DreamPower First Financing Round Oversubscribed
CHARLOTTESVILLE, November 19, 2015 DreamPower LLC, a Charlottesville-based start-up company that enables small businesses to save energy and guarantees lower utility costs has been using innovative technologies to achieve that goal for the past year. Now DreamPower is accelerating its growth through the use of financing so it can help more small businesses.
“The equipment needed to save energy takes capital and small businesses lack capital,” says DreamPower founder and Chief Executive Officer Alexander Bazhinov. “We have customers in Charlottesville right now waiting for installations and we are excited by the opportunity to bring more energy savings to businesses. The $22,500 raised in this round is helping us make this energy saving possible,” continued Bazhinov.
DreamPower Energy Savings Note I is a debt instrument. The first tranche will fund at least six new projects in Charlottesville saving 152,266 kilowatt-hours of electricity each year. The savings are equal to carbon sequestered by approximately 86 acres of U.S. forests in one year or 2,692 trees.
Connecting energy efficiency in the small business segment with modern financial instruments has always been a challenge. The innovative financial solution provided by DreamPower aims to solve this problem. DreamPower’s approach came to life when Darden’s Batten Institute invited Bazhinov, a Darden MBA graduate, to “pitch” DreamPower at its 15th Anniversary Celebration earlier this month. Says Bazhinov, “It’s exciting and humbling. We received more money than we were looking for and still had to turn some away. Best yet is that the investors are people who really know us. They are advisors and customers.”
“Alexander has a great business model,” says investor and Darden alumnus Damon DeVito, who also is a DreamPower customer. “He has the financial savvy of a Darden graduate and former Russian corporate CFO, combined with a passion for energy efficiency. Whether it is LEDs or harder-to-solve problems, he is tenacious.”
DreamPower plans to issue more Energy Savings Notes in the future. Comments Bazhinov, “This is really about establishing a model. As we continue to expand we’ll need more capital.”
DreamPower is an energy service that enables businesses to reduce electricity costs by replacing their variable energy bills with one fixed monthly fee that is guaranteed to be lower than their typical payment to utility company. For more information, please visit www.dreampowersystems.com or call (917) 257-2185.