Welcome!

News Feed Item

Ygrene Raises $30 Million, Appoints Former Citibank and CIT Executive As Chief Operating Officer

Investment signals broad market adoption of PACE financing, rapid growth for Ygrene

SANTA ROSA, Calif., Aug. 13, 2014 /PRNewswire/ -- Ygrene Energy Fund, a leading national provider of residential and commercial property assessed clean energy (PACE) financing, announced today it raised $30 million in growth capital from Virgo Investment Group.  Ygrene will use the funds to grow its channel contractor network, further expand its national footprint, and accelerate market awareness for PACE financing.  The company appointed Mike Cary, former President of CIT Home Lending, as COO to immediately execute on its growth initiatives.  Ygrene partners with local governments to provide PACE financing to property owners to make energy upgrades to their homes or buildings.  Ygrene's 100% financing allows owners to finance improvements at lower monthly costs and with many tax advantages not available through traditional financing options.

Ygrene Energy Fund Logo

"The Virgo investment demonstrates the power of our financing platform and confidence in Ygrene to further secure our leadership position in the rapidly growing PACE financing industry," said Stacey Lawson, Ygrene President and CEO.  "PACE financing is gaining broader market adoption every day.  Virgo's capital will allow Ygrene to meet the increasing demand from contractors and property owners, scale our operations and expand our footprint into more cities and counties across California and Florida."

"Ygrene is unique in that it has been successful with both residential and commercial PACE financings, and is the only company that has funded projects in multiple states," said Virgo partner Mack McNair, who leads Virgo's financial services investments.  "Ygrene has a large addressable market opportunity and is filled with the talent and energy to expand origination the right way.  We're excited to join the board and leverage our ideas and network in the financial services sector to accelerate that growth plan."

Mike Cary, a seasoned executive with 30 years of experience scaling companies with Citibank, First Nationwide Mortgage, and CIT Group, was brought on as COO, a newly created position, to immediately scale Ygrene's operations. 

"Mike Cary is a force," Lawson said, adding "He took CIT from $200 million to $550 million in originations in 18 months.  That and his 30 years of experience in the real estate, mortgage and finance industries signaled to me immediately that he's the right person to rapidly expand Ygrene's offerings."

Cary will manage Ygrene's marketing, origination, underwriting and funding operations and report directly to Lawson.

Ygrene financing is commonly used to fund commercial and residential property improvements including cool roofing and insulation, energy efficient windows, high-efficiency heating and cooling systems, solar photo-voltaic and hot water systems, and net-zero landscaping.  The program offers financing with a minimum project size of $2,500 with no upper limit on project size. 

Ygrene currently partners with 100+ cities and counties in California and Florida, and has funded tens of millions in residential and commercial property upgrades, including the $3.1M Metro Center renovation in Sacramento CA that was the nation's largest PACE project at the time

About Ygrene Energy Fund, Inc.
Ygrene Energy Fund is the leading developer and administrator of clean energy financing programs throughout the United States. Ygrene's fully funded Clean Energy Programs provide privately funded and immediately accessible financing for renewable and energy efficiency upgrades to both commercial and residential property owners at no upfront costs. Over the next five years, Ygrene's Clean Energy Districts are projected to create tens of thousands of local jobs and invest hundreds of millions into local economies. Learn more at ygrene.us.

About Virgo Investment Group LLC
Virgo is an opportunistic, value investor.  Virgo invests in market dislocations and areas of corporate change targeting both less efficient market segments and identified themes (or "market seams") in the firm's core industries.  A theme-based approach to idea generation coupled with proactive sourcing, a flexible mandate and creative transaction structuring skills, allows the firm to create differentiated opportunities and optimize risk-adjusted returns across market investment cycles.  Virgo is an actively engaged investor that seeks to contribute ideas and human capital to the harvesting of value post-investment and has a successful history of partnering with founder entrepreneurs and family-owned companies to support their growth initiatives.

Founded in 2009, Virgo has invested over $588 million, completing 34 investments to date.  Virgo has generated average annual net returns of 20% on realized investments from its inception through March 31, 2014. 

Logo - http://photos.prnewswire.com/prnh/20111109/LA03200LOGO

SOURCE Ygrene Energy Fund

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
China Unicom exhibit at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE FDD, TD-LTE), fixed-line broadband, ICT, data communica...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, provided the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” used open source attack tools that are free and available for download by anybody. Attendees learned where to find and how to operate these tools for the purpose of testing their own IT infrastructure. The...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Historically, some banking activities such as trading have been relying heavily on analytics and cutting edge algorithmic tools. The coming of age of powerful data analytics solutions combined with the development of intelligent algorithms have created new opportunities for financial institutions. In his session at 20th Cloud Expo, Sebastien Meunier, Head of Digital for North America at Chappuis Halder & Co., will discuss how these tools can be leveraged to develop a lasting competitive advanta...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.