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Californian solar company Sungevity secures $15m from GE Ventures

4 Jul 2013

California-based solar leasing company Sungevity has received $15m in new equity financing, including an investment from GE Ventures.

Sungevity said it will use the funding to accelerate the company’s growth, primarily focusing on developing new service offerings to diversify the business and grow its global footprint.In January, the company received $125m in combined venture capital and project financing.

Andrew Birch, Sungevity CEO, said, “We are very pleased with our continued upward trajectory domestically and internationally.

“Our sales have doubled over prior year and we are starting to see significant volume from Europe, with utility partnerships and customer referrals driving the uptake.”

“Our scalable model allows us to capitalise on new growth opportunities faster and with fewer dollars,” he added

The company currently works throughout nine US states and also has a presence in Europe through Netherlands-based Zonline, as well as in Australia through the joint venture Sungevity Australia.

Colleen Calhoun, senior executive director for GE Energy Ventures, said, “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.”

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