Project FROG Greens School Construction
by Camille Rickets, GREEN BEAT, January 19th, 2010
Pre-fabricated buildings have come a long way. Far from shoddy double-wides delivered by flat-bed trucks, they have become the hallmark of the green building movement, tricked out with natural lighting, ventilation and organic materials. One company, Project Frog, is wagering that — in addition to being eco-friendly — these buildings can actually improve student performance in schools. And it just raised more money to prove its point.
According to a filing with the SEC, the San Francisco-based construction company has brought in $5.2 million of an expected $5.5 million round of debt financing and convertible promissory notes. This is the second time it has raised money in its three year history, having brought in $8 million from RockPort Capital Partners in November 2008. [Update: Greener Capital Partners, a Berkeley, Calif.-based firm led the recent round.]
As one of the most exciting companies in the green building industry (it was named best cleantech company at the 2009 Crunchies awards), Project Frog advances an interesting and promising theory — that environmentally-conscious building practices, usually associated with sacrifices in comfort, can actually enhance quality of life and productivity.
On its web site, the company lists characteristics its buildings share, including improved air quality and abundant daylight, more recycled materials, a 50 to 75 percent reduction in energy use, low waste production, short construction timelines (six months, typically), 50 to 75 percent lower operation costs and 25 to 40 percent lower purchase costs. All of its buildings are guaranteed to meet the highest of efficiency and green certification standards.
In combination, these features have been shown to buoy test scores, improve cognitive processing and collaborative skills in young children, stave off fatigue, and reduce illness among students and faculty, the company says.
This sounds all well and good, but two things make Project Frog’s offerings truly special: First, its price points. Usually introducing advanced technology, particularly green features, into projects makes them more expensive. The opposite is true of the company’s buildings, which are not only cheaper to make (pre-made components are snapped together), but can be built to fit specific budgets — a very important criterion for ]cash-strapped school districts. [Read rest of story]