Proven financial services product from Atmos complements the equity-driven team at Clean Energy Fund of Texas
HOUSTON, July 11, 2024 /PRNewswire/ -- Financial technology company Atmos Financial has signed an agreement with the first "green bank" in Texas, Clean Energy Fund of Texas, to help accelerate capital deployment into clean energy. The agreement is contingent on the Clean Energy Fund of Texas receiving funding from the Coalition for Green Capital, which recently was awarded $5 billion from the U.S. Environmental Protection Agency (EPA).
The Clean Energy Fund of Texas is a financing provider for Texans of all backgrounds. Its mission is to develop and offer cost-effective ways for Texans to finance the installation of clean, renewable energy sources like solar, battery storage, and energy efficiency upgrades.
Atmos has developed proprietary software to leverage capital from the EPA's Greenhouse Gas Relief Fund to help bring in more private capital to support solar energy and electrification. Under this agreement, Atmos would acquire, underwrite and service clean energy loans while ensuring smooth experiences for customers and the highest levels of security.
"The creation of the first green bank in Texas is a monumental event for accelerating the equitable transition for all residents and businesses of Texas," said Ravi Mikkelsen, Co-Founder and CEO of Atmos Financial. "Atmos is thrilled to have been selected to provide end to end lending services to the team so that they can focus on creating impact in their community, instead of on back-office tasks and software development. The Atmos network of banks and credit unions stand ready to use their capital to extend Clean Energy Fund of Texas' reach even further."
This will be the first green bank partnership for Atmos Financial, as the Clean Energy Fund of Texas has been a leader among the nation's green banks in getting set up and developed quickly. Atmos provides similar services to other private lenders around the country.
"We are excited to work with Atmos Financial to help us leverage our federal funding toward more private capital to really kick start the green economy," said Billy Briscore, CEO of the Clean Energy Fund of Texas. "Atmos has a strong track record that, combined with our local knowledge and relationships means more capital to create jobs, improve community health outcomes, make homes and businesses more resilient against extreme weather and save energy costs."
Atmos partners with Banyan Infrastructure, with whom Clean Energy Fund of Texas will also be working, to identify prospective borrowers, structure cost efficient financial solutions and access real-time loan portfolio reporting.
Contacts:
Ravi Mikkelsen, Atmos Financial Co-founder & CEO [email protected]
Oliver Bernstein, Clean Energy Fund of Texas, [email protected]
SOURCE Atmos Financial
Share this article