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An Equipment Loan for Allumia
- 10 jobs created or retained
- 1 million kilowatt hours of electricity conserved
- 382 metric tons of greenhouse gases averted
Founded in 2013, Allumia is a lighting-as-a-service company focused on energy-efficiency upgrades for commercial and industrial clients. It provides installation and financing services for lighting upgrades in small and medium sized commercial businesses, including manufacturers, sports centers and private schools.
Upgrading lighting systems can save these businesses anywhere from 40 to 75 percent on energy costs. However, one of the key barriers to energy-efficiency upgrades in small commercial and industrial buildings is the upfront capital and long return on investment period, generally three-to-five years.
Allumia removes this barrier by providing 100 percent financing and sharing the risk on energy saving with the customer. Repayment is made through utility incentives and longer-term monthly payments that are based on the buildings energy saving.
As a company in its early growth stage, Allumia needed a line of credit to fund the installation of LED lights and monitoring systems at commercial and industrial facilities. Craft3 provided Allumia with a Clean Energy Loan. Our investment in clean tech companies like Allumia support Craft3’s commitment to reduce our environmental impact and natural resource dependence.
With generous support from the Washington State Clean Energy Fund, Craft3 offers loans to help businesses finance commercial energy-efficiency work and renewable energy technology installations.
