2020 was a strong year for solar and the renewables/sustainability landscape at large. New technologies, business models, and market dynamics pushed the industry to a height. Five funds played a particularly influential role by investing in some of the fasted growing and economically sound businesses. We cover them here.
Powerhouse Ventures
Founder: Emily Kirsch
Portfolio (selected): Pearl Street Technologies, Solstice, Terabase, WattBuy, Station A, SHYFT, Leap, Energetic Insurance, Ensemble Energy, Raptor Maps
Powerhouse has been recognized as a leader throughout 2020. It has only raised its first fund but was able to recruit a legit LP base. Some names include Total, Dan Shugar, David Crane, Howard Wenger, and many more. Powerhouse’s strategy is to co-invest with leading corporate and venture funds across the industry giving it some extra resources and clout. Some names include Total, NationalGrid Partners, Schnieder Electric, and Breakthrough Energy Ventures. For these reasons and how strong the portfolio looks, we consider Powerhouse as one of the most influential VCs in solar.
City Light Capital invests in impactful companies in the areas of education, safety and care, and the environment.
Partners: Josh Cohen, Tom Groos, Jeff Rinehart
Portfolio (selected): Omnidian, Terabase, Sunfolding, Arcadia Power, VGrid, Ohm Connect
City Light has invested deeply into a number of companies across industry, but we find them influential in their City Spark Seed Fund. The group funds tens of early-stage companies and is willing to provide follow on capital as appropriate. It has been a huge source of aid for these early groups as they ramp. City Light builds relationships early on and leads rounds due to deep relationships.
Energize
Managing Partner: John Tough
Portfolio (selected): Aurora, Drone Deploy, Jupiter, Sitetracker
Energize has close ties with Invenergy and thus leverages the partnership to quickly scale and commercialize its portfolio. The group also has key partnerships with Schneider Electric, WEC Energy Group, and GE. The group prefers to lead Series A-C rounds and write initial checks between $5-10M. The team has been extremely active with Aurora and sees it as a game-changer in the solar sales market. The strong support Energize has offered to Aurora and Drone Deploy marks them as a very influential group.
Evergy Ventures
Managing Director: Brock Smith
Portfolio (selected): ESS, Omnidian, Palmetto, WattBuy, Uplight, Innowatts
Evergy is the non-regulated investment affiliate of Evergy, Inc., the parent company of Kansas City Power & Light Company (KCP&L) and Westar Energy, Inc. The group uses this relationship to drive its knowledge base and find market opportunities. The portfolio represents synergistic opportunities for the mentioned utilities. We view the group as influential because of this relationship and geographic focus on the mid-west, which is typically underrated in solar.
Congruent Ventures
Managing Partners & Co-Founders: Joshua Posamentier, Abe Yokell
Portfolio (selected): Camus, Omnidian, Leap, Energetic Insurance, Span.io, Raptor Maps, Veir
Congruent is very active across many industries making it a particularly influential group. The team is thin but makes an impact. With participation in some of the most eye-popping companies of the year, we had to include Congruent.
