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2010-02-02
Renewable Funding Acquires Information Technology Company ProjectDX
Oakland, Calif. - Renewable Funding has purchased Portland-based ProjectDX, a company that provides technical support and automated processes for governments seeking to increase participation in local sustainability programs. Renewable Funding - the nation's leading financier of property assessed clean energy (PACE) programs - will leverage ProjectDX's expertise to offer even more comprehensive services to help governments and property owners make energy efficiency, water conservation, and renewable energy improvements. All ProjectDX staff, business, and technology will be absorbed by Renewable Funding through the sale.
The acquisition will bring together Renewable Funding's expertise in PACE program development, administration, and financing with ProjectDX's online services for education, awareness, and community-building. ProjectDX's extensive GIS database and analytical systems help property owners make cost-effective choices when investing in energy efficiency, water conservation and renewable energy improvements. Project DX is already under contract with a number of communities across the country, including Sonoma County, CA; Portland, OR; Seattle, WA; and Baltimore, MD.
"Property owners are in search of reliable information about energy efficiency and renewable energy and available financing for making these types of improvements," said Cisco DeVries, president of Renewable Funding. "The combination of Renewable Funding's administrative and financing services with the ProjectDX technology will help property owners across the country make home improvements that save them money and reduce carbon emissions."
ProjectDX and Renewable Funding had an existing partnership to support PACE programs prior to the acquisition. Now together as a single team, Renewable Funding is poised to continue leading the national trend toward PACE financing.
"We look forward to joining Renewable Funding's seasoned team.," said ProjectDX CEO Paul Gifford. "They originated the PACE financing concept and have led the national movement toward adoption of PACE legislation and programs."
The PACE financing model allows property owners to pay for energy efficiency, renewable energy, and in some cases water conservation retrofits with virtually no upfront costs by adding a reasonable assessment to their property tax bill. The additional tax assessment is paid off in up to 20 years and the assessment stays with the property in the case of the property being sold. This innovative financing model enables home and business property owners to significantly reduce their greenhouse gas (GHG) emissions while saving money on utility bills.
Berkeley launched the nation's first PACE program in November 2008 with tremendous success. Sixteen states have since passed legislation to encourage PACE financing for their residents. PACE programs are running or planned in communities across the country.
Nearly 40% of America's GHG emissions come from our nation's current building stock. President Obama recently announced a major effort to promote home retrofits through his "Cash for Caulkers" program, which aspires to retrofit 100 million homes and generate one million new jobs while reducing U.S. greenhouse gas emissions by 5% over the next twenty years. These incentives are expected to greatly increase the demand for PACE financing.
The technology created by PDX allows property owners to integrate project planning with a marketplace of qualified vendors, online financing applications, and back-office support for program administrators. Renewable Funding and PDX partnered on San Francisco's Sustainable Financing energy efficiency and water conservation program, which is scheduled to launch in early 2010 and will be financed and administered through Renewable Funding.
About Renewable Funding (www.renewfund.com)
Renewable Funding is the nation's leader in providing financing and administration for property assessed solar and energy efficiency improvements. A UC Berkeley study published earlier this year in Environment magazine found the potential for a reduction of up to a gigaton of greenhouse gas emissions as PACE programs expand nationally. The company recently received more than $12 million in venture capital funding to support its continued expansion around the country.
The acquisition will bring together Renewable Funding's expertise in PACE program development, administration, and financing with ProjectDX's online services for education, awareness, and community-building. ProjectDX's extensive GIS database and analytical systems help property owners make cost-effective choices when investing in energy efficiency, water conservation and renewable energy improvements. Project DX is already under contract with a number of communities across the country, including Sonoma County, CA; Portland, OR; Seattle, WA; and Baltimore, MD.
"Property owners are in search of reliable information about energy efficiency and renewable energy and available financing for making these types of improvements," said Cisco DeVries, president of Renewable Funding. "The combination of Renewable Funding's administrative and financing services with the ProjectDX technology will help property owners across the country make home improvements that save them money and reduce carbon emissions."
ProjectDX and Renewable Funding had an existing partnership to support PACE programs prior to the acquisition. Now together as a single team, Renewable Funding is poised to continue leading the national trend toward PACE financing.
"We look forward to joining Renewable Funding's seasoned team.," said ProjectDX CEO Paul Gifford. "They originated the PACE financing concept and have led the national movement toward adoption of PACE legislation and programs."
The PACE financing model allows property owners to pay for energy efficiency, renewable energy, and in some cases water conservation retrofits with virtually no upfront costs by adding a reasonable assessment to their property tax bill. The additional tax assessment is paid off in up to 20 years and the assessment stays with the property in the case of the property being sold. This innovative financing model enables home and business property owners to significantly reduce their greenhouse gas (GHG) emissions while saving money on utility bills.
Berkeley launched the nation's first PACE program in November 2008 with tremendous success. Sixteen states have since passed legislation to encourage PACE financing for their residents. PACE programs are running or planned in communities across the country.
Nearly 40% of America's GHG emissions come from our nation's current building stock. President Obama recently announced a major effort to promote home retrofits through his "Cash for Caulkers" program, which aspires to retrofit 100 million homes and generate one million new jobs while reducing U.S. greenhouse gas emissions by 5% over the next twenty years. These incentives are expected to greatly increase the demand for PACE financing.
The technology created by PDX allows property owners to integrate project planning with a marketplace of qualified vendors, online financing applications, and back-office support for program administrators. Renewable Funding and PDX partnered on San Francisco's Sustainable Financing energy efficiency and water conservation program, which is scheduled to launch in early 2010 and will be financed and administered through Renewable Funding.
About Renewable Funding (www.renewfund.com)
Renewable Funding is the nation's leader in providing financing and administration for property assessed solar and energy efficiency improvements. A UC Berkeley study published earlier this year in Environment magazine found the potential for a reduction of up to a gigaton of greenhouse gas emissions as PACE programs expand nationally. The company recently received more than $12 million in venture capital funding to support its continued expansion around the country.