Amalgamated Bank and Almika Announce New Investment in Clean Energy Platform

HOUSTON and NEW YORK, Feb. 18, 2022 (GLOBE NEWSWIRE) -- Almika Renewable Finance (“Almika”), a rapidly growing renewable energy platform, announced today the launch of a new suite of financial services focusing on the residential solar and energy storage market with the financial backing of Amalgamated Bank (Nasdaq: AMAL).

Almika offers customers who install solar and storage systems an innovative platform, which integrates utility billing, clean energy financing, and demand response capabilities in a single platform. Its partnership with Amalgamated Bank will allow it to strengthen its platform offering in the energy market, while simultaneously helping the bank achieve its net zero targets by 2045.

“Almika and Amalgamated share the same goal of reducing greenhouse gas emissions,” said Priscilla Sims Brown, president and CEO of Amalgamated Bank. “By making a strategic investment in clean solar energy, Amalgamated will tap into a growing market and accelerate our efforts to mitigate climate change.”

Based in Houston, Almika is quickly growing its network of solar dealer and installer partners throughout Texas and surrounding states, with an eye on expanding nationally. Amalgamated’s investment in clean energy funding allows the completion of an industry-first solution to manage customers’ financing, billing and energy demand needs. This puts Almika and Amalgamated at the forefront of innovation in both the deregulated electricity and residential solar markets.

“Almika’s technology with Amalgamated’s partnership delivers the best possible experience to our partners, customers and those considering renewable energy home improvements,” said Celestine Vettical, CEO and co-founder of Almika. “This not only adds to the full suite of service offerings in our platform but unlocks the true scalability and value that we aspire to deliver to the environment, our current grid structures, and the customers we serve.”

About Amalgamated Bank

For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.

About Almika

With its sights set on disrupting how electricity is produced and consumed in today’s energy markets, Almika has created the first fully integrated energy platform including solar development, retail electricity, solar financing and demand response. Almika Energy draws on its background in the solar industry, energy and technology markets to provide a smarter and more sustainable electricity solution.

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Amalgamated Financial Corp.