Correlate Energy Partners with Energetic Capital To Unlock a Large Untapped Market
BOISE, Idaho, May 15, 2024 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTCQB: CIPI) (“Correlate” or the “Company”) announces a shared projects pipeline initiative with Energetic Capital aimed at delivering renewable and distributed energy resources into underserved communities. Correlate Energy and Energetic Capital combine forces to leverage Energetic Capital's innovative financing structure coupled with Correlate Energy's proficiency in renewable energy project development. This strategic partnership ensures efficient access to initiatives like the EPA Greenhouse Gas Reduction Fund (“GGRF”), enabling the seamless execution of renewable energy projects in underserved communities. Over the past several years, strides in renewable energy have proven cost-effective for households, businesses, and utilities alike. However, these renewable energy benefits have often eluded low-income communities, with access predominantly concentrated in higher-income areas.Disadvantaged communities often struggle with energy access and higher costs. Two recent federal announcements from the EPA GGRF highlight the need for more initiatives to bring greater volumes of renewable energy to these affected areas. The GGRF’s $7 billion dollar Solar for All grant aims to benefit over 900,000 lower-income households, saving $350 million annually. The GGRF’s $14 billion National Clean Investment Fund grant will fund the formation of national clean financing institutions to deploy capital with a focus on benefiting those low-income communities historically left out of the green transition.
These groundbreaking grants unlock a significant market that has been traditionally challenging to finance. Further, the impact of the funds will be multiplied with a non-profit insurance company called GreenieRE. Once GreenieRE is capitalized and licensed, it will focus on alleviating bottleneck risks holding back decarbonization infrastructure. Insurance is a key gap filler and will lead to transformative change by multiplying the impact of the grant proceeds.
Correlate Energy’s expertise in identifying, developing, and financing renewable projects, coupled with this EPA program, forms a powerful combination. “We continually see numerous barriers to deploying renewable energy in cities and towns where most people live and work. We’re working with Energetic Capital to change that,” said Todd Michaels, CEO of Correlate Energy Corp.
“Our mission is to make sure distributed energy is fairly distributed,” said Jeff McAulay, CEO of Energetic Capital. “Correlate is one of the industry leaders in delivering distributed energy solutions to the C&I sector. With the addition of GGRF funding, these projects become even more possible through the creation of GreenieRE to take on risks that limit project investments.”
*About Correlate Energy Corp.*
Correlate Energy Corp. (OTCQB: CIPI) is a publicly traded company strategically positioned to capitalize on America’s unstoppable trend toward decentralized energy generation. The company employs a three-pronged strategy to create stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems, thereby realizing ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies in order to grow earnings per share for investors exponentially. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more, go to: https://www.correlate.energy/investors.
General inquiries:
Correlate Energy Corp.
www.correlate.energy
(855) 264-4060
info@correlateinc.com
*About Energetic Capital*
Energetic Capital is a specialty financing company with a novel, data-driven approach to develop new risk management products to unlock investment in the renewable energy industry. The company’s first product, the EneRate Credit Cover™ Insurance Policy, unlocks renewable energy project financing for unrated and below investment grade counter parties by covering counterparty credit risk. In 2023, Energetic added lending capabilities in order to provide more solutions for its customers. Headquartered in Boston, Energetic Capital was awarded a SunShot Prize from the US Department of Energy in 2017 and has received a total of $12.5M in venture capital financing to date. EneRate Credit Cover™ and other insurance policies are issued by RE3 Energetic Insurance Solutions, LLC, or SiKey Insurance Services, LLC in New York, wholly-owned subsidiaries of Energetic Insurance, Inc. d/b/a Energetic Capital. Energetic Capital complies with all state-mandated regulations for surplus line insurance brokers and RE3 Energetic Insurance Solutions, LLC is licensed as a surplus lines broker in Massachusetts with License #: 2053916. For more information about Energetic Capital, visit: www.energeticcapital.com. For more information about GreenieRE, visit www.greeniere.org.
For inquiries, please contact:
Jeff McAulay - (617) 819-4332
jeff.mcaulay@energeticcapital.com