US residential solar installer Kuubix bags US$104m financing to pursue ‘aggressive’ expansion

Image: Kuubix

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.

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.

7 September 2022
The demand for rooftop solar PV is soaring, driven by falling costs of the technology against energy crises that are gripping countries globally. But while an increasing number of households turn to solar to generate their own electricity, there is now a need for more specialist equipment, technologies and services to ensure the solar transition can reach as many customers as possible. Delivering these is now a major challenge for rooftop solar installers. This webinar will analyse the characteristics of the rooftop solar market, discussing how the products, logistics, installation and servicing of solar systems has evolved in line with consumer demands.

Read Next

August 8, 2022
A introduction to Yingli Solar’s new YLM 3.0 Pro 415W module for both residential installations and commercial projects
August 5, 2022
At least 7GW of US community solar is expected to come online in the next five years, according to a new research from Wood Mackenzie.
August 4, 2022
Following strong demand in the US market for residential solar, US solar installer Sunrun increased its customer additions by more than in Q1 and posted better-than-expected financial results, while still making a loss.
August 3, 2022
A continued demand from Americans for rooftop solar has led SunPower to add a record all time high of 19,700 customers in Q2 2022.
August 2, 2022
US developer, owner and asset manager Longroad Energy has secured a US$500 million equity investment to support its business model shift from a “develop to sale” strategy to the ownership of renewable projects in the US.
July 29, 2022
Residential installer Sunnova continues to reduce its net loss while recording its best quarter in terms of sales during the second quarter.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
September 7, 2022
15:30 AEST (UTC +10)
Solar Media Events
September 14, 2022
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event