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Sungevity attracts GE Ventures investment

Solar market specialist Sungevity has secured USD15m in new equity financings, including an investment from venture capital firm GE Ventures.

The funding will be used to accelerate the company’s capital efficient growth initiatives with a primary focus on the development of new service offerings that will diversify Sungevity’s business and grow the company’s global footprint. 
 
The new funding follows an announcement by Sungevity in January that it had secured USD125m in combined venture capital and project financing. 
 
The company currently services nine US states including Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York. The company also has a presence in Europe through Netherlands-based Zonline and in Australia through a joint venture called Sungevity Australia.
 
"We are very pleased with our continued upward trajectory domestically and internationally," says Andrew Birch, Sungevity chief executive. "Our sales have doubled over prior year and we are starting to see significant volume from Europe, with utility partnerships and customer referrals driving the uptake. Our scalable model allows us to capitalise on new growth opportunities faster and with fewer dollars."
 
"GE Ventures is pleased to invest in Sungevity for its sophisticated technology platform, capital light business model and strong potential for growth as rooftop solar hits meaningful scale," says Colleen Calhoun, senior executive director for GE Energy Ventures.

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