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June 29, 2022

CT Green Bank gives $5M loan to energy tech company Budderfly

Al Subbloie is the founder and CEO of Budderfly.
By Skyler Frazer

The Connecticut Green Bank announced this week it’s giving a $5 million loan to Budderfly, a Shelton-based energy management technology company.

Budderfly was awarded the six-year, $5 million loan to scale its business and increase its customer base in the state, the company said. 

Budderfly provides around-the-clock energy AI monitoring and analysis as well as ongoing maintenance and infrastructure improvements such as LED lighting, upgraded HVAC and refrigeration, and renewable energy sourcing, the company said.

Budderfly said it has provided its energy saving services to more than 80 Connecticut businesses and will use the loan to expand its base in the state. The company primarily works with quick-service restaurants, convenience stores, and healthcare facilities to help them improve their energy efficiency and in turn, lower their operating costs.

Connecticut Innovations, the state’s venture capital arm, has invested $5.6 million in the company since June 2019, and the state Department of Economic and Community Development has also provided loan capital to Budderfly in the past.

Last year, Inc. Magazine named Budderfly the No. 10 fastest growing private company in the country.

At the time, Budderfly had a three-year revenue gain of 22,486%, the largest percentage increase in Connecticut, according to the magazine. It was also the nation’s second-fastest growing company in the energy category.

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