I have 35 years of experience as an entrepreneur and energy finance executive ranging from ownership of an energy efficiency finance business to closing large, highly structured transactions as a banker and corporate finance executive.
As a commercial banker, I ran CIBC’s midstream business in the US overseeing over $4 billion of transactions as Lead Arranger. At Enron Energy Services, I worked with origination teams to close highly structured financings for the C&I sector. Upon the demise of Enron, I formed HVAC Capital and worked with energy service contractors enabling them to offer retrofit financing to their customers. Although a start-up, HVAC Capital successfully formed contractual relationships serving Linc Services and its 150+ franchises, Comfort Systems USA, York International, KMC Controls and many large regional contractors. As CFO for two small energy companies, I closed their first credit facilities in the bank market and oversaw their growth by 3X.
I graduated from the business school at the University of Texas and live near Houston with Earl, my overly demanding canine.
I have over 30 years of structured finance experience valuing and monetizing unusual or illiquid financial assets for institutional investors and large corporations. I served as co-founder and CEO of Cascade Settlement Services, a leading provider of commercial and securities class action claims monetization services. Cascade has originated hundreds of claims purchases, funded by institutional investors, with total value exceeding $300 million. Prior to that I worked in the asset-backed securities groups of Citicorp and CIBC World Markets, where I originated transactions with a total asset value exceeding $3 billion. At CIBC I teamed up with Enflux founder Larry Derrett to structure and fund numerous financings in the energy industry. I attended Stanford University, and live near San Francisco with my wife, daughter, two small dogs and one fat cat.
My initial exposure in the energy services industry was with Enron Energy Services (“EES”) where I was initially hired as CFO. My role evolved to joining the origination side of the business where I formed a nine- member team providing funding solutions for customers ranging from large C&I clients to small businesses. We worked closely with origination teams providing capital support for energy service agreements, savings-based leasing structures and tax advantaged solutions. Upon the deregulation of the energy markets, I developed a strategy to offer mechanical contractors a retrofit financing program. As part of that effort, I established Enron Leasing Solutions and structured a $100 million leasing facility with Citibank.
Upon the demise of Enron, I formed HVAC Capital Corp., who specialized in repackaging financing solutions into an easy to use format for contractors to offer their customers. Though a small start-up, the uniqueness of this approach enabled HVAC Capital to enter into contracts to supply financing programs for industry leaders such as Linc Services (and its franchises), Comfort Systems USA, KMC Controls and York International. We also provided similar services to large independent contractors throughout the US.
Formation of EnFlux Building Solutions – An Evolution of HVAC Capital’s Business Model
HVAC Capital’s growth was constrained in the early 2000’s as the capital markets had not embraced the benefits of funding clean energy. That has all changed over the past few years as building owners started to appreciate the benefits of smart buildings and sought capital to fund energy efficiency projects. The capital markets responded with programs such as C-PACE and others which gave rise to an influx of new providers. The growing needs for smarter buildings also caused the energy services market to respond with a whole new array of services created to help building owners understand and manage their energy needs.
Enflux Building Solutions has been established to provide financing and energy services to building owners and energy services contractors who serve them. When working with energy services contractors, we will deploy the same repackaging approach used at HVAC Capital to enable contractors to easily introduce these services to their customers.