Improvements are projected to create upwards of $10 million savings
MYSTIC, Conn., May 8, 2023 — Enko Chem, Inc. today announced that, with support from the Connecticut Green Bank, the company has embarked on a robust clean energy program at its facility on Maritime Drive. The projected energy savings over 20 years are upwards of $10M including utility incentives, tax credits, and operational energy savings.
The clean energy upgrades began with the installation of energy-efficient lighting on two floors of interior office, lab, and greenhouse space, and will continue with upgrades to the facilities’ HVAC systems and the installation of solar.
“We are pleased with the package that the Connecticut Green Bank has helped us to implement. Clean energy and efficient energy are critical to environmental sustainability, something Enko is passionate about,” says Jacqueline Heard, Enko’s Founder and CEO.
Enko’s 89K square foot facility (15.63 acre campus) was built in 1992. Enko purchased the building in July 2020 and with the company growing quickly, it was time to focus on energy sustainability with state-of-the-art technology.
The energy efficiency project is being financed utilizing a long-term, fixed-rate C-PACE loan totaling $3.6M. C-PACE is administered by the Connecticut Green Bank and is specifically designed for financing green upgrades, such as energy efficiency improvements or the addition of renewable energy sources.
“It is always encouraging to us when a company looks at projects wholistically and makes a commitment to their facilities. We are excited to provide C-PACE financing to help Enko fulfill their ‘green’ mission and save on energy costs,” said Mackey Dykes, Vice President of Financing Programs at Connecticut Green Bank.
The solar and lighting projects are being installed by Earthlight Technologies in Ellington, CT. Siemens Industry will install the HVAC and controller portions of the project.
About Enko:
Enko Chem Inc., (enko.ag) headquartered in Mystic, Connecticut, believes that to create the future the world wants, we need to change the way the world grows. Enko’s goal is not just to create something better, but to play a part in something bigger. Enko discovers and develops novel products for farmers to protect their crops from pests, weeds, and disease.
Enko’s agricultural invention platform, Enkompass™, uses DNA encoded libraries, A.I. and machine learning to create more effective ways of finding and selecting the right treatments for the right targets– faster than anyone thought possible. Led by a team of proven scientists, entrepreneurs, and industry veterans, Enko’s innovative science, agile design, and discovery of new modes of action is producing next-generation crop protection solutions that will overcome the critical challenges facing industry.