SolarCity has raised US$81 million in equity financing to fund its expansion of sales, marketing and operations, technology development and potential acquisitions. The round was co-led by Silver Lake Kraftwerk and Valor Equity Partners and included investments from Nicholas J. Pritzker, partner at Tao Ventures and senior development advisor for Hyatt Hotels and Shea Ventures, an affiliate of SolarCity partner Shea Homes. SolarCity chairman Elon Musk and existing SolarCity investor DBL Investors also participated.
“Individuals and organizations of all shapes and sizes are fed up with the growing cost and consequences of traditional energy,” said Lyndon Rive, SolarCity’s CEO. “This investment provides SolarCity the resources to explore new products and services and identify new geographies and potential acquisitions as we seek to deliver better energy choices to more customers.”
SolarCity is currently involved in a lawsuit, brought to the US federal courts by SunPower, accusing the company of corporate threat. It is yet to be resolved.