Parity Secures $4M From NY Green Bank

Alex Siminoff

September 12, 2023

Parity Secures $4M Loan From NY Green Bank.

Parity is excited to announce we closed 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.

NY Green Bank’s transaction addresses this gap in the market by bridging the utility incentive payments and freeing up capital for the borrower to focus on business expansion and accelerating the deployment of its SaaS solution.

NYGB logo. NY Green Bank and Parity are working together to support Parity's HVAC Optimization as a Service 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 with NY Green Bank 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

Parity remotely controls and optimizes HVAC systems 24/7/365 to deliver automatic energy savings and revenue to multifamily residential buildings and hotels.

Optimizer is our HVAC Optimization as a Service solution that micromanages your HVAC systems 24/7/365. Optimizer remotely and automatically adjusts set points, motor speeds, and other related performance parameters. This minimizes energy consumption and reduces your staff’s workload while maintaining a comfortable building climate for your occupants.

The full Optimizer service consists of our control optimization software, Parity Insights (Pi) dashboard, automated demand response curtailment, and support from our team of remote and onsite HVAC experts.

For more information, email or read the full case study from NY Green Bank here.

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