Eli Technologies — Series A

Contractor Payments · Unit Economics

17:1 LTV/CAC. 3-month payback.

All organic acquisition through channel partners and program portals.

“Working with Eli has completely transformed how we handle energy programs. We no longer dread the paperwork or payment delays—jobs move faster, customers are happier, and we close more deals.”

Jay Stahlberg

Baystate Energy Services

Discounted LTV

$87K

$120K undiscounted · 5-yr

LTV / CAC

17:1

Top-decile fintech

Levered IRR

141%

Per-txn returns

Payback

3 mo

Recovers CAC same qtr

eli.build

How We Win Big

The Stripe for Electrification

AI-powered payment rails and capital to solve the deployment gap

1

LIVE

Earn the Wedge

Energy Programs
+ Payments

Replace $6B/yr of manual services with AI. Build the largest, stickiest contractor network.

2

PILOTS

Become the Infrastructure

Origination
& Settlement

Same data, platform, and network — originate and underwrite the entire capital stack.

3

EXPANSION

Unlock Institutional Capital

Asset Creation
& Financing

Securitization unlocks the $1.9T/yr required by 2030.

eli.build

Market Opportunity

$1B Annual Revenue is achievable in the wedge alone.

AI-native programs and payments hits $1B/yr, stacking products triples that, unlocks generational opportunity at scale.

01 — Wedge

Energy Program Spend · US 2028

02 — Platform

Total Spend · US 2028

The Unlock

03 — Target Spend · Global 2030

TAM

$18B

Annual GPV

TAM

$120B

Annual GPV

TAM

$1.9T

Annual GPV

SAM

$6B

Existing admin/payments revenue

SAM

$8.2B

Base case blend; $11.1B upside

SAM

$130B

Blended 7% take rate

SOM

$1B

Eli revenue at 16% market share

SOM

$2B

24% capture at base case maturity

SOM

$13B

10% of global SAM

Sources: Eli 2028 TAM Model v4 (refined sub-flow take rate construction); ACEEE 2025; EIA Form 861; IEA Energy Efficiency 2024; GSIA 2022.

eli.build

Why Now

Three forces compounding into a window that didn’t exist 2 years ago.

01

Market Tailwinds

Demand growth

Affordability

Customer satisfaction

Consumer pull

02

AI Inflection Point

Software offered improvements.

AI offers a replacement.

03

Vulnerable Incumbents

Regulatory pressure

PE structural constraints

Legacy tech

eli.build

Team

Repeat Startup Execs. Deep Domain Exp. Fintech DNA.

Jeff Coleman

CEO, Founder

Led largest US incentive program, Vertan Startup Exec

Grid AlternativesFarmigoObama

Adrian Del Balso

Head of Product, Co-Founder

Former Head of Product for 15+ Years

Little UniverseFarmigoAmicus

Eduardo Del Balso

CTO, Co-Founder

Built mortgage underwriting platform

LendingHomeLittle Universe

Adedoyin Olateru-Olagbegi

Head of Operations

Former Chief of Staff, PM, CS Degree

Schmidt FuturesMIT

Richard Milan

Head of Engineering

Led 35-person Engineering team at Affirm

AffirmReturnly

Tej Singh

Managing Director, Fintech

Former Fintech CEO, Fintech Ops. MIT Sloan MBA.

TalaAffordPlanHigh Radius

eli.build

The Raise & Operating Plan

$18-20M Series A. Two years to take the wedge.

~50%

GTM & Delivery

• Regional BD (3 regions)
• Program Delivery
• Contractor activation AEs
• Sr Program Managers
• Marketing + demand gen

~30%

Product & Engineering

• Scaling risk + reconciliation
• Utility integrations
• Customer-side Agents
• Lending v1, Wallet

~10%

Working Capital

• Viola SPV equity component
• Receivables: $14M → $50M+
• Revenue-generating, near-zero loss

~10%

G&A

• VP Finance / CFO
• Regulatory counsel
• Risk & compliance

Operating Plan

Today

Apr 2026

EOY 2026

Series A close → ramp

EOY 2027

Series B setup

EOY 2028

Series B-funded scale

Revenue Run Rate

$3.0M

$7.7M

$20.6M

$70–85M

Annual Revenue (CY)

$1.6M

CY25 actual

$3.5M

$13.3M

$48M

Payment Volume (Ann.)

$29M

$112M

$290M

$700M

Headcount

13

29

58

74

eli.build

The Financial OS for the
American Energy Upgrade.

Series A

Become the first AI-Native Program Implementer. Build the largest, stickiest contractor network. Own the $ rails.

Series B

6.5x Revenue per contractor. Embedded credit, institutional origination, customer-side agents for utilities, go after all close adjacencies.

Jeff Coleman, CEO · eli.build · Series A | 2026 | Confidential

APPENDIX

Supporting Materials

eli.build

GTM Strategy

On pace to own energy incentives end-to-end: winning contractors, winning programs.

eli.build

Product + GTM Roadmap

Revenue per contractor expands 6.5x as products stack

Feed the flywheel by adding contractors and programs. Grow revenue through product expansion.

1 — Live

Incentive Processing & Instant Payment

One interface for all programs. Paid in 48 hours.

$12K

/contractor/yr

2 — Launching May 2026

Program-Sponsored Payments

Program pays fee. Contractor at par. Premium economics.

+$10K

/contractor/yr

3 — Building

Loan Origination

Bank partnership model. Several partner engaged.

+$10K

/contractor/yr

4 — 2026-27

Wallet & Payment Hub

All inflows settle through Eli.

+$10K

/contractor/yr

5 — Series B

Working Capital

Credit on Eli transaction data.

+$12K

/contractor/yr

6 — Future

Equipment & Procurement

Financing, cards, supplier payments.

+$12K

/contractor/yr

7 — Future

Grid Services Enrollment & Settlement

VPP/DR enrollment at install. Settlement rails.

+$12K

/contractor/yr

Today

$12K

Full stack

$78K

6.5x expansion

200,000 contractors × $78K/yr = $15.6B in addressable revenue from the existing contractor market

eli.build

Viola Credit Facility

$100M Senior Revolving Credit Facility — Viola Credit

Term sheet executed March 2026.

Selected from 4 competing term sheets.

Top-tier credit fund underwrote the asset class after diligence.

Up to $100M of debt capacity behind the Series A.

Series A funds GTM; facility funds the receivables. Equity is not the growth constraint.

Initial

$15M

SOFR + 8.25% / 11.25%

92.5% advance

→

1st

$25M

SOFR + 8.25% / 11.25%

92.5% advance

→

2nd

$50M

SOFR + 7.50% / 10.50%

95% advance

Optimal pricing tier — Series A funds GTM to deploy here.

→

3rd

$75M

SOFR + 6.50% / 9.50%

95% advance

→

4th

$100M

SOFR + 6.50% / 9.50%

95% advance

Revolving Period

24 months (+12mo ext.)

Exclusivity / ROFR

Excl. to $50M; ROFR to $150M

Servicing Fee

0.50% p.a.

Term sheet executed March 6, 2026. Final documentation in progress.

eli.build

Energy Programs: The Most Broken Layer

Meet the Implementers

•CLEAResult, TRC, Resource Innovations, ICF: Decades-old consulting firms earning ~$6B/year to run energy programs

•Mostly PE-owned, leveraged balance sheets, stuck with legacy IT and technical debt

•They process every rebate, payment, and compliance check with teams of human processors.

•Revenue model: cost-plus labor. Every dollar they automate is a billable hour lost.

•Bought and sold between PE firms every 4 years. Structurally unable to build infrastructure or add financial products.

“We can’t become a bank.”

— SVP Programs, CLEAResult, Feb 2026

eli.build

Competitive Landscape

Eli vs. the Alternatives

	Eli	Implementers	Fintech POS	Utility SW
Automated processing	✓	✗	✗	Partial
Instant contractor payment	✓	✗	✗	✗
Program compliance engine	✓	Manual	✗	Partial
Contractor network	✓	✓	✗	✗
Lending / capital deployment	✓	✗	✓	✗
AI-native architecture	✓	✗	Generic	Legacy
Can carry balance sheet risk	✓	✗	✓	✗

The argument is structural misalignment, not incompetence. Competent operators who cannot build what this market needs without undermining their own business models.

eli.build

Startup Competitive Landscape

Eli vs. Emerging Startups: Same Problem, Different Architectures

Several startups are attacking rebate complexity. The critical difference is depth of infrastructure — and whether the model compounds into a platform or stays a point solution.

ELI

Founded 2023

Financial Infrastructure Platform

Rebate automation is the wedge, not the product. Eli advances cash to contractors at install, owns the receivable, and builds toward full program administration + lending.

Carries balance sheet risk — factoring, not SaaS

Contractor gets paid at install, not after approval

$100M facility (Viola) — capital as moat

Expanding into lending, on-bill, program admin

Endgame: Financial infrastructure for the energy transition

SEALED

Founded 2012

Contractor-Side Rebate Platform (Pivot)

Pivoted from D2C home retrofit to B2B contractor SaaS (“Sealed Pro”). Charges ~2x Eli’s rate. No utility/PA program contracts. Contractor-of-record model creates project/completion risk. No lending roadmap or capital market infrastructure.

Ceiling: Contractor-side rebate tool with no path to program infrastructure

ROCK RABBIT

Founded 2023

AI Rebate Discovery & Filing

AI-powered app for contractors to find, layer, and claim incentives. Mobile-first UX focus. Processes claims but does not finance them. No capital component.

Pure software — discovery + filing automation

No cash advance, no factoring, no risk-bearing

Early stage — 23 employees, CA-focused

API/mobile app for contractor field use

Aspires to program admin but no traction

Key insight: Competitors automate paperwork. Eli solves the cash flow problem — and builds financial infrastructure on top.

eli.build

Defensibility

Six Compounding Layers. A New Entrant Must Rebuild All Six.

1

Compliance Infrastructure

Program-specific rules encoded as deterministic rule sets. Hundreds of security controls fine tuned for state, federal, and utility compliance requirements. Can't be shortcut.

2

Contractor Network Effects

74 active contractors, 3 states. Two-sided: more contractors = more value to programs, more programs = more value to contractors.

3

Program Integration Lock-In

Deep API integrations: Power Ahead Colorado (sole platform), METUS, Daikin = majority of contractors can access Eli through a trusted partner. Competitors must run parallel workflows.

4

Institutional Capital

Viola $100M facility (final legal). Much longer track record/loan tape than competitors, enabling access to better terms. Compounds as we scale into new products and asset classes.

5

First-Mile Verified Data

Compliance-grade data captured at point of installation: contractor performance, equipment, payment patterns.

6

AI-Native Architecture

AI for perception, deterministic rules for compliance, ML for underwriting. Full auditability at every step. The moat deepens as these evolve together vs. any one of them alone.

eli.build

Appendix · Technology

Built for Scale: Deterministic Rules + Agentic AI

Domain-specific automation that eliminates manual underwriting bottlenecks — without black boxes.

Inputs

Contractor submissions

Photos & site documentation

Equipment specs & invoices

Program eligibility data

Utility / program rules

The Eli Engine

Layer 1

Deterministic Rules

Encodes program eligibility, compliance & payment rules

Deterministic and auditable

Version-controlled: same input → same output

Defines what must be true

Working
together

Layer 2 · “Sparky”

Agentic AI

Reviews every requirement & evidence item

Extracts data from photos & documents

Issues decision + confidence score per item

Resolves common issues; routes for review

Determines whether evidence proves it

Rules define what must be true. AI determines whether the evidence proves it. Neither operates alone.

Outputs

~90%

of claims auto-decisioned in ~1 minute

↑

Eval infrastructureEvery model change tested against ground-truth claim set

Remainder routed to reviewers with structured checklist & confidence scores

Full audit trail on every decision

Contractor paid at installation

No black boxes

Every AI decision carries a confidence score, evidence trail, and reviewable reasoning.

Compliant by construction

Deterministic rules handle regulated logic. AI handles the unstructured evidence problem. The boundary is intentional.

Scales with volume, not headcount

90% auto-decisioned in ~1 minute. Architecture is the constraint — not labor.

eli.build

Appendix · Why Now

The energy program market is no longer about climate policy. It is about grid capacity.

Demand growth is back

+128 GW

Projected U.S. peak demand growth by 2030 from data centers, electrification, and reshored manufacturing.

After two decades of flat load, utilities urgently need every megawatt of avoided demand and dispatchable capacity.

The products won

3.6M

Heat pumps shipped in 2025, outselling gas furnaces for the fifth straight year. Up 70% over 20 years.

Heat pumps, induction, batteries, EVs are winning on consumer preference. The market pulls. Policy does not push.

Every transaction is an energy transaction

$18B+

Annual ratepayer-funded U.S. energy program spending across efficiency, demand response, DERs, and electrification.

Every HVAC, water heater, panel, and EV charger sale now touches a rebate, a VPP, a capacity payment, or a tariff.

This is not the 2015 incentive market. It is grid infrastructure procurement at the device level, funded by ratepayer surcharges set by state regulators.

Two-thirds of this spending sits inside utility integrated resource plans approved by state PUCs — the same regulated funding mechanism that pays for transmission and grid modernization. It does not depend on Washington.

Sources: ACEEE 2025 State Scorecard; EIA Annual Electric Power Industry Report; RMI heat pump tracker (Feb 2026); Grid Strategies / NERC 2030 demand outlook.

eli.build

Appendix · The Bottleneck

Every transaction now carries energy program friction. Eli is the only company solving it at the point of sale.

The Project

HVAC install

Water heater swap

Panel upgrade

EV charger

Battery install

Bottleneck

The Friction Tax

Rebate paperwork

VPP enrollment

M&V data capture

Income verification

Equipment validation

Compliance reporting

60–120 day payment cycle

200k+

SMB installers

The installation base is fragmented.

95% have under 100 employees. None can absorb 60–120 day payment gaps, and none have the back-office to navigate every program on every sale.

Eli · The Rail

Removes the friction

48-hr

contractor settlement

AI-native processing replaces the labor-based implementer layer. Paperwork, M&V, eligibility, compliance — all automated.

Aggregates the installer network

Contractors route every project through Eli to remove the friction. That makes Eli the rail through which all project finance must flow.

$34M+

advanced

0.07%

loss rate

8,600+

projects approved

The friction is universal. The installer base is fragmented.

200k+ small contractors do the actual installations. None of them can absorb 60–120 day pay cycles or staff a back office for every program. The friction is the rate-limiter on the entire transition.

Solving it aggregates the network.

Eli removes the friction and pays in 48 hours. Contractors route everything through us because nothing else does. That makes Eli the rail every other capital flow has to ride on top of.

eli.build

Appendix · The Financial OS

Solving the friction earns the rail. The rail opens two financial markets.

Solving incentives earns the rail. The rail opens two destinations: financing every project that runs on it, and becoming the operating bank for every contractor on it.

The Earned Position

1

Solve the friction

AI-native program processing. 48-hour contractor settlement. Replaces the $22B labor-based implementer industry.

2

Aggregate the rail

200k+ fragmented installers route every project through Eli to remove the friction. We become the only platform that touches every transaction.

3

Capture the data

Verified first-mile data on every project, contractor, payment, and equipment install. The underwriting layer institutional capital has never had.

Two Destinations · One Position

1. Project Financing

Active · SMUD

Sacramento Municipal Utility District has approached Eli to originate contractor-financed energy upgrade loans against SMUD’s on-bill tariff repayment authority.

·Originate at point of installation

·Hold against $100M credit facility

·Sell forward against tariff repayment

·Repeatable across every tariff utility

First product expansion off the wedge. Validates the model with an investment-grade counterparty.

2. The Digital Bank for the Contractors

The Bigger Prize

Once Eli is the rail, we are already the contractor’s settlement account. Working capital, payments, deposits, cards, and equipment financing all become native — for an SMB segment no bank has ever served well.

·Working capital lines (already at $34M+)

·Operating account & payments

·Cards & expense management

·Equipment & receivables financing

200k+ SMB installers. We do not have to acquire them — they are already on the rail.

The wedge is incentive processing. The rail is the moat. Project finance and contractor credit are the end state.

eli.build