In June 2022, NYGB increased its existing senior-secured revolving credit facility with Sealed Inc, an energy service provider, by $7.5 million. The upsize to NY Green Bank’s existing loan will increase Sealed’s ability to offer an innovative financing option to cover the costs of home energy efficiency and HVAC electrification measures. This transaction will enable Sealed to expand its current operations and complete additional energy-saving improvements in homes in NYS. Additionally, this transaction will help establish a track record for this type of performance-based financing and demonstrate the ability of these projects to achieve competitive risk-return profiles.
In February 2023, NY Green Bank (“NYGB”) provided a $10.0 million upsize to its revolving credit facility to Sealed. An upsize to NYGB’s existing loan will increase Sealed’s ability to offer an innovative financing option to cover the costs of home energy efficiency measures.