Last week, Sungevity announced a $70 million round of new equity financing. While bigger pots of money to support companies’ expansion in the retail solar market, the new pot of cash for the company comes shortly after it partnered with Sunrun to expand services. And this round of financing is also notable because of Sungevity’s ability to attract funding funding from E.ON an investor-owned utility with a global impact and GE 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 of Technology & Innovation/Strategic Co-Investment at E.ON.
“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 Sungevity CEO Andrew Birch. “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.”
The funding will be used to help Sungevity extend its technology platform, which includes its iQuote service, further beyond the U.S.’s borders, the company said. The company already started offering services internationally. In 2011 it launched services in the Netherlands and in 2012 it launched services in Australia.
Meanwhile the company has been expanding domestically. It said its U.S. sales doubled in 2013 because of its offerings and partnerships. Most recently those partnerships included a strategic partnership with Sunrun. Apparently in March the two companies partnered in a non-binding agreement to install solar on at least 10,000 homes. That partnership will allow the companies to specialize on what each does best in the residential solar space and allow them to mount more of a challenge to SolarCity, the nation’s largest residential solar installer.
In addition to attracting E.ON, this round of financing included existing investors. It was led by Nashville-based Jetstream Ventures. “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.
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