Geostellar Gets Funding to Map U.S. Roofs for Solar Power
Geostellar Inc., a closely held company that evaluates the solar-power potential of individual rooftops, received $13.8 million in funding to target new types of customers.
The company, based in Martinsburg, West Virginia, plans to offer its software to anyone with a roof to evaluate the potential return on investment and energy production from installing rooftop solar panels, according to Geostellar Chief Executive Officer David Levine.
“Before this funding, we’ve only been supporting the industry suppliers, the installers and the manufacturers in targeting the right property owners and then speeding the lead to close,” Levine said by telephone today. “Now we actually get to provide an application for any property owner,” he said.
The Series B financing follows a $2 million Series A funding round completed last year, Levine said. New investors included independent power producer NRG Energy Inc. (NRG), Maryland’s Department of Business and Economic Development and the satellite imaging company GeoEye Inc. Existing backer Flash Forward Ventures also participated, according to a statement today.
Geostellar announced April 19 a partnership with GeoEye to develop “solar maps” for major U.S. cities. The funding will support completion of that project as Geostellar expands its services outside of test markets in New Jersey and the Washington, D.C., area, according to Levine.
The company’s current customers include Sungevity Inc., MEMC Electronic Materials Inc.’s SunEdison unit and the solar-installation unit of AES Corp., Katie Struble, a Geostellar spokeswoman, said by e-mail.
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