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Peabody Announces Extended Early Tender Results Of Exchange Offer And Consent Solicitation, Further Extension Of Early Tender Date And Waiver And Satisfaction Of Minimum Tender Condition

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ST. LOUIS, Jan. 15, 2021 /PRNewswire/ — Peabody (NYSE: BTU) today announced that as of 5:00 p.m., New York City time, on January 15, 2021 (the “Extended Early Tender Date“), at least $397.5 million in aggregate principal amount of its outstanding 6.000% Senior Secured Notes due 2022 (the “Existing Notes“), representing approximately 86.6% of the total outstanding principal amount of Existing Notes, had been validly tendered and not validly withdrawn in connection with Peabody’s previously announced offer to exchange (the “Exchange Offer“) any and all of its Existing Notes for (i) new 10.000% Senior Secured Notes due December 31, 2024 (the “New Co-Issuer Notes“) to be co-issued by PIC AU Holdings LLC, a Delaware limited liability company and an indirect, wholly-owned subsidiary of Peabody, and PIC AU Holdings Corporation, a Delaware corporation and an indirect, wholly-owned subsidiary of Peabody, and (ii) new 8.500% Senior Secured Notes due December 31, 2024 (the New Peabody Notes” and together with the New Co-Issuer Notes, the “New Notes“) to be issued by Peabody.

Peabody also announced the further extension of the Extended Early Tender Date to 11:59 p.m., New York City time, on January 25, 2021, which is the “Expiration Date” for the Exchange Offer.  Subject to satisfaction of the conditions to the Exchange Offer, each $1,000 principal amount of Existing Notes tendered on or prior to the Expiration Date will be exchanged into an amount of New Peabody Notes that, together with New Co-Issuer Notes received in exchange and the Pro Rata Payment (as defined below), will amount to $1,000 aggregate consideration received for each $1,000 of principal amount of Existing Notes tendered.  Accordingly, at the current exchange participation level of 86.6%, in exchange for each $1,000 principal amount of Existing Notes validly tendered and accepted by Peabody, participating Eligible Holders (as defined below) of Existing Notes will receive $488.06 principal amount of New Co-Issuer Notes, $488.24 principal amount of New Peabody Notes and a pro rata share per $1,000 principal amount of Existing Notes tendered by the New Early Tender Date of a cash payment of $9,420,000 equal to $23.70 in cash (the “Pro Rata Payment“), as well as the early tender premium of $10.00 in cash. 

Finally, Peabody announced that it has waived the minimum tender condition (the “Minimum Tender Condition“) of the Exchange Offer. The Minimum Tender Condition originally required that at least 95% of the aggregate outstanding principal amount of Existing Notes be validly tendered, and not validly withdrawn, prior to the Expiration Date.  Pursuant to the terms of the Amended and Restated Transaction Support Agreement (as defined below), with the approval of a majority of the Revolving Lenders (as defined below) and 66-2/3% of the Consenting Noteholders (as defined below), Peabody has waived the Minimum Tender Condition provided that at least 85% of the aggregate outstanding principal amount of Existing Notes be validly tendered, and not validly withdrawn, prior to the Expiration Date (the “New Minimum Tender Condition”).  Therefore, the New Minimum Tender Condition to the consummation of the Exchange Offer has been satisfied.  The remainder of the conditions to the consummation of the Exchange Offer described in the Offering Memorandum (as defined below) remain unchanged.

As of 5:00 p.m., New York City time, on January 8, 2021 (the “Withdrawal Deadline“), the right to withdraw tenders of Existing Notes and related consents expired. Accordingly, Existing Notes tendered for exchange may not be validly withdrawn and consents may not be revoked, unless required by applicable law or regulation, or Peabody determines in the future in its sole discretion to permit withdrawal and revocation rights.

Concurrently with the Exchange Offer, Peabody has been soliciting consents (the “Consent Solicitation“) from holders of Existing Notes to certain proposed amendments to the indenture governing the Existing Notes (the “Existing Indenture“) to (i) eliminate substantially all of the restrictive covenants, certain events of default applicable to the Existing Notes and certain other provisions contained in the Existing Notes Indenture, and (ii) release the collateral securing the Existing Notes and eliminate certain other related provisions contained in the Existing Notes Indenture (the “Existing Indenture Amendments“). The Existing Indenture Amendments require the consent of holders of a majority in aggregate principal amount of the outstanding Existing Notes, with the exception of the amendments to release all of the collateral securing the Existing Notes, which require the consent of holders of 66-2/3% in aggregate principal amount of the outstanding Existing Notes.  As of the Withdrawal Deadline, Peabody had received consents sufficient to approve the Existing Indenture Amendments and on January 8, 2021, together with the parties to the Existing Indenture, entered into a supplemental indenture containing such Existing Indenture Amendments, which amendments will not become operative until completion of the Exchange Offer.  Following the Existing Indenture Amendments becoming operative, any Existing Notes that remain outstanding following the completion of the Exchange Offer will no longer be secured or have the benefit of the restrictive covenants, events of default and other provisions referred to above.

Peabody is making the Exchange Offer and Consent Solicitation pursuant to the terms of and subject to the conditions set forth in the confidential offering memorandum and consent solicitation statement dated December 24, 2020 (as supplemented by Supplement No. 1 dated December 31, 2020, the “Offering Memorandum“).

Any Eligible Holder who validly tenders (and does not validly withdraw) their Existing Notes pursuant to the Exchange Offer will be deemed to have delivered their related consents to the Existing Indenture Amendments by effecting such tender. Eligible Holders will not be permitted to validly tender their Existing Notes without delivering the related consents to the Existing Indenture Amendments. The settlement date is currently expected to be the third business day following the Expiration Date (the “Settlement Date“). The Exchange Offer is conditioned on the satisfaction, or the waiver by Peabody, of certain conditions described in the Offering Memorandum and related Letter of Transmittal.

The Offering Memorandum and other documents relating to the Exchange Offer and Consent Solicitation will only be distributed to Eligible Holders of Existing Notes who complete and return an eligibility form confirming that they are either (a) a person that is in the United States and is (i) a “Qualified Institutional Buyer” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act“), or (ii) an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act), or (b) a person that is outside the “United States” and is (i) not a “U.S. person,” as those terms are defined in Rule 902 under the Securities Act, and (ii) a “non-U.S. qualified offeree” (as defined in the Offering Memorandum) (such holders, the “Eligible Holders“).  Holders of Existing Notes who desire to obtain and complete an eligibility form should either visit the website for this purpose at https://gbsc-usa.com/eligibility/peabody or call Global Bondholder Services Corporation, the Information Agent and Exchange Agent for the Exchange Offer and Consent Solicitation at (212) 430-3774 (for banks and brokers) or (866) 470-4500 (toll free).

On December 24, 2020, Peabody entered into a Transaction Support Agreement (the “Transaction Support Agreement“) with certain of its subsidiaries, each of the revolving lenders under Peabody’s credit agreement (the “Revolving Lenders“), the administrative agent under Peabody’s credit agreement, and certain holders, or investment advisors, sub-advisors, or managers of discretionary accounts that hold the Existing Notes (the “Consenting Noteholders“), pursuant to which the parties agreed, among other things and subject to the terms thereof, to effectuate the Exchange Offer described herein.  On December 31, 2020, the same parties entered into an Amended and Restated Transaction Support Agreement (the “Amended and Restated Transaction Support Agreement“), which clarifies certain provisions detailed in the term sheet and descriptions of notes attached as exhibits to the Transaction Support Agreement.

In connection with the Exchange Offer and within 15 days of the Settlement Date, Peabody has agreed to make an offer to purchase up to $22.5 million in aggregate accreted value of the New Peabody Notes at a purchase price equal to 80% of the accreted value of the New Peabody Notes, plus accrued and unpaid interest, if any, to, but excluding, the applicable purchase date.

The New Notes have not been and will not be registered under the Securities Act, or any state securities laws.  Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act, and any applicable state securities laws.

The complete terms and conditions of the Exchange Offer are described in the Offering Memorandum.  Requests for documentation should be directed to Global Bondholder Services Corporation at (212) 430-3774 (for banks and brokers) or (866) 470-4500 (toll-free).

None of Peabody, its board of directors (or any committee thereof), the dealer manager, the information agent, the exchange agent, the trustee for the Existing Notes, the trustee for the New Peabody Notes, the trustee for the New Co-Issuer Notes or their respective affiliates is making any recommendation as to whether or not holders should exchange all or any portion of their Existing Notes in the Exchange Offer.

This announcement is not an offer to purchase or sell, a solicitation of an offer to purchase or sell or a solicitation of consents with respect to any securities.  The Exchange Offer is being made solely by the Offering Memorandum.  The Exchange Offer is not being made to holders of Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

Peabody (NYSE: BTU) is a leading coal producer, serving customers in more than 25 countries on six continents. We provide essential products to fuel baseload electricity for emerging and developed countries and create the steel needed to build foundational infrastructure. Our commitment to sustainability underpins our activities today and helps to shape our strategy for the future. For further information, visit PeabodyEnergy.com.

Contact: 
Julie Gates 
314.342.4336   

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “projects,” “forecasts,” “targets,” “would,” “will,” “should,” “goal,” “could” or “may” or other similar expressions. Forward-looking statements provide management’s current expectations or predictions of future conditions, events or results. All statements that address operating performance, events, or developments that Peabody expects will occur in the future are forward-looking statements, including the Company’s ability to consummate the Exchange Offer and Consent Solicitation and the Company’s expectations regarding future liquidity, cash flows, mandatory debt payments and other expenditures. They may also include estimates of sales targets, cost savings, capital expenditures, other expense items, actions relating to strategic initiatives, demand for the company’s products, liquidity, capital structure, market share, industry volume, other financial items, descriptions of management’s plans or objectives for future operations and descriptions of assumptions underlying any of the above. All forward-looking statements speak only as of the date they are made and reflect Peabody’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, Peabody disclaims any obligation to publicly update or revise any forward-looking statement, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to, a variety of economic, competitive and regulatory factors, many of which are beyond Peabody’s control, including the ongoing impact of the COVID-19 pandemic and factors that are described in Peabody’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2019, and other factors that Peabody may describe from time to time in other filings with the SEC. You may get such filings for free at Peabody’s website at www.peabodyenergy.com. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties. 

SOURCE Peabody

Related Links

www.peabodyenergy.com

Source: https://www.prnewswire.com:443/news-releases/peabody-announces-extended-early-tender-results-of-exchange-offer-and-consent-solicitation-further-extension-of-early-tender-date-and-waiver-and-satisfaction-of-minimum-tender-condition-301209605.html

Blockchain

Neptune Digital Assets Corp. Is Ready to Mine Some Crypto

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Canadian company Neptune Digital Assets Corp. is partnering up with Link Global Technologies to engage in crypto mining operations.

Neptune and Link Are Hooking Up to Mine Crypto

As the price of bitcoin has exploded in recent months, the prospects of mining crypto are suddenly looking rather positive. The higher the price of a certain coin, the more profitable it is to mine, so right now, one can assume that anyone extracting new coins is making a nice living for themselves. It seems like Neptune wants to get a piece of the action.

Link Global is set to provide the firm with the power, facilities and rack space it needs to house its whopping 1,500 ASIC mining machines. It is estimated by Neptune that as many as 0.7 bitcoins will be produced each given day, though at press time, details are scarce regarding the company’s scaling operations and initial mining deployment.

Cale Moodie – the CEO of Neptune – commented in a recent statement:

The economics of bitcoin mining have changed drastically in the past months, and as such, we see this as another accretive revenue stream for shareholders. The partnership with Link enables us to rapidly move into bitcoin mining with the ability to scale as quickly as our resources allow. We intend to operate a low cost and highly profitable mining operation using the expertise and turnkey setup of Link along with Neptune’s ASIC miners. As always, Neptune is committed to maintaining low overhead while adding digital assets to our balance sheet. We are rather excited to scale this operation to add maximum value for our shareholders.

Over the past year, as bitcoin’s price has increased tenfold, so have the number of miners entering the industry. As a result, many new reports have been initiated claiming that bitcoin energy usage has reached an all-time high, and mining operations are now using more electricity than most countries.

In addition, the industry itself appears to be garnering mixed results. On the one hand, we are seeing many crypto and crypto mining stocks shoot up alongside the price of bitcoin. At the same time, we are also seeing many regions say “no” to future mining projects, a big one being China’s Inner Mongolia region.

Shutting Things Down Early?

This was a real shock for many industry heads given how big mining has been within the area for some time. Inner Mongolia is known for low energy costs, and thus it plays host to many crypto extraction businesses. However, earlier in the week, a statement was issued that the Inner Mongolia region would be closing all mining companies to conserve energy and prevent further environmental pollution.

Neptune provides its customers with a crypto portfolio consisting of some of the world’s top digital tokens, along with proof of stake assets and associated blockchain networks.

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Source: https://www.livebitcoinnews.com/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/

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Source: https://coingenius.news/neptune-digital-assets-corp-is-ready-to-mine-some-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=neptune-digital-assets-corp-is-ready-to-mine-some-crypto

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Energy

Enerkon Solar International (ENKS) Chairman Files with USG FARA Office in Support of Large National Projects

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New York, March 5, 2021 – OTC PR WIRE – Enerkon Solar International (OTC PINK: ENKS) announces today that Chairman Files with USG FARA Office as Lobby in Support of Large National Projects between ENKS, its companies and the Government of Ukraine.

ENKS Chairman Benjamin Ballout Stated: “We are pleased announce that we have signed our MOU with the Government of Ukraine Partners, via our new holding company the AMERICAN UKRAINE Green Energy and Telecommunications Holdings Inc., supporting transactions previously mentioned in the news and in compliance with Federal Regulations associated with representation or Lobby for Foreign Government or officials, we have filed as Official Lobby with the United States Government Department of Justice FARA Department in support of  our joint cooperation with the Government of the Ukraine and Others in relation to the large projects recently reported in the news”.

“Supported by our signed MOU – we are awarded, the ChNPP Solar Powered, Steam Boiler Turbine, CO-Generation facility which will produce up to 3 Gigawatts when completed and in addition, we are awarded the Hydrogen Electrophoresis Plant to produce industrial volume tonnage of Green Hydrogen for sale to the EU Market for which we already have Off take Purchase Guarantees from Germany and as to our award in the Telecommunications sphere, we have been awarded the National 5G network whereby our  partner,  is the state owned “UkrDorSvyaz” – The Ukrainian Road Telecommunication Systems Company –  for which ENKS will invite Major EPC Partners in  to complete the Network, in cooperation with the Government of Ukraine and our financial partners.”

“ENKS via Diplomatic Trade Ltd. (another of our companies) shall be organizing meetings for the Vice Prime Minister of Ukraine Oleg Urusky with SpaceX in relation to the Telecommunications segment of his trip to the United States on March 15-30th whereby he will discuss the signing of cooperation already ongoing with Spacex and his (Ukraine) design bureau, as to their small Communications Satellite already built and ready to launch.”

The meetings will be related to Ukraine Government signing a final contract with Spacex related to this matter which supports the 5G national network.

Links associates with the Telecommunications, Satellite deployment cooperation, ongoing with SpaceX and the Government of Ukraine Design Bureau and others are below for reference:

https://apnews.com.ua/ru/news/ideya-zelenskogo-ukraina-khochet-zapustit-sputnik-sich-raketoi-kompanii-ilona-maska/

and

https://en.thepage.ua/news/elon-musk-can-launch-the-satellite-sich-ukraine-is-already-negotiating-with-spacex

“In relation to the terrestrial segment of the project, ENKS via Diplomatic Trade, (for which I am also Chairman) shall organize meetings with companies such as Cisco Systems, Nokia, Erickson, and others as potential EPC partners with our AMERICAN UKRAINE Energy and Telecom Holding Company and in the Hydrogen Production Technology space, we shall contact several companies in support our Hydrogen Production Plant award in the Special Exclusion zone (ChNPP) in Ukraine as well”.

“The American Ukraine Green Energy and Telecom Holdings LLC SPV is the controlling legal entity of our ENKS projects in UKRAINE and our partner in this new company (registered in Wyoming) is the Director of the JSC Ukrainian Capital Bank Mr. Ryazantsev Anatoly CEO Kiev, Ukraine and Mr. Michael Vishmidt our Balkans Expert and Joint Venture Partner in the projects implementation as mentioned earlier and our now signed MOU gives us great optimism and motivation towards the final EPC contract Agreements and engagements.”

“ENKS are also today, in final talks to purchase Coviklear Intl Holdings Ltd. (UK) who owns the distribution rights to a new COVID 19 Test Device produced by Graphene Leaders Canada and KrowdX which is a rapid (15 seconds) Test Device Produced by Graphene Leaders Canada http://grapheneleaderscanada.com/wp-content/uploads/2021/01/GLCM-SARS-CoV-2-Insta-Test-Product-Use-Video.mp4”.

“ENKS since last year diversified into new technology acquisitions as a holding and investment company and since then we have acquired several important Trademarks and Patents related to the Pharmaceutical and Renewable Energy Markets as well as Law Enforcement technologies and others and the envisioned acquisition of Coviklear this next week will be another great addition to our growing ENKS Family of companies and diversified activities.”

“We have already identified a number of potential purchasers of this new device currently under approval application with the HC, FDA and WHO authorities via Graphene Leaders Canada and are optimistic that this will become a new and additional source of revenue to add to our already significant revenue and net profitability.”

Once the Coviklear acquisition has been signed next week, we shall post details on our new website www.enerkoninternational.com  release additional news to the general public.

Mr. Ballout also stated that ENKS will work with the GULF MENA International Hydrogen Association who is in cooperation with the intergovernmental organization the AREC (Arab Renewable Energy Commission headed Mr. Secretary General Mohammed Thanni and its Chairman who is the current  Minister of Energy and environment Morocco  –  (AREC is founded by Prince Asem Bin Nayef – Jordan) –  www.gmiha.org   – to support our new work in the  Green Hydrogen Industry and our global transition promotion efforts raising awareness globally as to Hydrogen being the new LNG and a replacement for LNG over the next period Globally.

Mr. Ballout continue that “Due to the Market Conditions, we will accelerate our Up-List Plans to NASDAQ and our Required 2 years Audit in compliance therewith as soon as we are able early this year and once listed on NASDAQ, we believe that the market will reflect a more realistic value for ENKS.”

“ENKS plans other positive reorganization steps in the near future, which shall include the sale of some performing assets owned by the company to foreign investors and other acquisitions and reorganization activities within the company, for further consolidation of value, as a benefit to our loyal shareholders”.

“Loyal ENKS Shareholders are the ‘ENKS ARMY’, and we will always support their best interests.”

The foregoing statements are forward-looking statements, and as such, they may or may not reflect the results which could transpire in the future which should be negative or not transpire at all due to circumstances or other reasons and investors, shareholders, or others should not rely on these forward-looking statements to ascertain any value if any of ENKS or to make any investment decisions and to take note that this is not an offer to buy or sell securities or an endorsement of ENKS for investment purposes as all investment carry a risk of loss sometimes a total loss of your investment in Micro cap shares markets or any market and therefore such statements or plans should not be relied upon for any business decisions of any kind – Approval and permissions required by federal regulations may or may not be approved and if not approved may result in the loss of all value and all investments in products requiring such regulatory permissions to market and sell. These statements are made as forward-looking statements for educational purposes only in accordance with the rules and regulations which pertain to the same.

Enerkon Solar International Inc.

www.enerkoninternational.com

info@enerkoninternational.com

New HQ Address in New York at:

Enerkon Solar International Inc

477 Madison Avenue

New York, NY 10022 USA

Tel. +1 (877) 573-7797

Tel. +1 (718) 709-7889

Tel. +1 5614317762

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Source: https://otcprwire.com/enerkon-solar-international-enks-chairman-files-with-usg-fara-office-in-support-of-large-national-projects/

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Energy

The future of renewable energy infrastructure investing remains bright despite Covid challenges

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Despite challenges brought on by the global coronavirus pandemic, the future of renewable energy infrastructure still lo

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Source: https://www.altassets.net/market-news/features/the-future-of-renewable-energy-infrastructure-investing-remains-bright-despite-covid-challenges.html

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Energy

BlocPower Raises $8M to Empower Building Owners to Make Their Properties More Sustainable

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Buildings generate 80% of New York City’s greenhouse gas emissions. Improving energy efficiency isn’t only important to the environment but it also reduces costs, making housing more affordable in the long run.  BlocPower is an energy technology startup that combines technology with structured finance solutions to encourage business owners to abandon their existing, obsolete heating and cooling solutions and replace them with sustainable alternatives.  The company leverages machine learning to identify the buildings that will benefit the most from energy savings. For building owners, there is no upfront cost and repayment comes directly from energy savings. The company has already retrofitted 1000+ buildings in NYC and is expanding its efforts nationwide with projects in progress in 24 cities.

AlleyWatch caught up with CEO and cofounder Donnel Baird to learn more about the company, how his work with the Obama administration sparked the idea for the business, the company’s future plans, recent round of funding, which brings the total equity funding raised to $13M, and much, much more.

Who were your investors and how much did you raise?

We just announced a Series A round for $63 million, which included $55 million in debt and $8 million in equity. The round was led by American Family Insurance Institute for Corporate and Social Impact (AmFam), AccelR8, and The Goldman Sachs Urban Investment Group, with participation from Kapor Capital, Elemental Excelerator, CityRock Venture Partners, The Schmidt Family Foundation, and Salesforce Ventures. To date, the company has raised $68 million from early anchor investors, including Kapor Capital, Andreessen Horowitz, MaC Venture Capital, Exelon, New York Ventures of the Empire State Development Corporation, Echoing Green, and The Schmidt Family Foundation. The funding will enable us to expand and scale our inner-city energy sustainability projects across the U.S., create green jobs, improve quality of life for urban residents and help save the planet.

Tell us about the product or service that Blocpower offers.

BlocPower is a Brooklyn-based climate tech startup that is focused on providing affordable sustainability upgrades to millions of buildings in underserved communities, to help turn buildings into Teslas. Through a combination of advanced technology and structured finance, we enable building owners in low- to moderate-income neighborhoods to upgrade their aging, inefficient heating and cooling systems with more modern, efficient “green” technologies, which improves property values, lowers or eliminates fossil fuel use, reduces energy consumption, helps the environment, improves the quality of life for tenants and lowers their utility bills.

What inspired the start of Blocpower?

When I was a child growing up in Brooklyn, our building had no functioning heating system and my family was forced to heat the apartment using our gas stove and vent the carbon monoxide out the open windows. During college, I was a community activist and also became much more aware of the close relationship between climate change and other social justice issues, such as health, education, and unemployment. After college, I worked on the Obama campaign, and after he won, I was offered a position as a consultant with the Department of Energy on the Green Jobs initiative – part of the American Recovery and Reinvestment Act — which was designed to spend more than $7 billion in federal subsidies and potentially $90 billion in pension fund investments to train union workers to green American buildings. While this was initially successful, it ultimately failed when the subsidies ran out because the projects were incredibly expensive, not scalable, and not profitable for investors. I went to Columbia Business School to figure out if and how we could achieve success in the model and met with top execs in banking and finance, technology, utilities, and other industries. Through these interactions, I realized that through the right combination of technologies and structured finance we could succeed where the Obama initiative failed. While still pursuing my MBA, I applied for and won a $2 million contract from the federal government. The caveat was that I had to raise an equal amount of money from the private sector, so I went out to Silicon Valley. That’s how BlocPower was born.

How is Blocpower different?

There are many great sustainability companies doing great things to help save the environment. However, green energy upgrades in buildings are extraordinarily complex and expensive, which puts them out of reach of most building owners in low- to moderate-income neighborhoods who don’t have access to capital or technical expertise to make improvements. BlocPower focuses specifically on these neighborhoods and market segments–because there are 35 million buildings across American that are a part of this segment. We use machine learning to partner with utilities, government agencies, and community organizations to identify neighborhoods and buildings to retrofit. We leverage advanced hardware and software technologies to determine which retrofits will produce the most energy savings at scale, and to dramatically lower the project costs. We use structured finance to make these projects affordable for building owners – with zero up-front investment and repayment coming entirely from the building’s energy savings. And finally, we only partner with contractors who hire and train workers from within their local communities. In short, BlocPower turns aging, inefficient buildings into Teslas, making them smarter, healthier, and more profitable by getting them off of fossil fuels, and creating highly-skilled, well-paying jobs in the process.

What market does Blocpower target and how big is it?

To give you a sense, aging, inefficient buildings produce 30% of America’s greenhouse gasses – that’s more than the entire US transportation sector. There are over 50 million aging, inefficient buildings in cities across America and 120 million buildings need upgrades. So far, we have greened more than 1,000 in New York City, with projects underway in 24 cities including Philadelphia, Oakland, Milwaukee, and others.

To give you a sense, aging, inefficient buildings produce 30% of America’s greenhouse gasses – that’s more than the entire US transportation sector. There are over 50 million aging, inefficient buildings in cities across America and 120 million buildings need upgrades. So far, we have greened more than 1,000 in New York City, with projects underway in 24 cities including Philadelphia, Oakland, Milwaukee, and others.

What’s your business model?

We partner with governments, utility companies, and building owners, and lenders.

How has COVID-19 impacted the business?

Naturally, COVID has slowed some projects down, as we have to be sensitive to the health and safety of our workers and the building tenants. That said, other projects have ramped up, such as our work to install free WiFi networks in underserved communities. We do this to address social justice issues, such as enabling families who cannot afford high-speed access to work or educate their children from home, but it also improves our ability to monitor energy use from buildings within those communities.

What was the funding process like?

Terrible.

What are the biggest challenges that you faced while raising capital?

Venture Capital historically invests less than 3% of its deployed capital into companies led by women and founders of color.

What factors about your business led your investors to write the check?

We are going to build a huge business, and we have the best investors in the world involved. There were several factors. The fact that BlocPower solved the challenges that caused Obama’s green initiative to fail – scalability, affordability and profitability – through the use of technology and structured finance. Also, because we are a technology and financing company, and not focused on the actual equipment, which makes us much more stable and attractive to our investors. Another factor is the market potential and our target market, which is woefully underserved. And finally, because we had proven that greening buildings can be done in 1,000 urban buildings, and that the process was replicable across the country.

What are the milestones you plan to achieve in the next six months?

Expanding to ten new cities.

What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?

Focus on meeting your customers’ needs during this difficult time.

Where do you see the company going now over the near term?

IPO then save the planet.

What’s your favorite outdoor dining restaurant in NYC

Farm at Adderly on Cortelyou in Ditmas, near our home in Brooklyn.


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Source: https://www.alleywatch.com/2021/03/blocpower-sustainable-building-energy-heating-cool-financing-donnel-baird/

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