Shelton-based Budderfly receives $5 million loan facility from Connecticut Green Bank
Budderfly, a Shelton-based company that provides energy management solutions, received $5 million over six years in secured loan facilities from Connecticut Green Bank to fund its market expansion.
Budderfly has provided energy-saving technologies for refrigeration, lighting, and HVAC, as well as space retrofit services to more than 80 Connecticut businesses, primarily quick-service restaurants, convenience stores, and health facilities. The company secured the funding through Green Bank’s Capital Solutions open tender, which is open to companies and technologies that have proven to be commercially viable or have strong business models, with the ability to quickly achieve lasting impact at scale.
“We are proud to be a Connecticut company and a leading cleantech company in the state,” said Al Subbloie, Founder and CEO of Budderfly. “Our business was very intentionally built around the dual goals of saving money and reducing carbon emissions for small and medium-sized businesses.”
“Green Bank is pleased to support Budderfly’s innovative and successful approach to combating energy waste in commercial enterprises,” said Bert Hunter, Chief Investment Officer of Connecticut Green Bank. “We view our participation as additional and complementary to existing financial support from private equity and other Connecticut government funding for a local company achieving significant scale in the energy-as-a-service sector on the market. commercial market, especially with small businesses. franchise operations that have unique challenges when it comes to investing in energy efficiency. »
Photo: David Eldridge and Ken Buda of Budderfly