Press release: 31 March 2015

Joule Funding launches straight forward efficiency funding package
 
Joule Funding has launched a funding service for utility projects that will remove the barrier of capital requirement experienced by many building owners and managers considering an energy efficiency, energy generation, carbon reduction or water improvement programme.

The package provides access to pre-agreed capital from a panel of well-respected lenders seeking to support cost reduction and efficiency programmes in buildings across the UK, Europe and North America, and is available to a wide range of businesses and organisations, subject to routine credit checking. Developed in consultation with the investor panel, these funds are earmarked for projects which generate returns for the customer well in excess of the finance costs.

Joule funding has developed a suite of largely standardised contracts to reduce transaction costs and time delays, which have been the bugbear of such funding schemes in the past.

Until now, funding for most sustainability programmes has been sought on the basis of a bespoke technical specification prepared by the project consultant. Funders must review each application on a case-by-case basis to ensure that it meets their investment criteria.

Joule has been able to turn this approach on its head, consulting with investors about what they are prepared to finance and approving and agreeing preferred solutions in advance. Now, when Joule presents a funding application to the panel which meets the agreed criteria, a decision can often be reached within 24 hours (depending on the complexity of the project).

In addition, by cutting overheads and speeding up decision making, this simple approach, opens up a far larger range of projects for funding. And, by accessing cheaper capital than the boutique funders currently in the space, can often result is customers being able to roll out efficiency retrofits faster and more comprehensively than they had believed possible.

Commenting on the launch of the service, Charles Ogilvie of Joule Funding said: "The efficiency funding sector has historically overpromised, with earmarked money sitting unused in funds across the city tied up behind sky high transaction costs and eye-watering target rates of return.

"Building managers and energy consultants know the huge opportunity for cutting customer utility costs if only this capital can start to flow where it's needed.

"Joule has invested ahead of the market in streamlining the process of getting projects funded, and by educating lenders in advance about technologies, monitoring and verification and typical project characteristics, we can tap into cheap asset financing through our panel.

"For our investors it de-risks the process. They know that they're supporting a system that will deliver guaranteed efficiencies through market leading kit which will ultimately deliver customer business objectives at zero capex. For those seeking to put in place a sustainability programme it provides rapid access to funding," said Charles.

The new Joule service is suitable for businesses seeking in excess of £50,000 for a utility savings programme, but can fund roll-outs up to the multi-million scale. It is ideal for those organisations who do not feel that they fit within existing large scale funding routes through, for example, the Green Investment Bank or Green Bond issues.

"We have all met sensible FM and energy managers who understand the huge savings to be made on their estate, but have been let down by suppliers over-promising on funding, only for deal closure dates to slip leaving in-year targets un-met and FDs fuming. This programme is aimed to give you a quick answer through a transparent process to help you do your job: cutting cost and carbon and improving the performance of your buildings," said Charles Ogilvie.

For more information on Joule Funding, please visit www.joulefunding.co.uk.

Ends
 
Image
An image of Charles Ogilvie, Joule Funding, can be downloaded using this link: Charles Ogilvie 

Contact details
For more information, contact Adrienne Robins at Green Tiger Communications:
Tel: 07855 643094. Email Adrienne@greentigercommunications.co.uk.