Budderfly, a Shelton-based company provider of energy management solutions, has received six-year $5 million in secured loan facilities from the Connecticut Green Bank to finance its market expansion.
Budderfly has provided energy-saving technologies for refrigeration, lighting and HVAC plus retrofitting space services to more than 80 Connecticut businesses, primarily quick service restaurants, convenience stores and healthcare facilities. 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.
“We are proud to be a Connecticut company and leading clean technology business in the state,” said Al Subbloie, founder and 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.”
“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.”
Photo: David Eldridge and Ken Buda of Budderfly
