Sungevity Announces $70 Million In New Equity Financing
OAKLAND, California, April 4, 2014
-- E.ON & GE Ventures Join New Round to Advance Global Solar Energy Business
OAKLAND, California, April 4, 2014 /PRNewswire/ -- Sungevity, Inc. , a
recognized leader in the global solar market, today announced $70 million in
new equity financing. The funding round, comprised of both new and existing
investors, was led by Jetstream Ventures, a Nashville-based fund focused on
long-term investment in private companies using technology to achieve
environmental and social impact. Other investors include E.ON, one of the
world's largest investor-owned utility companies, and GE Ventures, whose
initial investment in the company was announced in July 2013. Sungevity will
use the funds to extend its technology platform to service customers in the
growing list of grid parity markets around the world.
Photo - http://photos.prnewswire.com/prnh/20140404/CG98257
The company's U.S. sales doubled in 2013, fueled by proprietary remote solar
design and instant quoting technology, as well as strategic business
partnerships. Sungevity's business interests in the Netherlands and Australia,
launched in Q4 2011 and Q2 2012 respectively, also are scaling rapidly.
"With E.ON and GE Ventures as equity investors, the Sungevity coalition now
includes the world's largest investor-owned utility company, the company that
built much of the planet's power infrastructure and one of the world's largest
retailers," said Andrew Birch, Sungevity's Chief Executive Officer. "That
lineup combined with our customer-centric technology platform and the
capitalization from this investment round, positions Sungevity to be the
leading global solar brand."
"Sungevity's founding mission-based values combined with their
technology-focused, capital-light business model, make them an exceptional
choice for our first private market investment in downstream solar," said Joel
Dobberpuhl, Chief Executive Officer of Jetstream Capital, the parent company
of Jetstream Ventures.
"E.ON is in the business of servicing energy customers across several
countries, and as new, more customer-centric solutions around residential
solar arise, we want to provide our customers with the best solutions
available," said Susana Quintana-Plaza, Vice President, Technology &
Innovation/Strategic Co-Investment at E.ON SE. "Our capital investment in
Sungevity's technology and customer-centric platform is a significant part of
About Sungevity, Inc. Sungevity is a global solar energy provider focused on
making it easy and affordable for homeowners to benefit from solar power.
Leveraging proprietary remote solar design technology, Sungevity can deliver a
firm quote instantly without a home visit and provide homeowners with
immediate visibility to significant saving on their electricity bills. The
company continues to grow its global customer base and now services nine U.S.
states, the District of Columbia, The Netherlands and Australia. Sungevity
also is Lowe's 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 .
Contact: John Ordona, Sungevity, Inc., +1-510-496-5673, firstname.lastname@example.org
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