GE Ventures, part of global power equipment giant General Electric, has taken part in a US$15 million equity investment in leading US solar rooftop installer Sungevity.
The investment follows a US$125 million combined venture capital and project financing deal the Oakland-based company secured in January.
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Sungevity said the new funding would enable it to expand into new markets.
The company currently services nine US states – Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey and New York – and has a presence in Europe through Netherlands-based, Zonline, and in Australia through a joint venture called Sungevity Australia.
Other participants in the equity deal were not identified, but Sungevity chief executive Andrew Birch told Bloomberg that GE Ventures’ investment was a vote of confidence in the company.
“We are very pleased with our continued upward trajectory domestically and internationally,” Birch added in a separate statement.
“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.”
Colleen Calhoun, senior executive director for GE Energy Ventures, said: “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.”
