little as $100 to support Green Bank’s mission to confront climate change through Eversource’s Small Business Energy Advantage Program 


Hartford, CT (August 11, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, has closed their summer crowdfunding investment offering, successfully bringing their total raise to $565,835 this year. Building upon offerings in January and May, this unique investment opportunity was the most successful yet, exceeding the maximum investment goal of $250,000. The Green Liberty Notes allow citizens to invest in the Green Bank’s mission to confront climate change with as little as $100. These offerings are made possible through a partnership with Raise Green, a regulation climate tech marketplace for local impact investing.  

“Our Green Liberty Notes program continues to grow as more investors learn of the opportunity to support the mission of the Green Bank for as little as $100 while earning a competitive return, said Bryan Garcia, President and CEO of the Green Bank.  

The Green Liberty Note was created as an investment companion to the award-winning Green Liberty Bonds, which have been offered in $1,000 minimums to retail and institutional investors through brokerage firms. To attract more investors, the Notes program offers one-year maturity notes, with $100 minimums, that are easy to purchase through an online platform without a broker. To date, 71% of the investments made have been $1,000 or less.    

The latest offering’s coupon, which is set with each new issuance, is 2.50%. Future issuances are anticipated quarterly, with fall and end of year offerings in the works. 

“Meeting and surpassing our maximum target raise with our third offering shows that the demand for green investment continues to grow, as was the case with our Green Liberty Bonds,” said Bert Hunter, Executive Vice President and Chief Investment Officer of the Green Bank. “These notes are a great option for anyone seeking diversification in their portfolio or a local connection to their investment that earns a safe, competitive return while helping small business to become more energy efficient.”    

Investment by everyday citizens in Green Liberty Notes supports Eversource’s Small Business Energy Advantage (SBEA) program, administered through the Conservation and Load Management Plan, which helps small businesses reduce their energy consumption through deploying energy efficient equipment. As a result of the climate benefits associated with this program, the offering was reviewed and verified for its environmental attributes by Kestrel Verifiers. 

Future offerings are planned to open quarterly. To sign up for notifications, please visit invest.ctgreenbank.com.   

Connecticut Green Bank Subsidiary Launches Third Investment Offering through Raise Green Crowdfunding Platform

Offering provides an opportunity for anyone to invest as low as $100 to support small business energy efficiency in Connecticut and help confront climate change

 

Hartford, CT (July 8, 2022) – CGB Green Liberty Notes LLC, a subsidiary of the Connecticut Green Bank, proudly announces their third Green Liberty offering, a crowdfunding campaign launched in partnership with Raise Green, a social and environmental marketplace for impact investing. Through this offering, Connecticut residents and citizens nationwide can invest as little as $100 to support small businesses improving their energy efficiency and reducing energy costs.

“With two successful offerings already this year, we continue to see strong interest in this investment opportunity,” said Bryan Garcia, President and CEO of the Green Bank. “The low investment minimum is designed to encourage people to get involved. We know that inflation and other economic concerns are weighing on folks across the country, however, many still want to help make a difference and combat climate change. Our offerings allow people to know their investment aligns with their values while earning a competitive return.”

Investments in the Green Liberty offering support Eversource’s Small Business Energy Advantage (SBEA) program, which enables small businesses in Connecticut to reduce their energy costs through efficiency upgrades and zero interest loans.

As a result of the climate benefits associated with the SBEA program, this Green Liberty offering has been reviewed and verified for its environmental attributes by Kestrel Verifiers.

For more information about the investment opportunity, please visit invest.ctgreenbank.com.

Smart-E Summer Special Provides Low Rate Financing for Heat Pumps, Battery Storage, and EV Charging

Hartford, CT (July 1, 2022) – For a limited time, homeowners installing heat pumps, battery storage, or EV charging stations are able to get a low 2.99% interest rate with a summer special Smart-E loan.  Borrowers earning less than 100% State Median Income (SMI) are able to get a 1.99% rate (SMI limits by household size can be found here).

Improvements eligible for this special are installation of battery storage systems, level two electric vehicle charging equipment, and heat pumps.

For battery storage, standalone installations or batteries paired with new or existing solar PV systems with qualify. (solar PV is not part of this special, but could be financed with a blended rate). Contractors installing batteries must be approved to participate in the Energy Storage Solutions program, an incentive program for Eversource and UI customers.

For heat pumps, a number of technologies are available, including ductless mini splits, ducted air source heat pumps, ground source heat pumps (geothermal), heat pump water heaters, and solar hot water heaters.

The Smart-E Loan is made available through a network of participating local banks, credit unions, and a community development financial institution (CDFI) across the state. Smart-E Loans through this special offer are available for terms of 5, 7, and 10-years.

For more information, please visit https://www.ctgreenbank.com/smartesummerspecial/ .

Budderfly Receives $5 Million in Financing from Connecticut Green Bank

Connecticut-based Budderfly helps franchises and other businesses improve their energy efficiency, lowering their operating costs

Hartford, CT (June 28, 2022) – The Connecticut Green Bank today announced $5 million in secured loan facilities to support the market expansion of Budderfly, a Connecticut-based company providing a unique energy management solution. Budderfly 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.

“We are proud to be a Connecticut company and leading clean technology business in the state,” said Al Subbloie, Founder & CEO of Budderfly. “Our business was built very intentionally around the dual goals of saving money and lowering carbon emissions for small and medium-sized businesses. Over the past fifteen years, we’ve achieved these goals for nearly 100 Connecticut businesses. Among our top achievements in the state, Budderfly is helping Ryders Health Management’s Mystic Facility hit near net-zero carbon emissions through energy efficiency and on-site renewables at no up-front cost. We look forward to continuing to grow our scale and impact with the support of the Connecticut Green Bank. With their recent support, we’ve now raised over $100 million in capital to serve our customers and scale our business.”

Budderfly’s model is uniquely simple. 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 extensive 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. Budderfly then keeps the buildings it services running smoothly with 24/7 monitoring, analytics, and ongoing maintenance.

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. A significant portion of Budderfly’s existing portfolio is in Connecticut, and it is committed to maintaining and growing its in-state customer base.

“The Green Bank is excited to support Budderfly’s innovative and successful approach to addressing energy waste in commercial businesses,” said Bert Hunter, Chief Investment Officer of the Connecticut Green Bank. “We see our participation as supplementary and complementary to the existing financial support from private capital and other Connecticut government funding for a local based company in the process of achieving significant scale in the energy as a service sector in the commercial market, particularly with small business franchise operations that have unique challenges when it comes to investing in energy efficiency.”

The Connecticut Green Bank provided Budderfly with a six-year $5 million loan. Connecticut Innovations, the state’s venture capital arm, has invested $5.6 million since June 2019. The Department of Economic and Community Development has also provided loan capital to Budderfly tied to achieving economic development goals for the state.

The Green Bank believes that continued discussions with Budderfly will attract additional commercial bank partners and lower its cost of capital, to further expand its environmental and economic impact in Connecticut.

To learn more about Budderfly, please visit https://www.budderfly.com/.