Pure Energies Secures $6M From NEA and NGEN


Toronto-based Pure Energies Inc., which helps with the adoption by homeowners of solar energy and conservation products, has received $6 million in equity financing from U.S. venture capital firms New Enterprise Associates (NEA) and NGEN Partners. The company’s website confirms the deal was done in March 2013. In 2012, Pure Energies acquired San Francisco-based solar advisor One Block Off the Grid, which was previously backed by NEA. Earlier this year, the company acquired Seattle-based Cooler Planet.

PRESS RELEASE

Pure Energies Group Secures $6M Million in Funding from NEA and NGEN to Propel its Growth in the Explosive US and Canadian Residential Solar Market

Pure Energies Group (“Pure”) has closed $6M million in equity funding. Capitalizing on growth in the US residential solar market, Pure will leverage its local brands, 1BOG and Cooler Planet, to strengthen its position as a leading trusted independent solar advisor to homeowners.

“We believe a homeowner should have a trusted independent advisor who will demystify the process of going solar.” – Zbigniew Barwicz, founder and CEO, Pure Energies Group

Toronto, Ontario (PRWEB) May 02, 2013

Less than nine months after acquiring San Francisco-based solar advisor One Block Off the Grid (“1BOG”), and three months since the acquisition of Seattle’s Cooler Planet, Pure Energies Group (“Pure”) has closed $6M million in equity funding. Capitalizing on growth in the US residential solar market, Pure will leverage its local brands, 1BOG and Cooler Planet, to strengthen its position as a leading trusted independent solar advisor to homeowners. With its unique platform and re-sell agreements with leading US solar PPA providers, Pure and 1BOG are the one-stop-shop allowing homeowners to find the best solar deal, in minutes.

“We’re extremely excited to have the opportunity to work with such great partners as NEA and NGEN for the next phase of our growth,” said Pure Energies Group founder and CEO, Zbigniew Barwicz. “Residential Solar is a new retail category, with complicated 20-year-plus power purchase and lease agreements, and multiple-thousand dollar prepay options and escalation tables. We believe a homeowner should have a trusted independent advisor who will demystify the process and provide a one-stop-shop to help select the best offering for their specific situation. We are able to provide, at no cost to the homeowner, the best PPA or lease products available from the nation’s biggest solar providers.”

The US rooftop solar installation market is growing at over 62% per year, with falling component prices, attractive economics for solar leasing and rising electricity costs spurring increasing adoption. With the residential sector weathering the highest cost of energy, solar energy has never been more attractive for homeowners.

“With growing demand for residential solar installations, there is clearly an opportunity to help potential customers explore, compare, and select the solution that best fits their needs. Pure’s innovative processes and strong technology platform can help homeowners save real money,” said Rick Yang, senior associate at NEA. “It’s an exciting opportunity, and Zbigniew and his team bring the passion, market experience and execution excellence required to build a great company.”

“Residential solar is democratizing electricity production, and will transform the utility business. Pure Energies accelerates the growth of solar by making it easy and safe for homeowners to switch.” said Robb McLarty, partner with NGEN.

Photo courtesy of Shutterstock.

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