July 3, 2013
/PRNewswire/ -- Sungevity®, Inc., a recognized leader in the global solar market, today announced
in new equity financings, including an investment from GE Ventures. The funding will be used to accelerate the company's capital efficient growth initiatives with a primary focus on the development of new service offerings that will diversify Sungevity's business and grow the company's global footprint. The new funding follows an announcement by Sungevity in January of this year that it had secured
in combined venture capital and project financing.
The company currently services nine U.S. states including
. The company also has a presence in
-based, Zonline, and in
through a joint venture called Sungevity Australia.
"We are very pleased with our continued upward trajectory domestically and internationally," said
, Sungevity CEO. "Our sales have doubled over prior year and we are starting to see significant volume from
, with utility partnerships and customer referrals driving the uptake." Birch continued, "Our scalable model allows us to capitalize on new growth opportunities faster and with fewer dollars."
"GE Ventures is pleased to invest in Sungevity for its sophisticated technology platform, capital light business model and strong potential for growth as rooftop solar hits meaningful scale," said
, Senior Executive Director for GE Energy Ventures.
Sungevity's online iQuote process and solar lease program make it easy and affordable for homeowners to benefit from solar power. Leveraging proprietary web-based technology, Sungevity can provide its customers and partners the most efficient solutions in the fast growing distributed solar market. Sungevity is Lowe's (NYSE: LOW) exclusive U.S. partner in residential solar, and was recently recognized by B Corp as one of the "Best for the World" companies for using the power of business to solve social and environmental problems. For more information, visit
About GE Ventures
GE Ventures is committed to identifying, scaling and accelerating ideas that will make the world work better. Focused on the areas of software, advanced manufacturing, energy and healthcare, GE Ventures helps entrepreneurs and start-ups succeed by providing access to GE's technical expertise, capital and opportunities for commercialization through GE's global network of business, customers and partners. GE Ventures is headquartered in
Menlo Park, CA.