Sungevity is described in the release as a leader in the global solar market that services a growing U.S. footprint as well as the Netherlands, Germany and the United Kingdom. The company completed a large equity and project financing package that the release says will allow it to extend its technology platform and widen its reach into new markets and customers. The financing is positioned to support development of solar projects across the company’s U.S. service areas. Hercules Technology Growth Capital participated in the transaction and continues to maintain a senior secured structured loan to Sungevity. Hercules’ CEO also noted that the funding, coupled with recent U.S. legislation extending the Investment Tax Credit, bolsters confidence in the company and the solar industry. Sungevity sells solar design and integration services directly to consumers and positions itself as a hub for equipment partners, installers and financing partners. The company operates in nine U.S. states and the District of Columbia and is the exclusive partner to retailer Lowe’s. Oakland, Calif.-based Sungevity has expanded internationally, launching services in the Netherlands and Australia. It doubled its U.S. sales in 2013. Financial partners include US Bank, Citibank and SunRun. Investors and utilities have shown increasing interest in solar installers as industry fundamentals have improved. Sungevity is an Oakland, CA-based provider of distributed solar solutions that uses proprietary web-based technology to design and deliver solar installations for customers and partners. Led by CEO Andrew Birch, the company operates in nine U.S. states — Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York — and has international operations through Netherlands-based Zonline and a joint venture in Australia called Sungevity Australia. The company announced a $15M equity financing that includes investment from GE Ventures and follows a prior $125M round earlier in 2013. Sungevity intends to use the new capital to develop new service offerings and expand its global presence. Its core product centers on web-based tools that streamline solar system design and customer acquisition for distributed solar markets. The financing positions the company to grow service capabilities and geographic reach. Sungevity provides an online iQuote process and solar lease program that delivers firm quotes within 24 hours without a home visit by leveraging web-based analytics and satellite imagery. The company emphasizes a Solar Social Strategy and partnerships (including Lowe's, Credo Mobile and Sierra Club) plus proprietary referral software to lower customer acquisition costs. In 2012 Sungevity focused on operational efficiencies, reduced installation costs by 30%, and now acquires the majority of new clients through referrals and partner channels. It partners with a network of preferred local installers to offset installation staffing costs and uses internet and satellite technology to cut overhead. Sungevity serves nine U.S. states and has an international presence through Netherlands-based Zonline and a joint venture in Australia called Sungevity Australia. The company is a B Corp and states its mission is to accelerate residential solar into the mainstream. Sungevity offers Internet-based solar leases and sales that let homeowners install panels with little to no money down and pay a monthly lease plus the cost of electricity generated. The company uses satellite imagery (from sites like Bing) to assess homes and deliver quotes within 24 hours and allows customers to electronically sign leases online. Sungevity emphasizes a centralized, web-driven model and plans to roll out more consumer-side software and streamline paperwork. It currently offers leases in California, Arizona and Colorado and is planning to expand to many states next year, with a focus on the Northeast. The company has shorter, 10-year power purchase agreements and leases compared with the industry standard of 20–25 years. Operationally, Sungevity grew its California market share from 0.4% to 2.9% last year and increased kilowatts sold tenfold to 4.7 megawatts; the company operates largely out of its base in Oakland, Calif.

Total raised

$196M

Funding rounds

6

Latest round

Equity

Latest activity

Dec 2015