November 13 (Renewables Now) - Omnidian, a US firm offering solar performance guarantees, has raised USD 5.1 million (EUR 4.3m) in venture capital in an oversubscribed seed round, it said on Wednesday.
The latest fundraising intiative was led by Congruent Ventures, which is engaged in supporting companies in the sustainability ecosystem. The other participants in the funding round were City Light Capital, Blue Bear Capital, Energy Foundry, Ekistic Ventures and utility Avista Corp’s (NYSE: AVA) unit Avista Development.
Omnidian offers a performance guarantee that entitles solar owners a reimbursement in case of a loss of production, according to an agreed level. It uses a software platform with a 24/7 solar monitoring system that identifies underperforming photovoltaic (PV) facilities. Its performance guarantee is available to homeowners, lenders, installers and financial institutions such as third-party owners.
“Transferring performance risk will allow solar businesses to free up vital capital for growing their business and give customers the assurance that their investment will perform as promised without having to personally monitor their solar system,” said Omnidian’s CEO and founder Mark Liffmann.
(USD 1.0 = EUR 0.848)