Budderfly Projects Nearly $200M in Annual Recurring Revenue, Doubling Growth from Last Year

SHELTON, Conn. – October 8, 2024 – Budderfly, the preferred sustainability partner for commercial businesses, today announced that it continues to experience significant growth, projecting nearly $200 million in annual recurring revenue in 2024. The company’s year-over-year expansion is driven by a 72% increase in energy under management across nearly 7,000 sites, including new brands such as Jamba Juice, Orangetheory, LifeSpan Fitness, Uno Pizzeria & Grill, Applebee’s, Wedgewood Pharmacy, and more.

Since January Budderfly has more than doubled the number of energy savings solutions deployed across its customer base. Budderfly’s real-time artificial intelligence-powered energy management software monitors and optimizes these solutions, maximizing their energy savings and operational efficiency. As a result, Budderfly has reduced customers' energy consumption by 43% more than last year, avoiding 219,100 metric tons of carbon emissions—equivalent to 560 million miles driven by an average gasoline-powered vehicle. 

Earlier this year, the company secured a $400 million debt facility to further accelerate its growth, enabling continued investments in advanced energy technologies and expanding its Energy-as-a-Service (EaaS) offering. In addition, the company was recognized as one of the fastest-growing energy companies in the United States on the Inc. 5000 list for the fourth consecutive year. In June, the company launched a trade school partnership program to address the skilled labor shortage in the HVAC industry, providing advanced training on energy technologies. Budderfly’s workforce has expanded by 46% since last year, reinforcing its commitment to delivering cutting-edge energy solutions and superior customer support.

“The energy transition will only succeed if it's profitable, and Budderfly is proving it can be by reimagining traditional energy management. Our unique, tech-driven model makes it simple for customers across verticals to reduce energy usage and costs, removes friction for end-users and drives sustained growth,” said Al Subbloie, CEO of Budderfly. “Our mission is to accelerate the adoption of sustainable technology, enabling our customers to cut operational costs while achieving their environmental goals. Budderfly isn’t just responding to market conditions—it’s a disruptive force built to meet the evolving energy landscape.” 

In 2024, Budderfly strategically diversified into new verticals, moving beyond restaurants to include other energy-intensive businesses including fitness centers, manufacturing, retail, education, convenience stores, and more. The company also enhanced its offering to include water conservation technologies, creating new business opportunities, allowing customers to save on their water bills and reduce their on-site water usage. These developments highlight the scalability and flexibility of Budderfly’s tech-driven model and allow the company to serve a broad range of commercial sectors. 

To unlock the full potential of its technology stack, Budderfly acquired Sunverge Energy’s Distributed Energy Resource (DER) Management platform in August. This addition brings advanced end-to-end virtual power plant (VPP) capabilities, offering businesses new opportunities to optimize energy use and support grid stability.  

“Budderfly’s continued rapid growth is a testament to its unique EaaS offering and the value it provides customers through cost savings, streamlined operations and decarbonization. In an environment of rising energy costs, businesses are increasingly seeking technology-driven solutions to modernize their infrastructure and improve energy efficiency. Budderfly’s holistic approach to energy management is highly effective in today’s fragmented industry, especially in advancing solutions for the underserved middle market. As demand for energy efficiency accelerates, Budderfly’s capital and expertise make it well-positioned to support its growing customer base across diverse sectors,” said Patrick Langan, Managing Director and Budderfly board member, Private Infrastructure at Partners Group

In the coming months, Budderfly will continue to accelerate its growth and drive innovation for its customers, with a focus on piloting additional solutions and further increasing its environmental and business impact. To learn more about Budderfly and its solutions, visit www.budderfly.com. 

About Budderfly

Budderfly, ranked as one of the fastest-growing Energy as a Service (EaaS) companies in the United States, is the premier sustainability partner for businesses such as restaurant chains, assisted living facilities, retail franchises, and more. Budderfly installs, monitors, and manages a combination of patented technologies, equipment upgrades, and proprietary energy software for its customers at no out-of-pocket cost. Businesses benefit from lower energy bills, a reduced carbon footprint, more reliable operations, and an improved customer and employee experience. Budderfly ranked on the Inc. 5000 America’s Fastest-Growing Private Companies list from 2021 to 2024 and the Deloitte Technology Fast 500 list in 2023. For more information, visit www.budderfly.com or follow us on LinkedIn.