NewWorld Capital Group, CCM US LLC, and Constellation Invest in Astrum Solar,
NEW YORK, Nov. 7, 2013
NEW YORK, Nov. 7, 2013 /PRNewswire/ --NewWorld Capital Group, LLC today
announced a strategic investment in Astrum Solar, a residential solar
installer with industry-leading installation and customer acquisition costs
and capital efficiency. NewWorld will also assume a seat on Astrum's Board of
Directors. NewWorld's co-investors in the transaction were CCM US, LLC and
Astrum Solar is a leading designer and installer of residential solar
photovoltaic arrayson the East Coast. Astrum's software-enabled management
systems have allowed the Company to grow rapidly while offering best-in-class
quality and performance. The company partners with third-party lease and loan
financing providers to offer its customers cost-effective solar financing.
Recent declines in the installed cost of residential solar, coupled with
continuing high retail electricity prices and increased availability of
financing for residential customers, have opened up a vast market of
homeowners who can adopt solar to immediately reduce their electricity bills.
The U.S. residential solar market is less than 5% penetrated today and is
forecast to grow at nearly 40% per year through 2017. The NewWorld-led
investment will enable Astrum Solar to expand its operations into selected new
markets across the United States.
Vadim Polikov, President of Astrum Solar, said, "The Astrum management team is
extremely pleased to partner with NewWorld Capital and CCM US, along with our
Series A investor, Constellation, as we expand our served markets across the
United States. The investor groups understand the residential solar market and
are positioned to support Astrum in its continuing development efforts. We
look forward to a fruitful collaboration, as we jointly build Astrum into an
industry leader in the enormous and rapidly growing residential solar market."
Bill Hallisey, a Managing Partner at NewWorld, noted, "We are excited to be
partnering with the management team of Astrum Solar and our co-investors in
helping to build the residential solar industry in the United States. Astrum
is a top-tier performer. Astrum's management team may well be the best
management team in the solar industry. We look forward to sharing in the
Company's success, as it develops its leading position in the residential
Michael D. Smith, Vice President, Head of Technology Ventures for
Constellation, said, "Astrum is a proven leader in the residential solar
market whose business model aligns with Constellation's strategy of bringing
more innovative solutions to customers. We're pleased to reaffirm our
commitment with our second round of equity investment in Astrum."
About Astrum Solar
Astrum Solar is the leading full-service residential solar provider
headquartered in the Eastern U.S., serving homeowners and small businesses in
Connecticut, Delaware, Maryland, Massachusetts, Michigan, New Jersey, New
York, Ohio, Pennsylvania, Virginia, Washington, DC, and West Virginia. Astrum
Solar's mission is to spread solar power to the rooftops of America and to
ensure that its customers get the most out of their solar panels: the most
energy generated, the most electricity savings, the most beneficial
environmental impact, and the most joy each time they see a sunny day. Astrum
Solar was on the Inc. 500 Fastest Growing Companies List in 2012 and 2013.
About NewWorld Capital Group, LLC
NewWorld Capital Group is a private equity firm focused on investing in the
rapidly growing environmental opportunities sector, principally in the United
States and Canada. NewWorld makes growth equity and control investments in
rapidly-growing mid-sized and smaller companies in energy efficiency, clean
energy, water reclamation and reuse, waste-to-value, and related environmental
services. The Firm does not accept technology risk and invests only when a
productive partnership can be formed with company management. NewWorld was
founded by a group of experienced investors and business builders from General
Electric, McKinsey, and several private equity firms.
About CCM US LLC
CCM is a Washington, DC based asset manager focused on investing in clean
energy and commercial real estate in the United States and Latin America.
Historically a real estate firm, the CCM family of companies includes
ownership, leasing, management and development of commercial real estate in
the Mid-Atlantic and Southeastern U.S. and Puerto Rico. In clean energy, CCM
invests expansion capital into rapidly growing companies with a proven
solution in the green building, green construction, and distributed energy
sectors. The firm provides its portfolio companies with deep expertise and
connections in the real estate industry, as well as CCM's extensive portfolio
of owned and managed buildings into which clean energy solutions can be
The Constellation family of retail electricity and natural gas suppliers
(www.constellation.com) are subsidiaries of Exelon Corp. and are leading
competitive retail suppliers of power, natural gas and energy products and
services for homes and businesses across the continental United States.
Constellation's retail businesses serve more than 100,000 business and public
sector customers, including more than two-thirds of the Fortune 100, and
nearly one million residential customers.
Exelon Corporation (NYSE: EXC) is the nation's leading competitive energy
provider, with 2012 revenues of approximately $23.5 billion. Headquartered in
Chicago, Exelon has operations and business activities in 47 states, the
District of Columbia, and Canada. Exelon is one of the largest competitive
U.S. power generators, with approximately 35,000 megawatts of owned capacity,
comprising one of the nation's cleanest and lowest-cost power generation
SOURCE NewWorld Capital Group
Contact: Bill Hallisey, NewWorld Capital Group, LLC, (212) 486-3400,
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