United States residential solar platform raises US$ 375m for business expansion

Feb 28, 2022 10:24 AM ET
  • Clean power industry as well as technology services platform Palmetto has raised US$ 375 million to support its business expansion as it wants to drive uptake of rooftop solar and increase to offer brand-new items.
United States residential solar platform raises US$ 375m for business expansion
Image: Solar City

The Charleston, South Carolina-based business will certainly use the funds to grow its industry of independent specialists and establish its general operating effectiveness in order to broaden its addressable market, it said in a statement.

Palmetto stated the United States residential solar market was a US$ 100 billion pen yet that only 3% of the 70 million homes in the country have PV systems in place.

Its business model employs third-party solutions and a subscription-based income version that suggested it was able to charge 30% less that its opponents, Palmetto stated, adding that the version decoupled earnings development from overhead developing a "win-win" for home owners as well as the company.

It likewise has an exclusive software platform that manages the survey, design, design, funding, allowing, upkeep as well as active system monitoring of the setup.

"Palmetto is the initial distributed power company constructed from a software structure, which allows us to scale unlike any other clean energy service provider," stated Chris Kemper, chairman, creator as well as CEO of Palmetto.

Celebrating a "major landmark" for the business, Kemper stated he was wanting to take advantage of Palmetto's "unique operating version" to proceed the firm's development, at some point broadening into various other clean power services and products.

The round was led by Social Capital, with engagement from new as well as present financiers consisting of ArcTern Ventures, Gaingels, Lerer Hippeau as well as MacKinnon, Bennett & Co.

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