Heartland Financial USA, Inc. (NASDAQ: HTLF)
announced today that it has teamed with
BluePath Finance LLC
to provide upfront financing for the installation of energy-efficient building products used by commercial and industrial companies as well as the non-profit and public sectors.
BluePath provides financing to install energy efficient technologies and works side-by-side with energy services companies, OEMs, installers and distributors to offer turn-key solutions. Most systems can save end-users 60% of their energy consumption. Financing solutions are designed so end-users can pay for new installations from reduced utility bills generating immediate monthly cash flow savings.
Said Lynn B. Fuller, chairman, president and chief executive officer, “We are pleased to team with BluePath to provide an important financing program that can help our customers become more energy efficient. Companies are seeking ways to be greener, yet many companies struggle to find the up-front capital to complete these important projects. Plus, efficiency upgrades are important in our evolution toward energy independence. BluePath can provide the financial model to accomplish this and help companies see the bottom-line benefit by reducing costs and increasing profits.”
BluePath provides funding for projects with up-front costs of $100,000 to $5 million for eligible energy-related projects including lighting and lighting controls; heating, ventilation and air conditioning (HVAC) and building controls; industrial motors and systems; boilers, furnaces and refrigeration systems; and fluid transport systems.
BluePath is a new venture led by Warren Jones and Michael Cox, former investment bankers with expertise in energy finance, and financed by individual investors including Heartland Financial. Said Fuller, “We invested in BluePath as we believe this will open new financing opportunities for our banks. Heartland continues to be innovative in seeking ways to provide quality financing programs for our member banks.”
Said Warren Jones, CEO of BluePath Finance, “We are pleased to move forward with a quality partner like Heartland. Heartland’s deep community banking relationships can help us connect with a wider audience that can benefit from energy upgrades.”