This morning Department of Energy (DOE) Secretary Steven Chu – joined by Senators Al Franken and Amy Klobuchar – announced $100+ million in DOE funding and IRS green manufacturing tax credits for our client SAGE Electrochromics.
These funds will help SAGE establish a new 250,000 sq. ft. facility in Faribault, Minnesota used to manufacture energy-saving, electronically tintable dynamic glass that makes buildings more energy efficient and creates hundreds of new, skilled, green manufacturing jobs.
While hundreds of buildings have already installed SageGlass windows, this new government funding will enable the company to mass produce its glass and bring this energy saving technology to the world.
Secretary Chu has repeatedly said the biggest gains in decreasing this country’s energy bill, the amount of carbon dioxide and our dependency on foreign oil will come from energy efficiency and conservation in the next 20 years. SageGlass is a leading example of an energy efficiency technology.
SageGlass products transform windows from an energy liability to an energy source. The potential for energy savings is significant because energy loss through windows accounts for about 30% of heating and cooling energy. According to the National Renewable Energy Laboratory (NREL), electrochromic windows like those produced by SAGE can save one-eighth of all the energy used by U.S. buildings each year. This is equivalent to about 5% of the nation’s energy budget. This translates into savings of approximately $300 billion over the next 20 years.
That’s not chump change.
SAGE focused on something each of us experiences every day – glass – and re-imagined it, transforming glass into something innovative that helps make the world a better place and America more competitive.
This is a great example of how something seemingly mundane like a window can become highly transformational.