SALT LAKE CITY–(BUSINESS WIRE)–Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced the launch of its brand new strategy, Bridge Solar Energy Development (“Bridge Solar”), in partnership with Lumen Energy Inc. (“Lumen”).
As companies strive to decarbonize their operations, on-site renewable energy is becoming more economical. Commercial rooftop solar technology costs have fallen 69% over the past 10 years, while retail electricity prices have increased 10% nationally since 2020; However, on-site commercial solar deployment has remained slow due to complex utility building data, supply chain issues, financing complexities, and various state-specific incentives. For one-time projects, the overhead and capital expenditure of the unfamiliar process remains high relative to the direct benefits, but too low for large-scale investors. Bridge believes its national footprint and local expertise, combined with Lumen’s data-driven technology, will streamline the analysis and implementation of solar power in a high-demand market that has been largely untapped. Only 4.5% of the approximately six million commercial properties in the United States currently have solar panels, leaving more than 145 gigawatts of solar potential on site.
“We expect Bridge Solar to fill an unmet need for green energy, through the provision of clean energy at a discount to market rates by deploying renewable energy infrastructure equipment on existing buildings,” said John Ward, Bridge Solar’s managing director and managing director. Investment Officer, Bridge Office. “By partnering with Lumen Energy, a leader in clean energy software and energy project development process technologies, we will offer the best in the design, procurement, construction and operation of solar projects on properties owned by Bridge-managed funds and third-party assets.”
This unique partnership allows Bridge Solar to simultaneously assess thousands of new property addresses and make decisions in minutes. Leveraging technology pioneered at US National Labs, Lumen’s technology quantifies the economically ideal “clean energy stack” unique to each property, including financing and incentives, and then automates the deployment process.
“We are excited to partner with Bridge for the next phase of Lumen’s growth,” said Peter Light, CEO of Lumen. “Together, our scale, precision, and automation allow us to deliver cost-effective decarbonization with speed and ease. By constructing solar power systems on existing buildings, Bridge Solar will utilize unused space to meet the growing demand for energy, while simultaneously offering owners and tenants a discount on market energy prices.
About Bridge Investment Group
Bridge is a leading vertically integrated real estate investment manager, diversified across specialty asset classes, with approximately $38.8 billion in assets under management as of March 31, 2022. Bridge combines its national operating platform with dedicated teams of investment professionals focused on select US real estate. verticals: residential leasing, offices, development, logistics real estate, net lease and mortgage backed by real estate.
About Lumen Energy
Lumen Energy is a leading software platform that allows commercial real estate owners to cost-effectively select and deploy renewable energy across many properties at once. Lumen Energy’s software merges supercomputer outputs and energy market data into investment-grade financial models, allowing building owners to easily assess which clean energy solutions improve the value of their buildings. The Lumen Platform connects homeowners to a market of skilled local installers, automating clean energy deployment from start to finish.
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or our future performance or financial condition. All statements other than statements of historical fact may be forward-looking statements. In some cases, you can identify forward-looking statements by words such as “outlook”, “could”, “believe”, “expect”, “potential”, “opportunity”, “continue”, “may”, ‘will’, ‘should’, ‘over time’, ‘seek’, ‘predict’, ‘intend’, ‘plan’, ‘estimate’, ‘anticipate’, ‘plan’ or negative versions of these words, other comparable words or other statements that do not relate to historical or factual matters. Accordingly, we caution you that these forward-looking statements are based on our beliefs, assumptions and expectations as of the date of our future performance, taking into account all information available to us at that time. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties that are difficult to predict and beyond our control. Actual results may differ materially from those expressed or implied in forward-looking statements due to a number of factors, including, but not limited to, the risks described from time to time in our filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. Bridge Investment Group Holdings Inc. undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. Nothing in this press release constitutes an offer to sell or the solicitation of an offer to buy securities of the Company or any investment fund managed by the Company or its affiliates.