US Sungevity raises USD 15m for business growth plans

(ADPnews) - Dec 16, 2010 - US residential solar power installations provider Sungevity yesterday said it raised USD 15 million (EUR 11.3m) in a Series C financing round to expand its business.

The funding round was led by existing investors including Greener Capital and Firelake Capital. It also attracted a new investor, the impact investment fund Brightpath Capital Partners.

Sungevity said it has raised a total venture capital of USD 25 million so far and will use the amount to enhance its business in the US in 2011.

The company, which offers online sales, said it boosted its sales ten times during the year after it introduced its solar lease. So far this year, it has sold or leased 4.7 MW of solar power, expected to offset 4,824 tonnes of carbon dioxide per year.

A recent IDC Energy Insights report says that the number of solar installations in North America is seen to double next year and companies offering solar leasing and power purchase agreements (PPAs) to residential and commercial landowners should raise their market share to more than 50%.

(USD 1.0 = EUR 0.752)

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