US-based solar and energy efficiency services provider PosiGen has raised $20m from investors including Constellation Technology Ventures, the corporate venturing subsidiary of energy company Exelon.
Constellation was joined in the round by private equity firm NewWorld Capital Group. PosiGen announced the round through a press release, while the figure was disclosed in a securities filing.
Founded in 2011, PosiGen offers residential solar and energy efficiency installations that can be purchased or leased by low-to-moderate income households.
The company is currently present in the states of Louisiana, New York, Connecticut and Florida but plans to use the financing to expand further.
Michael Smith, head of Constellation Technology Ventures, said: “PosiGen’s unique focus combining solar leasing with energy efficiency aligns well with our philosophy of expanding the types of energy products and services available to residential customers.
“In addition, we believe PosiGen’s focus on low-to-moderate income customers can provide significant quality of life benefits in multiple markets nationwide.”
Goldman Sachs’ Urban Investment Group provided $40m of debt financing for PosiGen in February 2015, which it then followed with an equity investment sized at $9m, according to a regulatory filing, in November.
– Photo courtesy of PosiGen, Inc.