The Venture Codex

Led · Equity · Mar 2024

Holu Hou Energy provides design-to-service solar and energy storage systems, including its proprietary EnergyCluster product for MDU and single-family home markets. The EnergyCluster is positioned to deliver behind-the-meter, real-time surplus energy sharing to provide resiliency and lower-cost electricity for tenants, notably addressing challenges created by California’s VNEM 3.0. HHE engineers storage systems and a control platform and operates in California, Hawaii, Wisconsin and Shanghai as a Delaware corporation. Over the last 24 months the company has built a project pipeline totaling nearly $1.0 billion, including a contract to build systems across the Island Palm Communities, one of the largest residential solar projects in the United States. Construction of the Island Palm project began in early January with construction financing from Fundamental Renewables, and a lease product with the Hawaii Green Infrastructure Authority produced a $25 million residential solar backlog in the last six months. The company recently closed a strategic investment that it says will support its pipeline development and market expansion. Holu Hou Energy LLC is a Delaware corporation that provides design-to-service solar-plus energy storage systems and engineers the EnergyCluster product for MDU and single-family home markets. The company’s EnergyCluster links multiple residential units into an energy network so excess solar generation from any unit is shared in real time with other connected units, increasing on-site utilization and minimizing exports to the grid. HHE closed a $20 million construction financing facility to support construction of Hawaii’s largest solar and energy storage project pipeline and to fund procurement of materials and EPC resources. The funded MDU projects are slated for completion within the next four quarters. HHE recently entered the California MDU market and has built a project pipeline worth well in excess of $100 million in that state, and reports explosive demand since Q1. The company operates in California, Hawaii, Wisconsin and Shanghai and positions EnergyCluster as a behind-the-meter solution to overcome economic barriers in the MDU rental market.

Participated · Preferred · Jan 2022

PosiGen installs and finances solar and energy-efficiency upgrades for homeowners in underserved communities, operating as a certified Public Benefits Corporation. The company has installed nearly 30,000 solar systems and generated over 645,000,000 kWh from solar panels since founding. PosiGen reports it has saved homeowners more than $65.9 million through its solar and energy-efficiency programs. With additional capital from Brookfield, PosiGen plans to scale its business and extend its savings-guarantee model to more households without regard to FICO score or income thresholds. The new funding is positioned as working capital to expand deployment and support continued growth of its Solar for All efforts. PosiGen offers residential solar and energy efficiency through a unique solar leasing model that removes barriers for low- and moderate-income homeowners by operating without restrictive income requirements or credit score minimums. The company pairs solar installations with energy efficiency upgrades and has completed more than 25,000 solar energy systems and 20,000 energy efficiency upgrades for nearly 22,000 families as of March 2023. PosiGen customers have produced nearly 570,000 MWh of electricity and saved an estimated $66 million on their utility bills to date. The company operates in multiple states and Washington D.C., and the PosiGen family includes more than 600 direct employees. With recent financing, PosiGen plans to deploy thousands more systems and upgrades in underserved communities to reduce energy burdens and scale decarbonization. A $12 million bridge loan is intended to boost cash flow immediately, help unlock federal Investment Tax Credit adders, and position the company to attract additional private capital. PosiGen delivers residential solar and energy-efficiency solutions aimed at low- and moderate-income homeowners through lease products and a partner program. The company says it has served more than 25,000 customers across California, Connecticut, Louisiana, Mississippi, New Jersey, New York, Pennsylvania, Maryland, Massachusetts, and Washington, D.C. PosiGen employs more than 600 direct employees and supports over 150 contract workers. Its Partner Program has helped 2,000+ homeowners go solar since launching in 2021. Headquartered in Louisiana and founded in 2011, PosiGen frames its work under a "Solar for All" mission to close the clean energy affordability gap. The company plans to deploy recent financing to expand into additional states and prioritize Energy Communities and Low-Income Communities identified under the Inflation Reduction Act. The new capital commitment is intended to support continued asset growth and broader access to clean energy for households with high energy burdens. PosiGen provides solar PV installations and energy-efficiency upgrades targeted at low-to-moderate-income (LMI) households, often packaged as solar-plus-efficiency offerings. The company says it has served over 19,000 customers to date, about 50% of whom are in communities of color. PosiGen has worked with partners such as the Connecticut Green Bank to offer no‑upfront‑cost solar leases with no credit requirements; a recent case study found higher delinquencies but a reasonable return on investment from that program. The company also deploys rapid‑response solar power stations for disaster relief, installing 12 stations after Hurricane Ida using 30‑panel (11,400 W) systems with batteries providing 27,000 watt‑hours. PosiGen plans to use new financing to grow the business and close the affordability gap for solar, storage, and energy‑efficiency upgrades for LMI customers. Headquartered in New Orleans, Louisiana, the company combines product deployment and financing solutions aimed at increasing access to clean energy among underserved communities. PosiGen provides rooftop solar and energy efficiency solutions to low-to-moderate income (LMI) households. Its core product is low-cost rooftop solar panel leases combined with energy efficiency upgrades, aimed at delivering lower utility bills and environmental benefits. The company has served over 17,000 customers to date, approximately 50% in communities of color, and reports more than 270 direct employees plus over 120 contractor-supported staff across Louisiana, Connecticut, New Jersey, New York and Florida. Customers can see dramatic savings well in excess of 20% of their annual energy spend. PosiGen intends to use proceeds from its Series D to expand into select markets nationwide to scale its model. Marathon Capital is advising on raising tax equity to support the company's accelerated growth plan.

Led · Equity · Nov 2021

Bioenergy DevCo builds and manages anaerobic digestion installations that convert organic waste—including food waste, industrial sludge, and agricultural and human waste—into biogas and digestate used as fuel and soil amendment. Founded in 2016 and based in Annapolis, Maryland, the company sources feedstock from farms, food factories, municipal governments, corporations, and academic institutions. Bioenergy DevCo says its process produces renewable, carbon-negative energy (biogas) while trapping methane that would otherwise be emitted from landfills, and that digestate can improve soils and store carbon. It currently manages 140 anaerobic digestion facilities worldwide, has constructed around 280 digesters, and has more than 20 digester projects in development in the U.S. The company will use the $100 million raised from Irradiant Partners to support development of multiple anaerobic digestion facilities across North America, including a Maryland project under construction with capacity to process 115,000 tons of organic material annually. Prior to acquiring Italian partner BTS Biogas in 2019, Bioenergy DevCo raised $106 million from Newlight Partners; New York private equity firm Sagewind Capital is also an investor. Bioenergy DevCo is a world leader in the finance, design, construction, engineering, and operation of anaerobic digestion facilities and is led by founder and CEO Shawn Kreloff. Through its wholly owned subsidiary BTS Biogas the company operates and can guarantee performance of more than 200 facilities worldwide. Its anaerobic digestion technology naturally breaks down organic wastes and converts them into renewable natural gas and an organic soil amendment. The company positions this process as a way to reduce landfill waste, carbon emissions, and local air, water, and soil pollution. Bioenergy DevCo received its first institutional investment of $106M from Newlight Partners LP. It intends to use the proceeds to expand its operational presence in North America, working with municipalities and corporations to develop additional anaerobic digestion facilities.