SAN DIEGO, Jan. 25, 2016 /PRNewswire/ -- Renovate America, the leading provider of residential Property Assessed Clean Energy (PACE) financing in the U.S., today announced it was named in the 2015 Global Cleantech 100, produced by Cleantech Group. The Global Cleantech 100 represents the most innovative and promising ideas in cleantech, and features private companies that Cleantech Group believes are best positioned to solve tomorrow's clean technology challenges and make the most significant market impact.
"The successful market deployment of PACE financing is accelerating the adoption of energy- efficiency and water-efficiency in our housing sector nationwide," said Renovate America COO and co-founder Nick Fergis. "Renovate America has financed more than $1 billion of clean energy home improvements by developing technology that empowers a network of home improvement contractors in the field to demonstrate energy savings potential to homeowners, approves financing, originates loans, tracks over 1.2 million products rated as energy- or water-efficient, provides industry-leading consumer protections, and tracks environmental and economic impacts in real-time for government partners."
Renovate America works with local government partners to offer PACE financing to enable homeowners to make energy- and water-efficiency improvements and pay for them over time through their property tax bills. Certain tax benefits may apply, and homeowners often see immediate savings on utility bills.
The company's public-private partnership HERO Program has helped fund residential efficiency projects in more than 50,000 households in California and will offer financing in a few other states in 2016. By stimulating home renovation activity, the program has also increased demand for local contractor services. HERO financing is estimated to have spurred the creation of more than 10,000 jobs since beginning in December 2011. Cities and counties benefit through increased economic stimulus, and by gaining much-needed assistance from local residents to reach state-imposed water and energy savings goals. Securitization of PACE assets brings private capital to meet public policy objectives, requiring no taxpayer funding and no risk for local governments.
The 2015 Global Cleantech 100 list is collated by combining proprietary Cleantech Group research data, with weighted qualitative judgments of hundreds of nominations, and specific inputs from a global 100-person Expert Panel. To qualify for the list, companies must be independent, for-profit, cleantech companies that are not listed on any major stock exchange.
This year, a record number of nominations were received: 6,900 distinct companies from 60 countries. These companies were weighted and scored to create a short list of 323 companies. Short-listed nominees were reviewed by Cleantech Group's Expert Panel, resulting in a finalized list of 100 companies from 17 countries.
The 100-member expert panel was drawn equally from leading financial investors and representatives of multinational corporations active in technology and innovation scouting across Asia, Europe, and North America. The composition of the Expert Panel broadly represents the global cleantech community, from pioneers and leaders to veterans and new entrants. The diversity of panelists results in a list of companies that command an expansive base of respect and support from many important players within the global cleantech innovation ecosystem.
"The Global Cleantech 100 provides us with insight into the collective opinion of key market players on which megatrends and innovation companies are most likely to have a significant impact in the next five to 10 years," said Michele Parad, Senior Manager at Cleantech Group and lead author of the Global Cleantech 100 Report. "Now in its 7th year, the Global Cleantech 100 program reveals which themes are staying relevant and which sectors are taking center stage."
The complete list of 100 companies was announced on January 25th at the Cleantech Forum San Francisco: http://events.cleantech.com/cleantech-forum-sf/
About Renovate America
Renovate America is the fastest-growing provider of financing for energy- and water-efficiency home improvements in the U.S. The company's HERO Program provides local governments with a comprehensive residential PACE financing solution that also includes consumer protection, business automation software, workforce training and ongoing access to private capital. This unique public-private partnership offers consumers access to more than 60 types of products that reduce energy and water consumption. Public recognition of HERO includes the Governor's Environmental and Economic Leadership Award in California, the Urban Land Institute Best of the Best, and the Southern California Association of Governments President's Award for Excellence. Additional information can be found at www.renovateamerica.com and www.heroprogram.com.
About Cleantech Group
Founded in 2002, Cleantech Group's mission is to accelerate sustainable innovation. Core to this mission is i3, an online platform that connects corporates with innovation, at scale, by allowing them to find, vet, and connect with start-ups--efficiently building an innovation pipeline. The i3 platform comes to life at our global Events, which convene corporates and start-ups, along with other players shaping the future of sustainable innovation. Cleantech Group is headquartered in San Francisco and has offices in London. For more information, visit www.cleantech.com.
SOURCE Renovate America