US-based energy company NRG Energy and US-based spatial information company GeoEye have backed Geostellar, a US-based company which determines the value of solar energy generation. Terms were undisclosed, but news provider VentureWire said it had raised $14m.
The round was joined by the State of Maryland and angel investor Flash Forward Ventures.
In 2011 Geostellar raised $2m from Flash Forward Ventures. David Levine, chief executive of Geostellar said it was the third company he had founded, and also the only one which had not had traditional venture backing. He said in bidding for the latest round financial investors had also provided term sheets.
Geostellar added it would source remote sensing data from GeoEye. It uses algorithms, so property owners interested in using solar energy can calculate their rate of return, potential electricity savings and environmental benefits.
Denise Wilson, executive vice president of NRG Energy and president of Alternative Energy Services, said: “Geostellar represents an opportunity for residential and commercial property owners to take control of their energy management, including generation, efficiency and storage.
“Educating and informing the public on the solar value of their properties is an important first step in creating a thriving market for clean, green and renewable energy solutions.”
Wilson and Richard Vague, former CEO of EnergyPlus, will join Geostellar’s board.