Michigan-based venture and expansion-stage capital investor Beringea has invested $4.0 million in Cross Solar, a residential rooftop solar photovoltaics developer managed by UK-based ISIS Solar. Karen McCormick, an investment director in Beringea’s London’s office, led the deal and will be joining the Cross Solar board of directors.
Beringea, Michigan’s largest and most active venture and expansion-stage capital investor, has invested $4.0 million in Cross Solar, a residential rooftop solar photovoltaics (PV) developer managed by ISIS Solar.
ISIS Solar is experienced in residential and commercial PV, with a proven model resulting in exceptional uptime and efficiency. The company is one of the United Kingdom’s largest residential solar developers and was one of the first businesses to offer free solar panel installations to homeowners. Homeowners receive all of their electricity for free for up to 25 years, and in return, Cross Solar receives payments through the government’s Feed in Tariffs program for the production of renewable energy.
Karen McCormick, an investment director in Beringea’s London’s office, led the deal and will be joining the Cross Solar board of directors.
“We are delighted to be working with the ISIS management team in Cross Solar. ISIS has a very strong track record and is one of the most experienced small-scale PV developers in the UK,” said McCormick. “Solar is a sensible alternative to our unsustainable dependence on fossil fuels, and we believe residential solar PV represents a strong commercial investment based on the government’s revised Feed in Tariffs program.”
Lawrence Buckley, founder and CEO of ISIS Solar will also be joining the board. Buckley has a strong background in sustainable energy planning and previously worked with the UK Department of Energy and Climate Change, European Environmental Bureau, and Ecologist.
Buckley commented: “Our experience in solar demonstrates that it is an excellent and practical renewable energy source, and homeowner participation is increasing rapidly. We are also seeing installation and hardware costs dropping in line with the government’s reduced Feed in Tariff scheme, and believe that the sector continues to represent a strong investment opportunity. Beringea shares our philosophy and has been able to act extremely quickly and efficiently during this investment process. We are very pleased to have them on board as investors.”
Beringea offers advice, guidance and capital to support growing businesses. With capital, experience and offices in the U.S. and UK, Beringea’s award-winning team offers its portfolio companies the resources to develop strategy, evaluate growth opportunities, solve problems and build value in a range of sectors, including health care and life sciences, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Beringea is the co-manager of the InvestMichigan! Growth Capital and Mezzanine Funds in the U.S., as well as the ProVen VCT family of funds in the UK, among others. For more information, visit www.beringea.com.
About ISIS Solar
ISIS Solar is the leading rooftop solar provider in the UK, focused on residential, social housing, and small commercial installations. ISIS provides free installation, maintenance, and electricity to the landlords/homeowners in exchange for the benefit of excess income generated from the production of renewable energy. ISIS is one of the UK’s first free residential rooftop providers, and one of the most experienced and reputable companies in the market.