New efficiency and solar finance platform features easy application, quick approval
MINNEAPOLIS, MN – Eutectics™ Finance has launched a new financing platform to fund energy efficiency and renewable energy improvements in buildings across the United States.
For projects ranging from $25,000 to $5,000,000, Eutectics Finance features a simple financing application, quick turnaround, and a committed capital partner with the goal of financing $70 million in projects in the first round of funding.
"Eutectics™ Finance provides easy access to 100% financing for building-scale clean energy projects, with a focus on those medium-sized and smaller projects that have previously been harder to finance," said Eutectics™ CEO Jeremy Kalin, a former Minnesota state representative and founding Chair of the national Coalition of Legislators for Energy Action Now. "The Eutectics™ Finance platform is built to be easy to use, responsive to contractors and owners, and cash-flow-friendly for business owners."
As proof of concept, Eutectics™ has already facilitated more than $32.4 million in energy efficiency, water saving and renewable energy projects across the country, with 38 contractors and trade allies enrolled as Eutectics™ partners.
Contractors can access the Eutectics™ Finance platform through an easy-to-use quote request, which asks for the same information they already provide on a 'bid sheet' to project owners. Eutectics™ Finance then provides a quote to the contractor and the business, with funding following credit approval.
Projects seeking less than $150,000 in financing require only a one-page credit application, with financing determination expected within 24 hours. For larger projects, basic financial information is needed from applicants, with a typical 48-hour financing determination.
Eutectics™ Finance is fully capitalized with internal credit authority. No outside approval or capital is required for clean energy projects up to $5,000,000.
"Eutectics™ Finance is the result of years of innovation - working with contractors, owners and capital partners to make it easy to finance energy efficiency and renewable energy projects," said Kalin. "Eutectics™ Finance is the first open platform through which efficiency and renewable technology partners can access affordable capital - with a fast and easy-to-use process."
Contractors and building owners agree that Eutectics™ has helped them advance clean energy projects.
"Working with Eutectics™ was no different than working on any other project - except that this time, owners got to 'Yes' and the project got funded," said EnergyMisers' President Bill Bieganek.
"Thanks to Eutectics™, we were able to develop a financing plan that allowed The Home Company / CoCo Building to move forward on major upgrades to our heating and cooling systems," said Jeff Heegaard, principal at The Home Company building in St. Paul, MN. "These upgrades will allow us to reduce our long-term energy costs, lower our carbon footprint and move forward on our goal of creating a cleaner, greener future."
Eutectics™ facilitates financing for clean energy improvements, emphasizing underserved and untapped market segments. A mission-oriented company headquartered in Minneapolis, Eutectics'™ leadership team has 92 years of combined experience in clean energy policy and financing.
Eutectics'™ open platform for clean energy financing leverages multiple tools – including PACE financing, SolarNote® and Eutectics™ Finance – to ensure the strongest return for project owners.