Sungevity® Attracts Additional Investment
-- Smart, Scalable Model and International Success Net $15 Million in New
Funding Including Investment by General Electric --
OAKLAND, Calif., July 3, 2013
OAKLAND, Calif., July 3, 2013 /PRNewswire/ --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 U.S. 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.
SOURCE Sungevity, Inc.
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