Connecticut Green Bank’s C-PACE program finances significant upgrades
Rocky Hill, CT (November 8, 2017) – The Connecticut Green Bank announces that Metal Finishing Technologies (MFT) of Bristol is using financing from the Commercial Property Assessed Clean Energy (C-PACE) program to implement energy conservation measures (ECM) that are projected to save the manufacturer nearly $2 million in energy costs over the effective useful life of the ECMs.
MFT, which operates out of a 70,000 square foot facility, is a nationally recognized source of diversified metal finishing and surface preparation as well as a certified Federal Aviation Administration repair station servicing the automotive, marine, aerospace, medical, commercial and electrical industries since 1947.
MFT is working with contractor Design with Nature to complete the project. MFT President / CEO & Owner Pete Mirabello said, “working with Mitch Kennedy and the folks at Design with Nature took a somewhat complex and multi-faceted project and made it an easy to understand and more importantly lead to a highly effective result. I would recommend Mitch and is team to anyone looking to upgrade any part of their energy platform.” The project at MFT will include the installation of high efficiency transformers, HVAC air handling units, compressors, interior LED lighting, and windows. In total, the project will cost over $650,000, with the C-PACE loan covering more than half and the remainder provided through one-time utility incentives and grants. The cumulative net cash flow for MFT is projected at nearly $1.5 million.
Mirabello went on to say “We are very excited to be partnering with the Connecticut Green Bank and Eversource. This partnership enables us to continue evolving our “green story” a responsibility we take very seriously. It also allows us to reset our energy platform for another 20 years while at the same time lowering our energy costs. The unforeseen benefit in all this was the positive impact this reinvestment has had on our employees.”
“MFT is another great example of a Connecticut business that has impact well-beyond our state’s borders, as they ship parts through the country and overseas,” said Mackey Dykes, Vice President of Commercial and Institutional Programs at the Green Bank. “By helping them improve their energy efficiency and increase cash flow through C-PACE, we are keeping the state’s manufacturing sector strong.”
Metal Finishing Technologies, LLC. (www.mftech.com), MFT is one of the largest, oldest and most diversified metal finishers in New England. Since its founding in 1947, MFT has serviced plating and turbine component coating and removal clients throughout the Northeast and across the US. MFT has been under new ownership since 2011 when Peter Mirabello bought the Company. The company operates out of a 72,000 square foot ISO 9000-2008 / AS9100 governed facility, designed specifically to meet the stringent handling and environmental needs of the metal finishing industry.