French electrical equipment group Schneider Electric has acquired a controlling stake in EnergySage that will see the US-based solar marketplace provider look to scale its business globally.
Providing an online comparison marketplace for rooftop and community solar, energy storage and project financing, EnergySage said it will use the capital to “turbocharge its growth” and support more homeowners, renters and commercial property owners in taking climate-friendly energy actions.
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It is expected the deal will provide EnergySage with resources to accelerate product innovation, as it continues to operate independently and remain product- and provider-agnostic.
As well as growing its rooftop solar and community solar marketplace offering for residential and commercial customers, EnergySage will build new solutions for heating, ventilation and air conditioning (HVAC), and smart home devices.
“We look forward to working with Schneider to accelerate our mission of making renewable energy accessible and affordable for all,” said EnergySage CEO Vikram Aggarwal, who founded the company in 2009.
For Schneider Electric, its solar sector expansion comes after the company announced a partnership in 2020 with inverter manufacturer SolarEdge to develop a solution to scale and optimise residential distributed energy resources such as solar, energy storage and smart home devices.
Schneider is also partnering with energy major bp to help high emission companies achieve their decarbonisation targets.
“The future of energy is decarbonised, decentralised and digital,” said Nadege Petit, chief innovation officer at Schneider Electric. “We are excited to accelerate EnergySage’s growth and enable more energy consumers to make the transition to renewable energy.”