HUNTERSVILLE, N.C.--(BUSINESS WIRE)--Lime Energy Co. (NASDAQ: LIME) announced today a partnership with Figtree Energy Resource Company through which Lime’s Customers will benefit from the most flexible PACE financing options available in the State of California. Property Assessed Clean Energy (PACE) is a Government initiative that allows property owners to finance energy efficiency and renewable energy projects for their homes and commercial buildings. The addition of PACE will enable Lime’s California customers defray the costs of energy improvements that can be made to their facilities. This financing vehicle through Figtree can be used for energy efficiency, renewable energy and water conservation upgrades to commercial properties.
“California is one of the leaders among states adopting aggressive energy reduction targets,” said Adam Procell, Lime’s Executive Vice President. “Projects that previously lacked funding now have the ability to move forward and contribute to state energy reduction goals. Our award winning team in California has worked with hundreds of customers to deliver energy saving solutions and our partnership with Figtree enables us to continue to bring high value to this market through our clean energy solutions.”
PACE financing is determined by land value and is repaid via property tax bill without increasing regular property taxes for building owners. “Figtree offers the most flexible PACE financing in California,” said Ross Stout, Figtree’s Chief Operating Officer. “Partnering with clean energy firms like Lime Energy integrates the financial and technical components of energy projects and offers building owners immediate cash flow benefits while eliminating lengthy payback periods.”
About Lime Energy Co.
Lime Energy is building a clean energy future. As one of the nation’s leading providers of clean energy solutions, Lime brings over 25 years of delivering economically viable efficiency and renewable energy solutions that benefit communities and protect the environment. Lime’s platform includes some of the energy industry’s most experienced professionals and an expansive geographic footprint with over 350 employees at 18 locations in North America. Lime Energy’s services include integrated energy engineering, consulting and the implementation of solutions that enable customers to reduce their facility’s energy consumption, lower their operating and maintenance costs and reduce their carbon footprint. The company's stock is traded on NASDAQ under the symbol LIME. Additional information is available at www.lime-energy.com or by emailing email@example.com.
Figtree Energy Resource Company is a San Diego, California based corporation that is committed to making financial sense of the clean energy movement. Figtree is partnering with public agencies, private companies, suppliers, contractors and advocate organizations to make energy efficient communities a reality. Our extensive background in finance enabled Figtree to develop our own PACE program that makes energy efficiency financing accessible to virtually any commercial property owner. This popular financing program is now offered to commercial property owners in participating cities and counties throughout California. PACE financing stimulates local economies and creates job opportunities for approved contractors while reducing energy consumption and greenhouse gas emissions. Additional information is available at www.figtreecompany.com or by calling 877-577-7373.
This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Lime Energy's current expectations about its future results, performance, prospects and opportunities. Lime Energy has tried to identify these forward-looking statements by using words and phrases such as "may," "expects," "anticipates," "believes," “hope,” "intends," "estimates," "plan," "should," "typical," "preliminary," or similar expressions. These forward-looking statements are based on information currently available to Lime Energy and are subject to a number of risks, uncertainties and other factors that could cause Lime Energy's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward- looking statements. These risks include those described in Lime Energy's most recent Annual Report on Form 10-K or as may be described from time to time in Lime Energy's subsequent SEC filings; such factors are incorporated here by reference.