One of the reasons why we selected NES Financial to administer this fund...their commitment to innovation, technology and helping the Opportunity Zone program to do the good it was intended to do matches our own.
SAN JOSE, Calif. (PRWEB) November 06, 2019
Specialty financial administrator NES Financial announced today that it has contracted to provide its purpose-built Opportunity Zone Fund Administration services to Greenwave, a collaboration and energy solutions service platform centered around energy conservation, renewable, and smart energy.
Greenwave Opportunity Zone Fund seeks to help ensure clean water to residents in Opportunity Zones throughout the country. The Greenwave Fund invests in technology and green-based companies at the seed and early stages of their life cycle that helps get innovative businesses off the ground. As an example, Greenwave has an investment in a company that is testing the viability of a solar unit that can produce clean water. This innovative solar unit would have a number of potential applications on a global scale. Greewave also partnered with a Fortune 500 company to review and improve the company’s energy footprint across its U.S. facilities. Many of these facilities are located in Opportunity Zones.
“The intricacies surrounding our country’s electricity system are as complex as they come, and it will take innovative solutions to reduce the environmental impacts of our energy use,” said Jami Krynski, Greenwave’s CEO and Chairman. “That’s just one of the reasons why we selected NES Financial to administer this fund: their commitment to innovation, technology and helping the Opportunity Zone program to do the good it was intended to do matches our own.”
“The Opportunity Zones initiative is important to creating a brighter future for all communities,” said Reid Thomas, Executive Vice President and General Manager of NES Financial’s Specialty Financial Administration. “Despite the fact that OZ regulations are still emerging, the market is already embracing best practices as evidenced by the accelerated rate of market adoption of our purpose-built Opportunity Zone Fund Administration solution."
The tax incentives associated with the Opportunity Zones (OZ) program are designed to encourage long-term investment into economically distressed areas across the U.S., and Opportunity Fund investors receive immediate deferral of taxes on invested capital gains. Additional tax benefits accrue at 5-, 7- and 10-year milestones.
For information about NES Financial’s Opportunity Zone Fund Administration services, please visit our Opportunity Zone Resource Center.
About NES Financial
NES Financial is a specialty financial administrator which serves sectors characterized by high administrative complexity, increased transaction security needs, and challenging regulatory compliance requirements. The company’s purpose-built solutions streamline the administrative processes of these markets — simplifying specialized financial transactions, curtailing fraud and abuse and helping ensure the utmost in security, transparency and regulatory compliance through each step of an investment’s life cycle.
NES Financial, recognized on the San Francisco Business Times’ top Bay Area fintech list, has defined industry best practices in each of the markets it serves — from 1031 exchanges and EB-5 visa funding, to private equity and the landmark Opportunity Zones program. NES Financial services more than 300 funds, administers over $20B annually, and has worked with over 700 EB-5 projects. For more information, visit nesfinancial.com.
Greenwave Opportunity Fund is an early stage green energy focused venture capital opportunity fund, founded by entrepreneurs to invest in entrepreneurs. Greenwave focuses on high-growth, disruptive businesses with innovative products and services that have a proven business model in sectors where it believes the upside is enormous. For more information, please visit greenwave.fund.