Parity is excited to announce a $4 million loan facility from NY Green Bank to finance our HVAC optimization-as-a-service solution to improve energy efficiency in New York State.
This is NY Green Bank’s first transaction focused on a software-as-a-service solution for energy-efficiency building upgrades.
There was a lack of precedent and limited appetite from traditional commercial debt providers to finance transactions tied to utility incentives. Utility incentives may not fit into any one asset class or may be too small individually to generate sufficient interest from traditional debt investors.
NYGB’s transaction addresses this gap in the market by bridging the utility incentive payments and freeing up capital for Parity to focus on business expansion and accelerating the deployment of our SaaS solution.
Brad Pilgrim, CEO of Parity, says, “We are extremely excited to be working with NY Green Bank. This is a significant partnership for us with a US lender. Our organization’s goals, when it comes to reducing GHG emissions from buildings in New York City, are very closely aligned. We look forward to leveraging this partnership and capital facility to help building managers and asset owners implement the necessary technology to minimize wasted energy in buildings and build a greener, more sustainable future.”
Parity is an HVAC Optimization as a Service company. We slash energy usage, cut CO2 emissions, automate demand response curtailment, and reduce on-site staff workloads by combining our control optimization software, real-time and continuous monitoring, our Parity Insights (Pi) analytics dashboard, and support from our team of HVAC experts.
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