Today, NorthWrite, Inc. a leading technology company that specializes in cloud-based monitoring and energy reduction services, and Joule Assets, Inc., a leading provider of financing solutions for the energy efficiency and demand response industries announced that NorthWrite will be the first of Joule Assets’ clients to be certified to receive Hartford Steam Boiler’s (HSB) performance insurance offering.
NorthWrite partnered with Joule Assets in 2014 to focus on bringing turn-key energy reduction services to the small- and mid-sized enterprise sector. A largely untapped market, Joule Assets and NorthWrite collaborated to create a business and financing model to implement projects and guarantee performance for customers who would otherwise not receive this type of offering. This financing partnership has since fostered an innovative whole-building approach, which utilizes integrated technology, business and financing models.
Recently Joule Assets and Hartford Steam Boiler, a global leader in equipment insurance and part of Munich Re HSB announced a first-in-kind portfolio-wide insurance offering. This new offering will provide Joule service partners with performance insurance through a scalable energy savings insurance solution by underwriting at the portfolio level. NorthWrite is the first service provider under the new program to have its energy savings portfolio underwritten by Hartford Steam Boiler.
NorthWrite’s first two projects to be insured under this new policy, located in Westchester County, represent a significant step forward for the efficiency financing sector. While NorthWrite already provides a turn-key offering including a Managed Energy Services Agreement (MESA) structure, unique technology, operations and financing solutions in partnership with Joule Assets becoming a “certified” client under the new performance insurance product will enable further scalability. This not only provides customers with an off balance sheet financing solution, but also creates a true performance guaranteed service for the SME commercial sector.
“Although the SME market is large and attractive, it has, historically, been a difficult market to serve”, notes Patrick O’Neill, NorthWrite’s CEO. “These projects require very creative technical, operational and financial solutions to gain traction and scale. We think that we’ve “cracked the code” with our new MESA and are excited by the early successes we’ve had in the market. The addition of HSB’s insurance will add a level of security for our customers and will be an important sales tool going forward.”
Dennis Quinn, Joule Assets COO adds “We are extremely excited to demonstrate to the market that investment-grade, performance-based, energy efficiency solutions for the small and medium commercial market, such as those being executed by NorthWrite and funded by Joule’s ERA Fund, are being implemented cost-effectively. We see this as a huge confidence-builder for the industry and as an approach that can scale.” “The industry needs more forward-thinking technology and solutions providers like NorthWrite.”
About NorthWrite, Inc.
NorthWrite (northwrite.com) is a 15-year old, cloud-based, software and services company providing innovative solutions for facility and energy management. We believe a well-designed, flexible and simple approach can dramatically improve an organizations ability to be effective. As a company, we strive to bring our customers the very best energy, wireless, and cloud-delivered technologies to make their jobs easier. We are confident that this better meets the needs of our customers enabling them to get on with successfully operating their businesses…and hopefully have a little more fun along the way!
About Joule Assets, Inc.
Joule Assets delivers financing solutions for energy efficiency and demand management initiatives and projects. Through its first-in-kind Joule Energy Reduction Asset (ERA) Fund, a global private equity fund initially targeting $100M, Joule provides previously unavailable, upfront financing to energy efficiency projects, cycling returns from monetized energy savings back to Fund investors. Joule Assets leverages its proprietary database, market analysis software, and extensive industry expertise to deliver a secure financing option for vendors and untapped revenue streams for investors. You can learn more about Joule Assets and the ERA Fund on our website.