ENERG3 Joins $50 Million Partnership
Chattanooga, Tenn. — Chattanooga-based ENERG3 has partnered with a Conn.-based asset management firm for a capital infusion of $50 million for energy efficiency and sustainability projects for EES Consulting and ENERG3 clients. The fund is particularly interested in solar roofs and combined heat and power solutions for commercial and industrial applications.
Often 35 to 70 percent of project costs can be paid through grants, utility rebates and tax incentives, providing clients with reduced utility rates for little to no cost. In jurisdictions that allow funding from power purchase agreements, ENERG3 provides solutions without capital and in return lowers the utility operating expense.
ENERG3 purchased Energy Efficiency and Sustainability Consulting (EES) in Jan. 2016. ENERG3 operates its global headquarters out of the INCubator, where the local EES Chattanooga franchise originally launched. They maintain independent branch offices in Austin, Boston, Chicago and Houston.
“Without the INCubator and support from the Tennessee Small Business Development Center as a start-up (EES), we wouldn’t have the level of success that we do today,” said Dan LeVan, ENERG3 CEO.
“ENERG3 is a perfect example of the kind of company that the Chamber INCubator program nurtures,” said Charles Wood, VP of Economic Development at the Chattanooga Chamber of Commerce. “The Incubator’s partnership with the Tennessee Small Business Development Center is a valuable tool for emerging and small businesses, and we wish ENERG3 continued success.”
ENERG3 provides technology solutions to reduce energy loads, production of on-site energy and sustainable management for primarily commercial and industrial businesses, but is exploring underserved municipalities in rural Tenn. and Ga.
“It’s wonderful to see our INCubator businesses growing,” said Hamilton County Mayor Jim Coppinger. “ENERG3 is certainly one to watch, and we can’t wait to see where they go from here.”
“ENERG3 is making a difference by helping other organizations reach their sustainability goals, and we’re excited to watch their continued growth,” said Chattanooga Mayor Andy Berke.