Connecticut Green Bank provides $5 million loan to Shelton Company


A Shelton-based energy management outsourcing company has secured a $5 million loan from Connecticut Green Bank, officials at the quasi-public agency said Tuesday.

Budderfly makes its money by using technology to save energy for its customers. The company then receives a percentage of the savings as payment.

“The capital allows us to continue to focus on being free for the customer,” said Al Subbloie, the company’s founder and CEO. “We support their energy infrastructure and support their energy system. We drastically reduce their consumption, so the company never writes us a check. »

He said that since the company was founded in 2007, it has focused on “the twin goals of saving money and reducing carbon emissions for small and medium-sized businesses”.

“We’ve achieved these goals for nearly 100 Connecticut businesses,” Subbloie said. A large portion of the company’s customer portfolio is made up of convenience stores and fast-food companies, which he says consume far more energy per square foot than larger businesses.

“These companies use a lot more energy in a small space,” Subbloie said. This ability to extract large amounts of energy savings from small spaces has enabled Budderfly to raise more than $100 million in capital over the past four years, he said.

“Investors are comfortable with our ability to repeat these kinds of savings over and over again,” Subbloie said. And the company is poised to attract another major private capital investment, he said.

Connecticut Green Bank works to attract private investment in energy efficiency and renewable energy projects. Bert Hunter, the agency’s chief investment officer, said Green Bank’s six-year loan to Budderfly is designed to be “additional and complementary to existing financial support from private equity and other Connecticut government funding.” “.

Connecticut Innovations, the state’s technology investment agency, has invested $5.6 million in Budderfly since June 2019.

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