Budderfly Achieves Record Growth in 2022
SHELTON, Conn.–(BUSINESS WIRE)–Budderfly, the fastest growing Energy-Efficiency-as-Service (EEaaS) provider in the U.S., today announced it is on track to make 2022 a record-breaking year in terms of revenue growth, new customers, and overall business expansion. Budderfly currently has more than 3,000 customer sites across 49 states and is branching out from its core franchise markets into retail, healthcare, fitness, and REITs.
As corporations and businesses face increased pressure to meet decarbonization mandates and drive efficiencies, demand for Budderfly’s services has skyrocketed, leading the company to increase its revenue at a compounded annual growth rate (CAGR) of 250 percent since 2017. Budderfly has achieved 165 percent annual recurring revenue growth so far in 2022 with a 36 percent increase in new customer locations. Since the beginning of the year, the company has brought on nearly 900 new locations, significantly expanding brand partnerships with Burger King, Wendy’s, McDonald’s, KFC, Dave’s Hot Chicken, Subway, Jersey Mike’s, Jimmy John’s, Jack-in-the-Box, Dunkin’, IHOP, O’Charley’s, 99 Restaurants, Outback, and YMCA.
“We offer a holistic, one-stop energy solution that eliminates the cost and complexity of facility upgrades and energy management to achieve optimal savings outcomes. This enables our customers to remain competitive in today’s business environment while playing an active role in fighting climate change,” said Al Subbloie, founder and CEO, Budderfly. “We’re proud of our incredible growth in the last year, which is a testament to the rapidly increasing demand for decarbonization solutions and our winning business model that makes it easy for mid-market businesses to improve their operations with zero upfront investment.”
For Budderfly’s current customer base, over 1.3 billion kilowatt hours (kWhs) of energy savings will be realized over the duration of their contracts, averting over 950,000 metric tons of carbon emissions – the equivalent of the annual emissions from over 120,000 homes or nearly 210,000 gas-powered vehicles. Budderfly expects to generate almost 19 billion kWhs in energy savings and avert over 13 million metric tons of carbon emissions in total in the next five years.
Partners Group recently announced that it had committed $500 million in equity to Budderfly and acquired a majority stake in the company. This will enable the company’s accelerated success through a number of key transformational value creation initiatives, including expanding sales and installation capacity, broadening customer offerings, investing in software, analytics and network technologies, and the execution of strategic acquisitions.
In June 2022, the Connecticut Green Bank awarded Budderfly $5 million in loan facilities to support the company’s market expansion. Recognizing Budderfly’s leadership as a clean technology business in the state, Connecticut Governor Ned Lamont remarked: “With the wind at our back, Connecticut is accelerating economic growth and creating an environment where fast-growing businesses like Budderfly can innovate and thrive. Budderfly has not only added over 100 employees, but they are also doing well by doing good – fighting climate change with their best-in-class energy efficiency services for the small and medium sized business marketplace.”
Budderfly, the fastest-growing Energy-Efficiency-as-a-Service (EaaS) company in the United States, is the premier sustainability partner for businesses with repeatable footprints, such as restaurant chains, assisted living facilities, retail franchises, and more. Budderfly installs, monitors, and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit with lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience. Budderfly ranked #2 in energy companies and #10 overall on the 2021 Inc. 5000 America’s Fastest-Growing Private Companies list. For more information visit www.budderfly.com, or follow us on Twitter @BudderflyEnergy and LinkedIn @Budderfly Inc.