Shelton energy firm Budderfly has secured $55 million in growth equity and project debt funding led by Balance Point Capital with participation by Connecticut Innovations.
The funding – together with $22 million funded over the past 24 months by Edison Partners, founder and CEO Al Subbloie, Budderfly senior management, the state of Connecticut through the Department of Economic & Community Development and others – will be used to scale customer project installations, accelerate Budderfly’s go-to-market efforts and expand product growth.
Combined with expected vendor partner financing, the Shelton firm said it is now fully positioned to implement its plan to manage over $3 billion in customer energy spending over the next 10 years.
Budderfly is involved in the emerging Energy Efficiency as a Service market, with advanced software, patented energy internet of things (IoT) measurement and control devices and energy-saving facility components and upgrades. The company delivers an energy management solution that promises significant energy savings at no cost to customers, including office buildings, retail stores, restaurants, schools and health care facilities.