Skyven Technologies receives national Climate Finance Innovator Award from the U.S. Department of Energy
Skyven Technologies, an Energy-as-a-Service (EaaS) company pioneering steam generating heat pump technology, has been recognized with a 2024 Climate Finance Innovator award from the Department of Energy’s Better Buildings Better Plants Initiative for its innovative decarbonization financing solutions that go beyond current market practices.
Chris Barnhill, Director of Marketing at Skyven Technologies, accepts the award.
“Financial Allies in the Better Buildings Challenge are industry leaders in financing energy efficiency and decarbonization. As a winner of a Climate Finance Innovator award, Skyven Technologies has demonstrated an innovative pathway to finance decarbonization that other organizations can learn from.” said Carolyn Snyder, Deputy Assistant Secretary for Buildings and Industry at the U.S. Department of Energy.
The U.S. Department of Energy’s Better Buildings & Better Plants initiative, launched in 2011, accelerates investment in developing more efficient buildings/plants and shares best practices across the public and private sectors. Its 2024 Climate Finance Innovator Award goes to a Financial Ally who deploys innovative decarbonization financing solutions that go beyond traditional market practices. Skyven’s award was chosen for demonstrating the impact of public-private project financing that enables the decarbonization of industrial manufacturing.
Innovative Financing
Skyven’s innovative financing led to the implementation of six decarbonization projects at California Dairies, Inc (CDI). In total, these projects will enable more than 7,000 metric tons of CO2 reduction annually and required zero capital expense from CDI.
The unique capital stack combined four funding sources built on Skyven’s EaaS model:
- Public Funding – Grants from the California Energy Commission’s Food Production Investment Program (FPIP)
- Incentives from Pacific Gas & Electric and Southern California Gas Company
- Private Funding – Third-party financing
- Direct investment from Skyven
Skyven enables industrial decarbonization by identifying, funding, and building projects implemented with the EaaS model. Skyven reduces operating risk by retrofitting facilities with full redundancy and no impact or downtime to existing processes.
