Blue Earth Inc., a company focused on the energy efficiency and renewable energy sectors, today announced it has signed a finance agreement with US Energy Affiliates Inc. (USEA) in which USEA will finance Blue Earth’s energy savings upgrades/retrofits and distributed generation projects.
USEA will finance Blue Earth’s energy efficiency upgrades and alternative energy projects in California for two specific market sectors: retail petroleum with or without convenience stores and hotels/motels. The financing enables Blue Earth and its subsidiaries to provide turn-key financing proposals to qualified customers.
Blue Earth anticipates that the funding will grow its cash flow and provide support to subsidiary Xnergy Inc.’s projects slated for the upcoming year.
“The project finance agreement with USEA is expected to dramatically improve our cash flow as 50 percent of the project is funded within a week of credit approval and the remaining 50 percent is paid within a week of project completion. The agreement facilitates the implementation of the multi-million dollar eecoStation project and our entry into the lucrative hospitality sector,” Dr. Johnny R. Thomas, CEO of Blue Earth stated in the press release. “We will also use this project financing resource to fund several of Xnergy’s distributive generation projects for fuel cells and solar pv during 2012.”
Per the agreement, USEA will receive 125,000 shares of Blue Earth restricted common stock valued at $1.51 per share as consideration for the grant of exclusivity, for the two market sectors, through September 2012. Exclusivity will be automatically extended if certain performance criteria are met.
For more than 10 years, USEA has been providing 100 percent energy project financing throughout the United States. USEA finances equipment costs, as well as costs related to installation, programming and engineering.
For more information visit www.blueearthinc.com
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