DUBUQUE, Iowa--(BUSINESS WIRE)--Heartland Financial USA, Inc. (NASDAQ: HTLF) announced today that it has teamed with BluePath Finance LLC to provide upfront financing for the installation of energy-efficient building products used by commercial and industrial companies as well as the non-profit and public sectors.
“We invested in BluePath as we believe this will open new financing opportunities for our banks. Heartland continues to be innovative in seeking ways to provide quality financing programs for our member banks.”
BluePath provides financing to install energy efficient technologies and works side-by-side with energy services companies, OEMs, installers and distributors to offer turn-key solutions. Most systems can save end-users 60% of their energy consumption. Financing solutions are designed so end-users can pay for new installations from reduced utility bills generating immediate monthly cash flow savings.
Said Lynn B. Fuller, chairman, president and chief executive officer, “We are pleased to team with BluePath to provide an important financing program that can help our customers become more energy efficient. Companies are seeking ways to be greener, yet many companies struggle to find the up-front capital to complete these important projects. Plus, efficiency upgrades are important in our evolution toward energy independence. BluePath can provide the financial model to accomplish this and help companies see the bottom-line benefit by reducing costs and increasing profits.”
BluePath provides funding for projects with up-front costs of $100,000 to $5 million for eligible energy-related projects including lighting and lighting controls; heating, ventilation and air conditioning (HVAC) and building controls; industrial motors and systems; boilers, furnaces and refrigeration systems; and fluid transport systems.
BluePath is a new venture led by Warren Jones and Michael Cox, former investment bankers with expertise in energy finance, and financed by individual investors including Heartland Financial. Said Fuller, “We invested in BluePath as we believe this will open new financing opportunities for our banks. Heartland continues to be innovative in seeking ways to provide quality financing programs for our member banks.”
Said Warren Jones, CEO of BluePath Finance, “We are pleased to move forward with a quality partner like Heartland. Heartland’s deep community banking relationships can help us connect with a wider audience that can benefit from energy upgrades.”
About Blue Path Finance
BluePath provides upfront financing for the installation of energy efficient technologies. The company’s tailored solutions enable customers to pay for equipment from reduced utility bills and to immediately realize monthly cash flow savings. Working alongside its energy services channel partners, BluePath targets commercial, industrial, municipal and agricultural end-users.
With the capacity to fund $150 million of retrofit projects, BluePath will finance technologies including lighting, HVAC, industrial equipment and pumping systems typically with $100,000 to $5 million in upfront costs. Enterprises with at least $100,000 per year in energy bills or 100,000 sq. ft. under roof are strong candidates.
About Heartland Financial USA, Inc.
Heartland Financial USA, Inc. is a $4.4 billion diversified financial services company providing commercial and retail banking, residential mortgage, wealth management, investment services, insurance and consumer finance services. Heartland currently has 65 banking locations in 42 communities in Iowa, Illinois, Wisconsin, New Mexico, Arizona, Montana, Colorado and Minnesota, as well as, mortgage loan production offices in California, Nevada, Texas, Wyoming and Idaho. Additional information about Heartland Financial USA, Inc. is available at www.htlf.com.
Safe Harbor Statement
This release, and future oral and written statements of Heartland and its management, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Heartland’s financial condition, results of operations, plans, objectives, future performance and business. Although these forward-looking statements are based upon the beliefs, expectations and assumptions of Heartland’s management, there are a number of factors, many of which are beyond the ability of management to control or predict, that could cause actual results to differ materially from those in its forward-looking statements. These factors, which are detailed in the risk factors included in Heartland’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, include, among others: (i) the strength of the local and national economy; (ii) the economic impact of past and any future terrorist threats and attacks and any acts of war, (iii) changes in state and federal laws, regulations and governmental policies concerning the Company’s general business; (iv) changes in interest rates and prepayment rates of the Company’s assets; (v) increased competition in the financial services sector and the inability to attract new customers; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) the loss of key executives or employees; (viii) changes in consumer spending; (ix) unexpected results of acquisitions; (x) unexpected outcomes of existing or new litigation involving the Company; and (xi) changes in accounting policies and practices. All statements in this release, including forward-looking statements, speak only as of the date they are made, and Heartland undertakes no obligation to update any statement in light of new information or future events.