WASHINGTON--(BUSINESS WIRE)--Sparkfund, an innovative energy management outsourcing company, today announced that it has secured a financing facility to fund new energy infrastructure installations with Hannon Armstrong (NYSE: HASI), a leading investor in climate change solutions.
Sparkfund will use the facility to own and operate energy system management projects on behalf of its customers, all via the Sparkfund Technology SubscriptionTM. The deal is the latest example of Sparkfund’s growth and signifies continued growth in the adoption of the Efficiency-as-a-Service model.
Sparkfund’s outsourcing model is comprehensive, spanning engineering, financing, maintenance, monitoring, and upgrades of a businesses’ existing and new energy technologies like lighting, heating, cooling, and backup generation. The new Hannon Armstrong facility is criteria-based and structured on customer subscription payments, allowing Sparkfund to serve customers faster, with greater certainty, and at a lower blended cost of capital. This investment effectively expands Sparkfund’s reach and accelerates a revolution in energy management that will help modernize critical energy infrastructure and generate cost savings and efficiency gains for building owners in North America.
“We’re thrilled to be working with such a prestigious lender as Hannon Armstrong. Sparkfund needs to have financing arrangements that can grow with us long-term as we complete larger, more impactful projects with bigger companies across North America,” said Sparkfund CEO Pier LaFarge. “This new financing facility will allow Sparkfund to bring our cost-reducing and scalable energy management solution to a larger segment of the market.”
“We’re delighted to provide a financing solution for Sparkfund that will support the expansion of their subscription model offering commercial customers major energy savings and carbon reduction,” said Hannon Armstrong Chairman and CEO Jeff Eckel. “The Efficiency-as-a-Service model is one of the more promising innovations to come along in the energy efficiency space in quite some time, and we are encouraged by its potential for growth.”
Sparkfund allows commercial and industrial businesses to outsource their building energy systems using an innovative subscription model. The Sparkfund Technology SubscriptionTM lets businesses outsource their energy system management, including maintenance, monitoring and upgrades, to Sparkfund for 15 – 40% less than they’re currently spending. Sparkfund's subscription platform, the SparkOS, is licensed by Shell and several other leading energy incumbents. The company is based in Washington, D.C. Learn more at www.sparkfund.com.
About Hannon Armstrong
Hannon Armstrong (NYSE: HASI) makes investments in climate change solutions by providing capital to the leading companies in the energy efficiency, renewable energy and other sustainable infrastructure markets. Our goal is to generate attractive returns for our stockholders by investing in a diversified portfolio of investments that generate long-term, recurring and predictable cash flows from proven commercial technologies. Based in Annapolis, Maryland, Hannon Armstrong is proud to be the first U.S. public company solely dedicated to investments that reduce carbon emissions or increase resilience to climate change. For more information, please visit www.hannonarmstrong.com. Follow Hannon Armstrong on LinkedIn and Twitter @HannonArmstrong.