Blu Homes Raises $12.5 Million in Growth Capital

WALTHAM, Mass. and SAN FRANCISCO, May 4, 2011 /PRNewswire/ -- Green prefab builder Blu Homes (www.bluhomes.com) today announced that it has raised $12.5 million from private investors, bringing total investment to $25 million since its founding in 2007.  These funds will be primarily used to expand its engineering and manufacturing capacity to meet growing demand.

"With our homes going up in 12 States and the first international units sold, we are investing to expand our capacity, grow our team and develop additional products," said Bill Haney, CEO of Blu.

A year ago, Blu Homes had three home lines and 20 employees.  The company now has seven homes lines, including its newly released Breezehouse, and employs 90 people between its Boston, Ann Arbor and San Francisco offices, its western Massachusetts factory, and its regional sales people.  Blu expects its 2011 sales to grow by more than 400% from 2010, and to open a second manufacturing facility by the end of 2012.

"As we continue to expand our reach across the U.S. and Canada our direct sales force will expand over the next month, with folks in Los Angeles, San Francisco, Seattle, Chicago, New York and Washington joining our existing Boston-based team," said Maura McCarthy, VP of Sales and Marketing for Blu.  "We expect to open customer service programs in the Caribbean, Hawaii, Austin, Toronto and Vancouver over the next six months.  We'll also be launching our new Lofthouse design and unveiling a new 3D personalization tool for customers.  Customers love our beautiful, green homes – and the convenient way they can personalize a design for free and then get a fixed price quote.  It's fun to see that people are excited about our philosophy and our designs."

Blu designs and builds beautiful, eco-friendly, prefabricated homes using its proprietary 3D modeling and steel-framing technology, allowing for homes that can be personalized then folded up and economically shipped, before unfolding in just hours on a client's site.  Built to higher quality standards than modular homes and far more spacious than traditional, confined prefab, Blu Homes can unfold as wide as 34 feet, with ceiling heights reaching 16 feet, creating truly spacious, light-filled spaces that feel healthy and are kind to the environment.  And Blu's structural steel framing system offers peace of mind especially for those building in areas challenged by high snow or wind loads and seismic zones.  All finishes and fixtures in Blu Homes are of the highest green standards, and all Blu homes are LEED certifiable.

"With an unparalleled management and engineering team, world-class designs and truly innovative technology, Blu Homes is positioned to finally deliver on the promise of prefab housing," said Tim Disney, an investor in Blu Homes and Blu board member.  "Blu is truly a game changer and I'm very excited to be a part of this revolutionary new way of building homes."

"As one of the leading causes of greenhouse gasses, the home building industry is in need of transformation and Blu Homes is meeting the challenge," said Henry Lee, advisory board member to Blu and lecturer at Harvard University's Kennedy School of Government.  "Blu has the potential to have a truly positive impact on the environment while creating a complete paradigm shift in the way homes are built."

For more information on Blu go to www.bluhomes.com, follow us on Facebook (www.facebook.com/bluhomes) and Twitter (@Blu Homes), or email us at [email protected].

For investor relations, contact Jacob Silber at [email protected].

About Blu

Blu Homes, Inc. is a Massachusetts- and California-based builder of green, modern, prefabricated homes.  Blu has built a variety of residential and institutional eco-friendly home designs for families and organizations across the U.S., from New York to the Colorado mountains and the California coast.  Blu's proprietary steel framing and building folding technology allows for convenient and efficient shipping across North America.  For more information on Blu Homes, contact [email protected], or visit www.bluhomes.com.

SOURCE Blu Homes, Inc.