Nov. 21 (Bloomberg) -- Astrum Solar Inc., a Maryland-based installer of residential solar systems, raised $7.5 million to expand on both coasts, its chief executive officer said.
The company, based in Annapolis Junction, installed its first system in 2009 and has customers in 11 states in the Midwest and on the East Coast. It’s seeking to expand to the West Coast, CEO Vadim Polikov said today in a phone interview.
The financing follows a $3 million equity round in 2011, according to filings with the U.S. Securities and Exchange Commission.
Customers may buy systems or lease them with little or no upfront cost, Polikov said. “We are similar to SolarCity in that we do the installation in house, and we sell and market the systems.”
SolarCity Corp. installs rooftop solar systems for customers who typically pay little to nothing up front and sign long-term contracts to buy the power.
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