Solar power project developer Solegreen has agreed to provide up to $104m in equity and convertible note financing for US-based rooftop solar system installer Kuubix.
Kuubix produces solar photovoltaic systems that have been installed on the rooftops of homes and businesses across six southern and southwestern US states, selling them through a network of dealers. It made $9m in gross profit in 2020 from $35.5m in revenue.
The deal will consist of $50m of equity funding and up to $54m in convertible debt to be supplied over the next two years. It will support the growth of Kuubix’s commercial and residential installations in the US states of California, Texas, Nevada and Florida.
The capital will also support the expansion of Kuubix’s dealership infrastructure as part of the construction of a direct-to-consumer marketing operation. The company has not disclosed details of additional financing since it was founded in 2016.
Josh Butt, Kuubix’s chief executive, said: “Kuubix was recently named by the Inc.5000 as one of the fastest growing companies in the US, and in the last few months we have done a complete overhaul of our operations and brought in a team of executives that ensures our ability to continue this growth.
“The partnership with Solegreen will free up funds to go deep with selected dealerships to help them grow in all our markets – California, Texas, Florida and Nevada this year and then nationwide in 2022.”
