ECONnergy Energy Co., a competitive energy services providerthat serves the tri-state area of New York, New Jersey andConnecticut, gained financial fuel yesterday with a $15 millionRevolving Enterprise Value Loan from RFC Capital Corp. – a boostexpected to drive ECONnergy’s plans to become an energy alternativeleader in the Northeast.

Gary Bondi, ECONnergy chairman, said he was “delighted” to havea financial partner that understands his business and shares hisvision. “As deregulation progresses, the next few years shouldoffer explosive growth opportunities for competitive energyproviders. The energy marketplace is fertile ground for companiesthat know how to attract and retain customers.”

Bondi said, “There is no secret to our business. ECONnergyexists because we offer real value to our customers by providingtangible savings in their gas and electricity costs.” According toRFC Capital president Steven B. Jaffee, the loan is the largestenergy industry transaction by his company to date.

Five months ago, ECONnergy announced plans to offer always-onInternet access to its customers. ECONnergy’s Hybrid Power LineModem (HPLM) will allow all residences sharing the same localtransformer to connect to the Internet through a single connection.The connection would allow not only Internet access, but alsotelephone service, home security monitoring and other applications.The data streams would pass through electrical wiring at speedscomparable to B2B T1 Internet systems, allowing each electricaloutlet in a home to act as a high-speed data port.

Headquartered in Rockland County, NY, ECONnergy was incorporatedin 1997 as a broker/marketer of natural gas and electricity. It isapproved to operate in several utility service territories in thetri-state area, including Brooklyn Union West and East (formerlyLILCO), Central Hudson, Con Edison, New Jersey Natural Gas,Niagara-Mohawk, Orange and Rockland counties in New York, PECO,PSE&G, PP&L, South Jersey Gas and Yankee Gas.

RFC Capital is a specialty finance company headquartered inColumbus, OH, which serves high-growth businesses intechnology-driven and deregulated industries, includingtelecommunications and the Internet. It is a division of TextronFinancial Corp., a wholly owned subsidiary of Textron Inc.

©Copyright 2000 Intelligence Press Inc. All rights reserved. Thepreceding news report may not be republished or redistributed, inwhole or in part, in any form, without prior written consent ofIntelligence Press, Inc.