GE Ventures, the venture capital arm of General Electric, has participated in a $15m equity fundraising for Sungevity, US-based maker of rooftop solar panels, in which home improvement retailer Lowe’s Companies already has a stake.
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.
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.”
Previously, Sungevity raised $40m in January 2013 from venture capital investors including Brightpath Capital Partners, Lowe’s Companies (US-based home improvement retailer, which took a stake in Sungevity in 2011), Vision Ridge Partners, Craton Equity Partners and Eastern Sun Capital Partners LLC; at the same time, private equity firm Energy Capital Partners and other investors provided $85m in project financing to back construction of new solar systems.
Also, Sungevity previously raised $15m in its series C round in December 2010 from venture capital firms Greener Capital, Firelake Capital and Brightpath Capital Partners. In March 2010, Sungevity set up a $24m fund with bank US Bancorp to finance solar systems for Californian homes by leasing solar panels for 10 years. Sungevity’s B round raised $6m in September 2009 from Renewal Partners and Greener Capital.