The World's #1 Renewable Energy Network for News, Information, and Companies.

Sungevity Receives $70 Million from Investors for Global Rooftop Solar Expansion

Sungevity Receives $70 Million from Investors for Global Rooftop Solar Expansion

Sungevity Inc., a closely held developer of rooftop systems, received $70 million from a group of investors including EON SE and General Electric Co. to expand in Europe and Australia.

Sungevity, based in Oakland, California, will also use the funds to improve its online customer-acquisition service, Chief Executive Officer Andrew Birch said in an interview.

Sungevity and competitors including SolarCity Corp. and Sunrun Inc. provide rooftop solar systems at little to no upfront cost. The business is threatening traditional utilities because solar customers buy less electricity from their local power companies. The investment shows that some utilities may be starting to adopt an if-you-can’t-beat-them-join-them attitude, Birch said.

“It could be a pivotal moment in the solar industry when you see one of the great utilities make an investment like this after years of centralized energy,” Birch said.

Jetstream Capital LLC led the funding round. It was the first investment from EON, the largest utility in Germany. General Electric, the world’s largest maker of power-generation equipment, had invested previously.

Sungevity now has raised more than $200 million. About two- thirds of the company’s business is in the U.S., where sales doubled last year.

Copyright 2014 Bloomberg

Lead image: Rooftop solar via Shutterstock

RELATED ARTICLES

Timer

EU Raises Concern That UK, France Won't Meet Renewables Goal

Alex Morales and Ewa Krukowska, Bloomberg

The European Commission raised concern that the U.K. and France may not meet their 2020 renewable energy targets, saying the two countries should examine whether they’re doing enough to reach the goals.

Solar panels and wind turbines

SunEdison Raises $403 Million for TerraForm to Buy Wind, Solar

Christopher Martin, Bloomberg SunEdison Inc., the best-performing U.S. solar company, raised $402.5 million to help buy renewable energy plants in emerging markets, and then purchased more than 2 gigawatts of wind and solar projects in Central America ...

C&I Solar Sector Could See Huge Growth in Next Few Years

Andrew Burger, Contributor Investments in commercial and industrial (C&I) solar energy projects (50kW-2MW) by U.S. corporations is poised to soar, according to a new market research report commissioned by Santa Barbara-based Wiser Capital. More ...
Solar plant and wind turbines

Is Utility-Scale Solar Growth Economically Viable?

Philip Wolfe, Wiki-Solar The recent growth in utility-scale solar has been explosive in relative terms. Because the start point was so low however, this still represents a small proportion of global electricity generation — about one third of 1 pe...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 3
1505REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

FEATURED PARTNERS



EVENTS

ImagineSolar | Advanced Lab Day: Solar PV Design & Installation (Au...

Advanced Lab Day: System Design & Installation  $195 – 8 ...

ImagineSolar | Advanced Online: Solar PV System Design & NABCEP Exa...

Advanced Online Solar PV System Design & NABCEP Exam Prep $695 &ndas...

Bankability and Support Mechanisms for Renewable Energy Projects

Setting appropriate legal and regulatory frameworks is essential for the...

COMPANY BLOGS

Solar Energy Vs. Wind Energy: How Do They Compare?

Solar energy and wind energy are both excellent alternative sources of p...

Introducing the newest update to the LSX Module System: LSX Rail 1.1

LSX Rail 1.1 still has the same features and benefits you've c...

Looking Beyond The "Green Agenda"

You can save a lot of time searching for new prospects for your efficien...

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS