On October 4, 2024, the Philadelphia Energy Authority, CCG PACE Funding and Industrial Metals Manufacturing executed the financial close to use C-PACE financing for the second phase of an energy efficiency project for Rhoads Industries’ Building 57. The building was originally built by the U.S. Navy in 1919 and was in significant disrepair when purchased by Rhoads in 2014. The project completed the substantial renovation of the building’s footprint. Energy efficiency measures financed include high efficiency HVAC, interior LED lighting and controllers, building envelope (roof and wall) systems and cranes. 

Of note is that this financing was combined with previous $15MM in financing secured in 2021 for an adjusted total C-PACE financing of $47MM.

Mike Rhoads, President/Owner of Rhoads Industries stated, “C-PACE has allowed us to invest in upgrading our shipbuilding facility with the newest technology to support the US Navy. With the support of this business-friendly lending program, we were able to invest in energy-efficient infrastructure which would not be possible with traditional bank lending.” 

Fact sheets for this project and all PA C-PACE projects can be found here.