Toronto-based Pure Energies Group, which supports the adoption by homeowners of solar energy and conservation products, has secured $5 million in debt financing from Western Technology Investment, a debt and equity capital provider located in Portola Valley, Calif. As reported by peHUB Canada, Pure Energies earlier this year received a $6 million equity investment from U.S.-based venture firms New Enterprise Associates and NGEN Partners.
Solar Provider Pure Energies Group Closes Additional $5 Million Financing to Support Aggressive North American Growth
Less than two months after closing $6 million with NEA and NGEN, solar provider Pure Energies Group (“Pure”) has announced an additional $5 million in debt financing from Western Technology Investment (WTI).
Toronto, Ontario, Canada (PRWEB) June 13, 2013
Less than two months after closing $6 million with NEA and NGEN, solar provider Pure Energies Group (“Pure”) has announced an additional $5 million in debt financing from Western Technology Investment (WTI). The amount will be put to use to further Pure’s aggressive growth in North America, which includes the recent news that Pure affiliate One Block Off the Grid (“1BOG”) is now the only one-stop shop for homeowners looking to go solar. Working with five of the leading solar providers, including SolarCity, SunRun, and OneRoof, the company can offer the best financial options based on each homeowner’s unique needs and qualifications. This removes a major hurdle in solar adoption, and is a significant value to partners and investors.
“Pure and 1BOG have a strong track record of execution so we are excited to be part of this venture. The industry needs it,” said Dave Gravano, partner at WTI.
According to a June 2013 report by GTM Research and the Solar Energy Industries Association (SEIA), the residential market in the US has grown 53 percent since early 2012, thanks largely to improved economics for solar. Additionally, it is estimated that over a million homes in the U.S. would benefit from current solar options but have yet to convert, likely because of misperceptions about cost or lack of general understanding of the solar process.
“Residential solar is at a crucial inflection point. Between the financing options now available and the rising costs of utilities, the market is ripe for homeowners to go solar. However, many people still believe it is out of reach for them, which is false,” said Zbigniew Barwicz, president of Pure Energies Group. “Pure and 1BOG have created a unique one-stop shop model designed to make it as seamless and easy as possible for homeowners to go solar.”
For more information, please visit http://www.pure-energies.com.
About Pure Energies Group
In 2012, Solar Pure Energies acquired One Block Off the Grid and Cooler Planet, forming Pure Energies Group (“Pure”). The company is based in Toronto, Ontario, and is backed by NEA and NGEN. For more information, please visit http://www.pure-energies.com.
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