United States installer PosiGen lands US$ 100m in funding to grow low-income household offering

• PosiGen, a United States carrier of household solar as well as performance services for low- to moderate-income (LMI) households, has actually secured US$ 100 million in favored equity financing.

The New Orleans-headquartered business claimed it is currently "positioned to quickly scale" as it aims to accelerate its efforts to shut the clean energy price gap by supplying lower expense energy costs and the ecological advantages of clean energy through domestic solar, energy storage and also energy performance upgrades.

Having safeguarded US$ 60 million in a Series D financing round last year, PosiGen claimed the most up to date growth capital will certainly sustain its growth throughout new states and also support financial investments in the business's modern technology infrastructure.

Alternative asset manager Magnetar Capital-- which acquired property team Lendlease's renewable energy business in 2020, renaming it Vesper Energy-- was the lead financier in the latest round, while existing PosiGen financiers, including Emerson Collective, Irradiant Partners, Activate Capital, The Builders Fund, SJF Ventures as well as The Kresge Foundation, likewise took part in the raising.

PosiGen needs to day served greater than 19,000 customers, around half of them in communities of colour.

"As a company, we believe that offering LMI clients who will certainly benefit the most from our solar plus energy performance offerings develops a virtuous cycle of value-- making a distinction in the lives and areas of the households we serve, while at the same time driving client engagement and portfolio efficiency," said PosiGen CEO Tom Neyhart.

PosiGen was part of a campaign last year that deployed more than a lots solar installments at station house, churches and neighborhood centres in Louisiana that were left without power adhering to Hurricane Ida.