Stonehenge Growth Capital has made an investment in PosiGen that will enable the solar company to expand operations in Connecticut and provide clean energy technology to hundreds of low- to moderate-income Connecticut households.
Stonehenge Growth Capital, a subsidiary of Stonehenge Capital Company, made the USD5 million investment through the Invest CT program. Solar panels installed by PosiGen have already reduced the energy cost burden faced by over 10,000 families across four states, including Connecticut, New York, Louisiana and Florida. Stonehenge’s investment will allow PosiGen to provide an additional 750 rooftop solar panel systems to further reduce Connecticut households’ energy costs. The electricity generated from these panels is used to heat, cool and illuminate homes in an eco-friendly and affordable way.
“We are thrilled to partner with Stonehenge Growth Capital to further expand our footprint across the state of Connecticut while sustainably lowering utility costs for a large and underserved community,” says PosiGen CEO Thomas Neyhart.
With a focus on impact investing, Stonehenge is pleased to support a project that offers financial benefits for local households along with broader benefits for the environment.
“The team at PosiGen is poised to transform the way families think about solar energy to an easy, affordable and environmentally conscious alternative for their homes,” says Stonehenge Growth Capital Managing Director Charles Haberkorn. “PosiGen’s ability to reach low-income households, traditionally unable to access the solar panel market, makes the company a leader in the clean energy space.”
The Invest CT program mandates that 25 per cent of all capital associated with the program is invested in green technology. Connecticut has committed to cut greenhouse gas emissions by 80 percent below 2001 levels by 2050, and the addition of 750 solar panel systems will help the state to continue to meet its goals. Construction of the new solar systems is now underway.