Sungevity Raises $70M To Expand Its Solar Business Globally

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Sungevity, an integrator and marketer of solar installation services, has raised $70 million in new financing as it looks to expand internationally.

The round was led by Jetstream Ventures, a Nashville-based investor focused on companies that have an environmental and social benefits. Other investors included the Germany utility E.On, and GE Ventures, who previously invested in the company’s $125 million equity and debt funding in July 2013.

Oakland, Calif.-based Sungevity doubled its U.S. sales in 2013 and is expanding in the Netherlands and Australia, where it launched services in 2011 and 2012, respectively.

“As new, more customer-centric solutions around residential solar arise, we want to provide our customers with the best solutions available,” said Susana Quintana-Plaza, vice president of technology and innovation/strategic co-investment at E.On. “Our capital investment in Sungevity’s technology and customer-centric platform is a significant part of this.”

The company sells solar design and integration services to consumers in nine states and the District of Columbia, and is the exclusive partner to the home repair and furnishing retailer Lowe’s.

“We are the hub, if you will, for several partners in different areas of the industry,” said John Ordona, vice president of marketing at Sungevity. “We are the hub for equipment partners in terms of panels and modules and installers and also financing partners. We are the face to the consumer.”

The company’s financial partners include US Bank, Citibank, and SunRun, according to chief executive Andrew Birch.

Investors and corporations have warmed to solar installers over the past few years; despite its recent woes SolarCity is up from its initial public offering, and utilities are making moves to acquire their own solar installers.

“The fundamentals of solar have been improving over the last five to 10 years,” said Birch. “That’s going to continue.”

In January 2013, the company raised $125 million in venture capital and project financing from investors, including Energy Capital Partners, Brightpath Capital Partners, Lowe’s Cos., alongside Craton Equity Partners, Vision Ridge Partners and Eastern Sun Capital Partners.

Photo via Flickr user Martin Jakobsen.