NEW YORK–(BUSINESS WIRE)–Bright Power, Inc.— the leading energy and water management partner in the U.S. for multifamily real estate owners, operators, managers, and investors—today announced it has closed a $24.5 million Series B capital raise. The round was led by the BMO Impact Investment Fund and Generate Capital. Previously, the company had raised a $10 million debt facility from WindSail Capital Group and $1.8 million from early angel investors.
With the tailwinds of increasing investment in real estate sustainability, new carbon emissions regulations, and greater valuations for smarter, healthier buildings, this new funding will enable Bright Power to continue to scale, bringing its comprehensive solution set to more building owners and bringing new products and services to market.
Founded in 2004 by Jeffrey Perlman, Bright Power started by connecting the benefits of investing in solar and energy efficiency together. Then Bright Power simplified the process of making energy investment decisions through the creation of a simple but rigorous analytics platform, EnergyScoreCards. Bright Power developed deep engineering expertise in how to make buildings better for occupants while lowering energy usage, both for existing buildings and new construction. Most recently, Bright Power created a real-time energy management service, MoBIUS®, that brings the company’s energy savings and troubleshooting expertise to building operations teams, enabling them to optimize building operations and ensure that energy waste does not creep back after making energy savings improvements.
“Bright Power’s strength lies in our passion to eliminate negative impacts on the planet while increasing the performance and value of buildings. We are proud to have investors who share the same passion—together we will create a more sustainable future for us all,” said Jeffrey Perlman, CEO & Founder of Bright Power.
“BMO’s Impact Investment Fund was established to help drive sustainable outcomes by backing technologies that create a positive impact for both investors and the planet,” said Marc Khouzami, Managing Director, BMO Impact Investment Fund. “As part of our goal to be our clients’ lead partner on the transition to a low carbon economy, we are excited to build on BMO’s tradition of sustainability through our investment in Bright Power.”
“We’re excited to partner with the Bright Power team to accelerate our mission to rebuild the world with sustainable, affordable and reliable infrastructure,” said David Perl, Managing Director at Generate Capital. “We believe energy efficiency offers some of the best economic and environmental returns and we are thrilled to partner with such an innovative team. Bright Power is well positioned to dramatically reduce carbon emissions in the multifamily built environment and improve building performance.”
“It was an honor to facilitate Bright Power in this transaction. Bright Power represents a dynamic new type of company where positive impact and profits are linked, as one grows so does the other. BMO and Generate will help Bright Power continue to scale its important focus on high performance buildings and climate solutions,” said Michael Whelchel, Co-Founder and Managing Partner of Big Path Capital whose team arranged the Series B financing.
About Bright Power
Bright Power provides strategic energy and water solutions to building owners and operators across the nation. Specializing in multifamily apartment buildings, Bright Power has worked with over 1.9M apartments that cover 1.9B square feet. Bright Power’s energy management solutions include EnergyScoreCards benchmarking software, energy audits, energy procurement, on-site generation, green building design services, turnkey installation of energy improvements and ongoing energy management. For more information, please visit www.brightpower.com.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $950 billion as of April 30, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com
About Big Path
Founded in 2007, Big Path Capital is the leading investment bank for positive impact companies and funds. With one of the largest networks of impact investors, Big Path has worked with more impact companies and funds than any other investment bank in the world. Companies and funds engage Big Path Capital for company exits, capital raises, and founder and shareholder liquidity. Big Path is proud to have been a certified B Corporation since 2007. For more information, please visit www.bigpathcapital.com.