PosiGen, a US provider of residential solar and efficiency solutions for low- to moderate-income (LMI) households, has secured US$100 million in preferred equity financing.
The New Orleans-headquartered company said it is now “positioned to rapidly scale” as it looks to accelerate its efforts to close the clean energy affordability gap by delivering lower cost utility bills and the environmental benefits of clean energy through residential solar, energy storage and energy efficiency upgrades.
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Having secured US$60 million in a Series D funding round last year, PosiGen said the latest growth capital will fuel its development across new states and support investments in the company’s technology infrastructure.
Alternative asset manager Magnetar Capital – which acquired property group Lendlease’s renewable energy business in 2020, renaming it Vesper Energy – was the lead investor in the latest round, while existing PosiGen investors, including Emerson Collective, Irradiant Partners, Activate Capital, The Builders Fund, SJF Ventures and The Kresge Foundation, also participated in the raise.
PosiGen has to date served more than 19,000 customers, around half of them in communities of colour.
“As a company, we believe that serving LMI customers who will benefit the most from our solar plus energy efficiency offerings creates a virtuous cycle of value – making a difference in the lives and communities of the families we serve, while at the same time driving customer engagement and portfolio performance,” said PosiGen CEO Tom Neyhart.
PosiGen was part of an initiative last year that deployed more than a dozen solar installations at fire stations, churches and community centres in Louisiana that were left without power following Hurricane Ida.