The Connecticut Green Bank on June 28 announced that it provided $5 million in secured loan facilities to support the market expansion of Budderfly, a Connecticut-based company providing an energy management solution. 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, which include quick service restaurants, convenience stores, and healthcare facilities. Budderfly intends to expand its customer base with the new financing.
The company helps provide more efficient refrigeration, lighting, HVAC, and more as well as tremendous retrofits to bring energy improvements to its customers. Budderfly then keeps the buildings it services running with 24/7 monitoring, analytics, and ongoing maintenance.
“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, said Al Subbloie, Founder & CEO of Budderfly. Subbloie added that with the new support from the CT Green Bank, Budderfly has “now raised over $100 million in capital to serve our customers and scale our business.”
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.
