Solar Universe Inks $7M Series B Financing
California-based Solar Universe, which provides residential and small business solar installations, has raised $7 million in a Series B financing round led by RockPort Capital Partners. The company will use the new financing to bolster its product offerings and expand into new markets.
PRESS RELEASE:
Solar Universe, the nation’s leading provider of residential and small business solar installations, today announced its $7.0 million in Series B funding, led by RockPort Capital Partners with returning founding investors. The company also announced that it has added Kevin Daughtery as EVP, Operations, and Laurie Anthony Baggio as Chief Development Officer. Proceeds from the financing will be used to expand Solar Universe’s successful business into new geographies and product offerings.
“Solar Universe has proven its business model and has developed an impressive delivery platform without large amounts of capital, and we’re excited to be supporting a group of entrepreneurs who have already built a significant business,” said Abe Yokell, a Principal of RockPort Capital, who led the investment round and is joining the board. “With solar now a viable option for most homes and businesses, Solar Universe’s approach for training and supporting locally owned and operated solar installers will help launch new solar businesses and ensure a high quality customer experience anywhere in North America. We believe its suite of solutions enables local entrepreneurs to perform at the highest levels, and will create explosive growth while creating thousands of green collar jobs.”
“We’re honored to add RockPort as a new investor. Our growing team will allow us to significantly expand our network of owner-operator solar businesses and to accelerate the roll out of new tools and initiatives,” said Joe Bono, Founder and CEO of Solar Universe. “With this new round of financing, we look forward to adding more top entrepreneurs and contractors to our growing network. We currently offer virtually everything needed to build a successful solar franchise anywhere in the country – including lead generation, training, brand recognition, product distribution, customer financing, and software to manage both the front and back office functions.”
Before joining Solar Universe, Daugherty was Vice President of Operations for Solar City, managing residential, commercial and government projects across all service areas. He has more than 25 years of management experience at companies such as Flextronics, Lockheed Martin and General Dynamics. At Solar Universe, Daugherty is responsible for overseeing all aspects of the Company’s supply chain, quality control and logistics.
Baggio, a long-standing advisor and investor in Solar Universe, joins from 1-800-GOT-JUNK?, where he served as VP, Franchise Development since 2002 and more recently as COO. At Solar Universe, Baggio assumes responsibility for overseeing continued network growth, market development, channel partnerships and sales support, Solar Universe supports a network of two dozen solar franchises across California and in Nevada, Arizona, Pennsylvania, New Jersey and Louisiana.
“With a comprehensive support system and a brand that stands alone, we are able to outperform the competition,” said Debbie Puku, an owner of the Livermore, California based franchise of Solar Universe. “The power of the Solar Universe Network allows us to have the backing of a fully equipped corporate office while maintaining a small town presence, and as local business owners, this couldn’t be more important.”
About Solar Universe
Founded in 2007, Solar Universe is a successful and quickly growing solar installation and finance company headquartered in Northern California with a mission to be the very best at what we do. We are the sum of a multi-state network of owner-operated businesses offering solar power system design, installation, monitoring, and finance throughout the US. Our corporate team is comprised of proven leaders with start-up, environmental, operations, and solar industry depth. Solar Universe is increasing our service coverage, enhancing our customer offerings and accelerating the adoption of distributed renewable energy. Please visit www.solaruniverse.com for additional information. To learn about opening a Solar Universe franchise, visit http://www.solaruniverse.com/franchise_tour_1
About RockPort Capital Partners
RockPort Capital Partners (www.rockportcap.com) is a leading venture capital firm partnering with clean tech entrepreneurs around the world to build innovative companies and bring disruptive technologies and products to the 21st century. Combining deep domain expertise with policy and international experience, RockPort has a proven track record of leveraging its insights and networks to foster growth and create value in partnership with management teams.
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