Hartford Business Journal

HARTFORDBUSINESS.COM | NOVEMBER 21, 2022 37 Focus: Clean Energy Old Saybrook specialty stencil manufacturer Stencil Ease used the Green Bank's C-PACE program to help finance the solar array that sits atop its 15,000-square-foot laser-cutting facility at 7 Center Road West. The 72-kilowatt system consists of 208 rooftop panels and was projected to provide 90% of the facility's electricity needs. PHOTO | CONTRIBUTED Growing Green CT Green Bank driving private investment in climate tech through crowdfunding, partnerships By Matthew Broderick Hartford Business Journal Contributor O ver the past decade, as Connecticut has tried to develop ecosystems around key growth sectors — including insurance, life sciences, manufac- turing and fintech — there have been plenty of events to showcase inno- vative startups with the potential to transform industries. But last month, amid a heightened focus on addressing climate change and increasing energy efficiency statewide, Connecticut hosted its first VentureClash, Climate Edition startup pitch event at District in New Haven. The event, which drew more than 150 applicants for six available slots, was created in partnership by Connecticut Green Bank, Connecticut Innovations, the state's quasi-public venture capital arm, and other state agencies. Presenting companies, which included startups from Canada and Israel, featured innovations that addressed carbon utilization, power grid modernization and transportation electrification. Efforts to grow green technology and investment in Connecticut reflect a strategy the state legislature set in motion in 2011, when it established the nation's first Green Bank, a model designed to leverage public dollars to attract private-sector investors in clean energy. Green investments also aim to help Connecticut meet its aggressive climate change goals. The state has committed to getting all of its energy from zero-carbon sources by 2040. The Green Bank, so far, has played a significant role in the state's green efforts, officials said. "We have driven more than $2.3 billion of investment in Connecticut's green economy while using around $320 million (in public funds)," said Bert Hunter, the Green Bank's executive vice president and chief investment officer. Those dollars, Hunter said, have gone into a variety of investments including residen- tial solar programs, increasing energy effi- ciency for commercial properties and devel- oping wind, hydro and fuel cell technology. And it's not just institutional and accredited investors Green Bank wants involved. In July 2020, the Green Bank raised more than $16 million with its inaugural issuance of Green Liberty Bonds, with proceeds benefiting projects that combat climate change. With minimum investments as low as $1,000, individuals accounted for more than three-quarters of initial retail orders. Collectively, more than $40 million has been raised through Liberty Green Bonds over the past three years. "These bonds were inspired by the war bonds in the 1940s, when Amer- icans had to step up and fight this huge existential threat," said Davis Beech, manager of clean energy finance at Connecticut Green Bank. "We see climate change as this huge threat we are facing now and we want to be able to provide citizens with an opportunity to be part of that [clean energy] transition." Green Notes Increasingly, Americans are shifting support for more renewable energy sources, like wind and solar. A January 2022 Pew Research Center survey of American adults found that nearly seven in 10 (69%) favor the U.S. being carbon neutral by 2050, although only 31% of respondents want to phase out all fossil fuel usage. And it's not just consumer attitudes about clean energy changing; it's behaviors, too. According to data from the U.S. Energy Information Administration, residential solar power installations rose by 34% between 2020 and 2021. Furthermore, Pew Research found that 8% of U.S. homeowners — buoyed by federal and state tax credits — have installed solar panels and nearly 40% of homeowners surveyed said they are giving solar power serious consideration. The Green Bank has helped fuel solar adoption rates and created funding opportunities that not only make it more affordable for home- owners to install solar, but also easier for residents to invest in the program. In December 2021 — encour- Bert Hunter

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