Sungevity Attracts Additional Investment
Smart, Scalable Model and International Success Net $15 Million in New Funding Including Investment by GE Ventures
OAKLAND, July 3, 2013
Sungevity®, Inc., a recognized leader in the global solar market, today announced $15 million in new equity financings, including an investment from GE Ventures. The funding will be used to accelerate the company’s capital efficient growth initiatives with a primary focus on the development of new service offerings that will diversify Sungevity’s business and grow the company’s global footprint. The new funding follows an announcement by Sungevity in January of this year that it had secured $125 million in combined venture capital and project financing.
The company currently services nine U.S. states including Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York. The company also has a presence in Europe through Netherlands-based, Zonline, and in Australia through a joint venture called Sungevity Australia.
“We are very pleased with our continued upward trajectory domestically and internationally,” said Andrew Birch, Sungevity CEO. “Our sales have doubled over prior year and we are starting to see significant volume from Europe, with utility partnerships and customer referrals driving the uptake.” Birch continued, “Our scalable model allows us to capitalize on new growth opportunities faster and with fewer dollars.”
“GE Ventures is pleased to invest in Sungevity for its sophisticated technology platform, capital light business model and strong potential for growth as rooftop solar hits meaningful scale,” said Colleen Calhoun, Senior Executive Director for GE Energy Ventures.
Sungevity’s online iQuote process and solar lease program make it easy and affordable for homeowners to benefit from solar power. Leveraging proprietary web-based technology, Sungevity can provide its customers and partners the most efficient solutions in the fast growing distributed solar market. Sungevity is Lowe’s (NYSE: LOW) exclusive US partner in residential solar, and was recently recognized by B Corp as one of the “Best for the World” companies for using the power of business to solve social and environmental problems. For more information, visit www.sungevity.com.
ABOUT GE VENTURES
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE’s technical expertise, capital and opportunities for commercialization through GE’s global network of business, customers and partners. GE Ventures is headquartered in Menlo Park, CA.
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