Clean Power Finance said it raised $37 million in growth equity from existing investors Google Ventures, Kleiner Perkins Caufield & Byers, and Claremont Creek Ventures. New investors in the round include three utility holding companies, including Edison International, and Hennessey Capital.
Clean Power Finance Raises $37 Million in Growth Equity from Strategic Investors
Investors to Capitalize on Distributed Solar Finance Momentum
San Francisco—[April 8, 2013]—Clean Power Finance (CPF) today announced it has closed a $37MM round of growth equity from strategic and existing investors. CPF provides the CPF Market™, the online business-to-business marketplace for distributed solar financing, and CPF Tools™, the leading solar sales SaaS application.
“We grew revenue by 325 percent last year. Our rapidly growing market share and strong momentum across all areas of the business attracted power company investors that recognize the value of our solar marketplace business model,” said Nat Kreamer, CEO of Clean Power Finance.
“Clean Power Finance provides outstanding services to both solar investors and solar professionals, and makes distributed solar an attractive investment,” said Bert Valdman, SVP of strategic planning at Edison International. “We expect distributed solar to play a growing role in our energy future. CPF’s industry leadership makes it a natural investment in this rapidly expanding market.”
Clean Power Finance has the most flexible business model in the residential solar finance industry. As a white-labeled software and financial services provider, CPF works with companies in all parts of the solar industry, including power companies, investors, installers, marketers, and suppliers. CPF currently manages more than half a billion dollars in project financing on behalf of third-party corporate and institutional investors, which include, among others, corporate investors like Google Inc. and institutional investors like Morgan Stanley, as well as a top-ten U.S. utility holding company.
“We are extremely excited to have Clean Power Finance in the portfolio. This is not your typical capital-intensive ‘clean technology’ investment. CPF is a traditional Silicon Valley enterprise software and financial service innovator that boasts a low-cost, scalable business model and an unparalleled management team,” said Joe Kraus, general partner at Google Ventures.
About Clean Power Finance
Clean Power Finance is driving the mass-market adoption of residential solar with its online business-to-business marketplace connecting the solar industry and the capital markets. Clean Power Finance provides solar professionals, including marketers, installers, manufacturers and distributors, with access to a variety of 100% third-party owned, non-exclusive, white-label residential finance products and an easy-to-use solar sales quoting and design tool. The company’s transparent pricing makes it easy for financial firms and lenders to invest in residential solar projects that provide reliable rates of return. To learn more about how Clean Power Finance, please visit http://www.cleanpowerfinance.com.