European project SEAF launched: helping SMEs access funding for energy efficiency projects

The European Commission is providing €1.7 million to Joule Assets Europe to develop the SEAF Tool, which will improve access to funding for energy efficiency projects, spurring job creation and the growth of SME service providers.

BRUSSELS, Feb. 17, 2016 /PRNewswire/ -- Joule Assets Europe successfully hosted the Kick-Off meeting for its newest project, the Sustainable Energy Asset Evaluation and Optimisation Framework (SEAF) February 3rd and 4th. The €1.7 million SEAF project is funded by the European Commission's Horizon 2020, the biggest EU Research and Innovation programme. Joule Assets' SEAF project aims to enable small and medium-sized enterprises (SMEs) by providing energy efficiency and other energy-related services to gain access to project finance. This will be done through a streamlined software platform that enables independent project valuation, insurance and design standardisation. The overall objective of the SEAF tool is to support millions in energy efficiency investments for European SMEs, job growth and increased energy and CO2 savings.

Jessica Stromback, Chairman of Joule Assets, Europe states, "With over €8 billion of viable energy efficiency projects left undone in Europe, we are truly excited to develop this platform to support market development by lowering barriers to project finance.  We look forward to supporting SME contractors and other small enterprises to reach their potential, for energy efficiency, job creation and healthier working environments."

Dave Worthington, Managing Director of Verco says, "We're excited to be working on the SEAF tool. Verco's involvement in the Investor Confidence Project (ICP) Europe complements this effort, and shows the European Commission's commitment to scaling up the market for energy efficiency retrofit across Europe."

Paul Cullum, Product Development Manager at HSB Engineering Insurance commented, "This is a great opportunity to bring energy efficiency projects and investors together.  By providing access to asset performance insurances, we will be looking to enhance the credit worthiness of projects and improve investor confidence."

Led by Joule Assets Europe AB, SEAF gathers together expertise from the University of Manchester, the insurance company HSB Engineering Insurance Limited, and Verco from the UK, the Aristotle University of Thessaloniki, Greece, and Servizi Energia Ambiente S.r.l (SEASRL) from Aquila, Italy. The kick-off meeting included presentations from each member as well as a presentation on best practices for H2020 projects from Björn Zapfel of EASME (the European Agency for Small and Medium-sized Enterprises).

About Joule Assets Europe AB:  Joule Assets delivers financing solutions for energy efficiency and demand management initiatives and projects. Through its first-in-kind Joule Energy Reduction Asset (ERA) tool Joule Assets leverages its proprietary database, market analysis software, and extensive industry expertise to deliver a secure financing option for vendors and untapped revenue streams for investors. You can learn more about Joule Assets Europe and the ERA Fund at: http://www.jouleassets.com/

About Verco: Verco is an award winning sustainability and climate change consultancy focusing on low carbon growth, energy efficiency & clean energy development. We have over 26 years' experience in high-level policy and strategy work, deep technical analysis and project implementation. http://www.vercoglobal.com/

About Investor Confidence Project (ICP) Europe: ICP Europe is developing a suite of Commercial and Multifamily Energy Performance Protocols that aim to reduce transaction costs by assembling existing standards and practices into a consistent and transparent process. The purpose of ICP Europe is to enable a marketplace for building owners, project developers, utilities, public programmes and investors to trade in standardised energy efficiency projects.

About HSB Engineering Insurance (HSB): HSB Engineering Insurance, as part of Munich Re, is a leading specialist provider of engineering insurance and inspection services. We help clients reduce risk through a range of innovative engineering insurance products tailored specifically for the renewable energy, construction and manufacturing industries, as well as for the general retail, commercial and public sectors. HSB is the UK-based arm of Hartford Steam Boiler, one of the world's leading equipment breakdown insurers.   http://www.munichre.com/HSBEIL