BEDFORD HILLS, N.Y., Oct. 21, 2014 /PRNewswire/ -- Joule Assets Inc., the leading provider of financing solutions for energy efficiency and demand response projects, announced the expansion of its financing solutions in Europe, as well as the appointment of Jessica Stromback, General Manager and Senior Vice President, Europe. Stromback will lead business development strategy and create new opportunities in these growing markets. Joule previously announced the opening of Joule Assets BV in the Netherlands. The company has since also established operations in Finland and in Belgium. Growing political instability has led to adverse effects on the future of electricity supply in the region; as more countries across Europe phase out nuclear and gas-fired power plants to integrate more renewables, demand response and energy efficiency initiatives will play an integral role in balancing and stabilizing the grid in order to handle peak capacity.
As the founder and Executive Director of the Smart Energy Demand Coalition (SEDC), a Brussels-based not-for-profit industry group representing demand side programs in Europe, Stromback was instrumental in developing legislation essential for enabling demand–side flexibility, which will pave the way for EU Demand Response program development. In her previous position as chairperson at VaasaETT, a global energy think tank, Stromback's leadership and expertise helped shape residential demand response (DR) and program design, commercial industrial DR, and market structure requirements.
"Joule has demonstrated leadership in the U.S. by offering attractive financing and partnership solutions to contractors, and we will similarly transform the European markets," said Stromback. "Our innovative financing solutions enable additional cash flows, providing additional value and significantly increasing the number of completed projects."
Though financing options have long existed for large-scale energy efficiency projects, smaller projects have faced significant challenges. Joule's financing and data solutions provide funding to projects well below US$1M, enabling small-to-mid-sized contractors to access capital, significantly shortening their sales cycles and extending project pipelines.
"We have seen increased demand for energy efficiency financing in Europe, as the European Union has placed it high on their agenda by creating a 30 percent target for energy efficiency by 2030," said Mike Gordon, CEO of Joule Assets. "Jessica's expertise in demand-side electricity programs and background, collaborating with some of the largest energy and electricity equipment suppliers in Europe, will be a valuable addition to Joule's European endeavors," Gordon said.
Stromback joins industry veterans and Joule Assets founders Mike Gordon and Dennis Quinn who both have extensive experience developing and running energy efficiency and demand response businesses. Together with Stromback, Gordon and Quinn will apply their expertise to provide previously unavailable financing solutions in the European markets for energy efficiency and demand response.
About Joule Assets Inc.
Joule Assets delivers financing solutions for energy efficiency and demand response initiatives and projects. Through its first-in-kind Joule Energy Reduction Asset (ERA) Fund, a global private equity fund initially targeting $100M, Joule provides previously unavailable, upfront financing to energy efficiency vendors and cycles returns from monetized energy savings and vendor revenues back to Fund investors. Joule Assets leverages its proprietary database, market analysis software, and extensive industry expertise to deliver a secure financing option for vendors and untapped revenue streams for investors. You can learn more about Joule Assets at: http://www.jouleassets.com/ and follow us on Twitter @JouleAssets.
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SOURCE Joule Assets Inc.