Israeli developer Solegreen has invested US$104 million in solar installer Kuubix to help it pursue an “aggressive” expansion strategy across its core markets in the US.
As part of the deal, Solegreen will invest in Kuubix over the next two years to fund the expansion of its residential and commercial installation capacity in California, Texas, Nevada and Florida this year, before a national expansion in 2022.
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Kuubix said in a statement that “substantial funding” would be used to create a “robust” direct-to-consumer marketing business dealing with appointments and lead generation.
Josh Butt, Kuubix’s chief executive officer, said the investment from Solegreen will enable the installer to “go deep with selected dealerships to help them grow in all our markets…then nationwide in 2022”.
A number of solar companies in the US have ramped up their residential businesses in the past few months to capitalise on the sector’s rapid growth. US residential solar installations rose by 11% year-on-year in 2020 to reach 3.1GW, according to a joint report from the Solar Energy Industries Alliance and analyst Wood Mackenzie, in a market that is led by listed companies Sunrun, Sunnova, SunPower, Tesla and Vivint Solar.
Gal Bogin, Solegreen’s chairman, said that one of the Israeli developer’s “main objectives” this year is expanding into the US.
Kuubix, founded in 2016, is not the only US residential installer gaining favour with investors this year. Independent power producer Soltage has struck a deal with investment manager Harrison Street to spend US$250 million on 450MW worth of solar and energy storage projects nationwide.
More recently, solar and storage provider Sunworks bought installer Solcius in a deal worth US$51.8 million in a bid to become a “national leader” in the market across 12 states.