Click here to close now.


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

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 -

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
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...