K2 Clean Energy Capital, LLC, a leading developer of Commercial PACE (C-PACE) financing, is pleased to announce the PACE funding for an $8.65 million energy efficiency project at the new Verseon research and administrative facility in Fremont, CA in Silicon Valley. Verseon is a technology-based pharmaceutical company with a proprietary, computationally driven drug discovery platform. The financing will help fund energy-related improvements such as the installation of new HVAC systems, energy-efficient LED lighting and glass, and a natural gas-based power generation system as part of an overall facility refurbishment. The facility will serve as the primary location for the discovery and development of new pharmaceuticals.
The combination of the energy efficiency upgrades and co-generation system will offset a large portion of the electricity supplied from the grid and result in substantial operational cost savings. The co-generation system generates heat, enabling a reduction in the natural gas and energy required for the boilers and HVAC system, and produces electricity to offset the grid loads. The system also serves as emergency back-up for the facility during grid power outages and can operate on propane from onsite tanks in the event of an interruption in the utility natural gas supply. The ultra-low emission co-gen system replaces the typical diesel generator back-up system and will significantly reduce the carbon footprint of the facility.
"This is the largest PACE financing project in the bio-tech industry on a national basis and exemplifies how industrial companies can benefit from PACE," said Stephen Tsu, co-founder and Managing Director of K2 Clean Energy Capital. "Verseon was able to raise capital for the implementation of renewable energy and energy efficiency initiatives while simultaneously reducing operating expenses at their new facility.
"We were pleased to have CleanFund Commercial PACE Capital as our funding partner for the project," he added. "They were selected after an extensive search process, and their perseverance and support were instrumental in closing and funding the project."
K2 Clean Energy Capital | http://www.k2cleancap.com
CleanFund | http://www.cleanfund.com