Sungevity Announces $70 Million In New Equity Financing
E.ON & GE Ventures Join New Round to Advance Global Solar Energy Business
OAKLAND, Calif., April 4, 2014
OAKLAND, Calif., 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 companiesusing technologyto achieveenvironmental 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.
Sungevity's iQuote platform
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
Photo - http://photos.prnewswire.com/prnh/20140404/CG98257
SOURCE Sungevity, Inc.
Contact: John Ordona, Sungevity, Inc., (510) 496-5673, firstname.lastname@example.org
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