Astrum Solar, a US-based residential solar installer, has raised an unspecified amount of series B funding led by private equity firm NewWorld Capital Group, with participation from retail energy supplier Constellation and asset manager CCM US.
Atrum Solar states that the US residential solar market is less than 5% penetrated today and is forecast to grow at nearly 40% per year through 2017; investment is intended to enable Astrum Solar to expand its operations into selected new markets across the United States.
Vadim Polikov, president of Astrum Solar, said “The Astrum management team is extremely pleased to partner with NewWorld Capital and CCM US, along with our series A investor, Constellation, as we expand our served markets across the United States.”
Bill Hallisey, managing partner at NewWorld, said: “Astrum’s management team may well be the best management team in the solar industry. We look forward to sharing in the Company’s success, as it develops its leading position in the residential solar industry.”
Michael Smith, head of technology ventures for Constellation, said: “Astrum is a proven leader in the residential solar market whose business model aligns with Constellation’s strategy of bringing more innovative solutions to customers. We’re pleased to reaffirm our commitment with our second round of equity investment in Astrum.”