Solar developers and manufacturers have completed several rounds of funding including Series A, PE, and debt financing without an exit, here’s 15 actionable opportunities to consider and decide what’s coming next: more funding, M&A, IPO, etc.
1. Complete Solar Inc.
Notable Leadership: Will Anderson (CEO), Dave Anderson (CMO), Carl Jasper (CFO)
Lead Investors: Ecosystem Integrity Fund
Total Capital Raised: $14 milion
Complete Solar Solution is a California-based solar company providing direct access between customers to a wide network of solar installers, manufacturers, financing partners, and sales/marketing firms in order to create better commercial and residential solutions to lower electricity bills and choose sustainable energy. Overall, their strategy has been to influence every element of the solar supply and value chain and lead from there.
Investor Info: Three extensive financing rounds have been undertaken by Complete Solar without an exit, totaling approximately $14M and extending back close to three years. In late 2019, Complete Solar completed a round of $9M fundraising, led by overall lead investor Ecosystem Integrity Fund. With an established customer base, diversified services, and successful funding, Complete Solar reads like a firm looking for an M&A gig.
2. SOLA
Notable Leadership: Dr. Dom Wills (CEO), Dr. Chris Haw (Chair)
Lead Investors: African Infrastructure Investment Managers, Nedbank Energy Finance
Total Capital Raised: At least $26 million
SOLA is a South African-based solar installation company with operations throughout the continent in solar PV paneling and storage solutions for businesses and individual homes. With experience in both residential solar as well as utility-scale project, SOLA has proven the ability to develop projects on various levels for sustainable power.
Investor Info: Several rounds of debt financing have been seen from SOLA, including a $26 million deal with African Infrastructure Investment Managers as well as Nedbank Energy Finance for 40MW of solar energy projects in South Africa in both residential and commercial segments. SOLA’s strategy appears to be a continuance of taking on debt from credited firms to continue their quest for clean solar energy in Africa.
3. Kingo Energy
Notable Leadership: Juan Fermin Rodriguez (CEO), Leonardo DiCaprio (advisory board)
Lead Investors: FMO, ENGIE, Developing World Markets
Total Funding Raised: $36.7 million
Kingo Energy is a company based in Guatemala aiming to provide decentralized solar innovation to off-grid areas around the world, including in rural areas of Guatemala. With manufacturing and installation services for the hardware aspect and software monitoring software, Kingo is in a unique position to provide clean and cheap alternatives for disadvantaged communities and convert to clean energy and increase human development.
Investor Info: Kingo has undergone various rounds of funding of debt and equity including Series B, and most recently, extensive debt financing in 2019, totaling close to $37 million. Some of the top name investors include Engie Rassembleurs d’Energie (largest European utility company), Hollywood actor Leonardo DiCaprio, French Development Bank (Proparco), and the Inter-American Development Bank (IDB). With a proven history of international funding partners and proven success without an exit, Kingo could be looking for consolidation or possibly an extended partnership to break into further disadvantaged areas like Africa.
4. Sun Farming
Notable Leadership: Martin Tauschke (CEO)
Lead Investors: Peter Schrum (primary shareholder, founder)
Total Funding Raised: Unknown
Sun Farming is a German-based solar provider with development and financing of projects in solar parks, commercial scale projects, and residential models. One of the unique features of the business is a quality assurance system with unannounced checks and post-installation monitoring even to international projects, creating a high yield of success with PV output.
Investor Info: In addition to international investors financing projects overseas from Germany, Sun Farming is a part of the ALENSYS Group. In early 2019, Sun Farming secured close to $22 million to develop 40MW worth of PV projects in Poland through Polish Energy Agency URE. With unknown figures relating to total amounts from funding rounds, Sun Farming’s pattern of growth especially overseas and continuance of development across a wide variety of segments reads like a company trying to prep for an IPO.
5. Ubiquitous Energy
Notable Leadership: Susan Stone (CEO), Dr. Miles Barr (CTO)
Lead Investors: Riverhorse Investments, Cranberry Capital
Total Funding Raised: $22.8 million
Ubiquitous Energy is a Silicon Valley-based solar technology firm with research and product lines in transparent PV coatings for windows to provide a better source of energy consumption and lead the way for smart windows. The transparent coating can be applied to any number of devices including smartphones and laptops to generate clean electricity. Ubiquitous was originally spun off MIT with CTO Miles Barr leading the way.
Investor Info: The latest funding round by Ubiquitous was the most extensive, with $15 million raised in a 2018 Series A round. Without exiting, Ubiquitous has secured grants and Series A off-and-on since 2012. With the last round being two years ago, investors should see Ubiquitous as a possible target for opening up another funding campaign.
6. GameChange Solar
Notable Leadership: Andrew Barron Worden (CEO), Arturo Herrera (Business Development)
Lead Investors: Citibank
Total Funding Raised: Unknown
GameChange Solar is a New York-based solar manufacturer and developer with a product line based in solar tracking systems, ground-based solar paneling systems, and advanced metal frames for solar plants. With over 20 GW of manufacturing capacity globally, GameChange is a leading innovator in making solar plants better established, more productive, and affordable for commercial and residential scale projects. With excellent design and technology implemented, the company has created systems to drastically minimize costs related to installation.
Investor Info: The company initiated a debt financing round of funding with Citibank for an undisclosed amount in mid-2019, with no further history of funding rounds. With no exit in sight, it appears GameChange is an actionable opportunity for further financing partners or another debt round.
7. NexWafe
Notable Leadership: Roy T. Segev (Co-founder), Frank Siebke (CFO)
Lead Investors: Saudi Aramco Energy Ventures, Green Gateway Fund (through Wermuth Asset Management)
Total Funding Raised: Over $17.3 million
NexWafe is a German-based manufacturer and supplier of cutting-edge wafers for PV cell production. With a complex process deriving directly from chlorosilane, NexWafe produces high quality silicon wafers for solar production. In comparison to typical wafer production, the company saves 60% of the silicon and provides 70% less in investment costs.
Investor Info: According to Crunchbase, NexWafe underwent multiple funding rounds totaling close to $17.5 million. The most profitable was a 2017 venture round with Saudi Aramco Energy Ventures leading the way. With no exit, NexWafe will most likely need further corporate financing to continue their operations and expansion into the solar supply chain.
8. TVP Solar
Notable Leadership: Piero Abbate (CEO), Sofia Abbate (CFO)
Lead Investors: Agility Ventures, Petrobras
Total Funding Raised: $31.5 million
TVP Solar is a Swiss company with primary operations in designing and producing solar thermal panels used for air conditioning, oil processing, and industrial-grade heating technology. With their main product the MT Power v4 which can handle between 150- and 400-degrees Fahrenheit, TVP uses one of the best and most innovative collectors of solar thermal. Additionally, the module doesn’t require a cleaning process which avoids costs normally associated with solar thermal collection. The company holds a massive manufacturing facility in southern Italy with 110,000 meters squared/year nominal capacity.
Investor Info: According to CrunchBase and reports, TVP Solar has raised close to $32 million in funding rounds, primarily through a late 2019 $18 million corporate financing round solely with Agility Ventures, a branch of global developer Agility. TVP Solar has reportedly been looking to expand further into the Middle East, creating an actionable opportunity for investors looking to fill their portfolio with clean-tech and innovative solar technology.
9. Orb Energy
Notable Leadership: Damian Miller (CEO)
Lead Investors: Shell Ventures, FMO, OPIC, KFW DEG
Total Funding Raised: Undisclosed ($10M round in 2018)
Since its inception in 2007, Orb Energy has been innovating solutions for commercial and residential solar energy throughout India, with the goal of making it more affordable. Between solar electricity and solar water heating, the company has primarily focused on SME-scale solutions with an in-house finance function to provide payment options and structures for commercial and industrial clients. Orb is headquartered in Bangalore, India and employs approximately 300 workers with substantial growth over the past several years.
Investor Info: Orb has undergone several rounds of financing including a 2018 $10M debt round with multiple investors including FMO and OPIC and a 2019 corporate round with Shell Ventures. Solar water heating expansion has spread to Kenya, Ghana, Myanmar, and Indonesia, with Orb actively looking to penetrate further markets outside of Asia. The company could potentially be open to a partnership with an international clientele and supply chain presence in areas like Europe or Latin America. Investors should see this as an ongoing opportunity with an opening for a larger structured deal.
10. Apex Energies
Notable Leadership: Pascal Marguet (President), Carlos Herrera Malatesta (CEO)
Lead Investors: BPiFrance, IDIA Capital Investissement, Sofilaro
Total Funding Raised: Approx. $14 million
Apex Energies is a French company with solar roofing options and design/development for energy projects including PV plants. With headquarters in Montpellier, the company has successfully provided solutions that couple self-consumption with storage for commercial and residential clients. Apex has their hand in every part of the process with designs, financing options, installation, and monitoring software.
Investor Info: According to CrunchBase, Apex underwent a single private equity funding round in late 2018, raising approximately $14 million. The company also used a 100% local crowdfunding strategy in late 2019 to finance 35 photovoltaic opportunities in agricultural facilities for three French regions. For investors, Apex may be looking for a structured debt financing gig or selling a portion of the company for expansion further into France or other European markets.
11. eNow
Notable Leadership: Jeffrey Flath (CEO/President), Robert Doane (CTO)
Lead Investors: Slater Technology Fund, Tamiami Angel Funds
Total Funding Raised: $2.6 million
ENow is a U.S. based company, headquartered in Rhode Island, with operations related to innovative mobile solar technology for transportation and logistics companies. The company is one of the first to convert entirely solar energy into mobile distributors, cutting the need for diesel and making it a cleaner and more environmentally conscious choice for third-party trucking and logistics firms. Their solar trailers cut operating costs by 50% when compared to a typical diesel-consumption model. The solution is further extended to school buses, public transit, refrigeration, and battery charging systems.
Investor Info: According to CrunchBase, eNow underwent a Series A round in 2016, marking several years since the last funding, making this an opportunity for investors to go after, as the company has the potential for a larger corporate deal with an institutional name.
12. Next Energy Technologies Inc.
Notable Leadership: Daniel Emmett (CEO), Corey Hoven (Founder, CTO)
Lead Investors: Undisclosed (Grants and non-equity assistance from U.S. Dept. Of Energy and Solvay)
Total Funding Raised: $16.4 million
Next Energy Technologies is a California-based developer of self-powering smart windows that derive their functionality primarily from the sun through a photovoltaic silicon coating, also converting them into self-producers of energy that can be distributed throughout a building. The smart window design cuts costs and produces a 100% return in only one year’s use under a typical model. The PV coatings are integrated directly into the windows, cutting any sort of expense related to encapsulation.
Investor Info: The innovative nature of the smart window design has earned Next Energy several grants, including a 2017 one from the U.S. Department of Energy totaling $2.5 million. Additionally, the company underwent a Series B round, bagging $6.8 million from undisclosed investors. Next Energy reads like an actionable opportunity for a partnership with a company or possibly higher education institute to utilize the grants for further development and commercialization.
13. Pegasus Solar
Notable Leadership: Kai Stephan (CEO), Glen Harris (Co-founder, COO)
Lead Investors: Ecosystem Integrity Fund, Okapi Venture Capital, C3 Ventures
Total Funding Raised: Approximately $10 million
Since its inception in 2012, California-based Pegasus Solar is a leading innovator in solar roof mounts and waterproof coatings for residential solar. Specifically tailored rubber seals and module mounts have driven the company to success for residential clients with proven success in lower roof penetrations compared to traditional models. By partnering with installation experts, Pegasus has been streamlining the process and making installation easy and uncomplicated for residential models.
Investor Info: According to CrunchBase, Pegasus has undergone several rounds of funding without an exit, including the most recent – two separate Series A rounds in 2017 and 2018, landing them close to $10 million, both led primarily by Ecosystem Integrity Fund. Pegasus is looking to actively expand their market, and investors should see them with the potential for a bigger funding round or M&A gig.
14. Elgin Energy
Notable Leadership: Ronan Kilduff (Managing Director), Joe Walsh (CFO)
Lead Investors: Cantor Fitzgerald Ireland
Total Funding Raised: Estimated $15 million
Elgin Energy is a UK-based company with additional operations in Ireland and Australia, primarily involved in the design and development of large-scale solar energy projects. Elgin has successfully deployed 230 MW of solar energy in 21 separate UK projects, with enough to power close to 75,000 residential homes. The company boasts a 98% success rate in obtaining planning permits, with only one failed opportunity to date. Additionally, Elgin has expanded their operations into Ireland and Australia, recently signing contracts to develop 2+ GW of solar energy in the three countries.Â
Investor Info: Closing in January 2020, Elgin completed a fourth funding round for close to $5 million with Cantor Fitzgerald Ireland, marking the second fundraising deal with the multi-national firm, the first being a $4.5 million deal in June 2019. With the closing of the recent deal specifically to finance a further 250 MW of PV projects in the UK, Elgin looks like an option for investors to revisit for possible financing with the international expansion into Ireland and Australia.
15. Eneo Solutions
Notable Leadership: Richard Nicolin (Founder, CFO), Warren Campbell (COO)
Lead Investors: Infranode, Gullspang Invest
Total Funding Raised: Approximately $13 million
Eneo Solutions is a Swedish firm providing solar conversion consultancy services and PPA agreement advisory for a wide variety of clients including large businesses, utilities, and residential homeowners. Eneo negotiates PPA agreements with full ownership and maintenance of PV plants while the customer pays a fixed rate per unit of electricity. Additionally, their project management segment develops and manages RFP’s and oversees construction of large-scale solar projects. Some of Eneo’s partners include Clarion Hotels, Jarfalla, Yasuragi, and ABB, marking a mix of both domestic exposure.
Investor Info: According to CrunchBase, Eneo’s last funding round was in mid-2017; a $9.5 million non-equity assistance round with Infranode. Additionally, a Series A round in 2015 with Gullspang Invest landed them $2.2 million. With some time having passed since their last financing, Eneo looks like a fresh opportunity for investors to examine for another funding round or possibly an M&A deal to provide specified PPA advisory and consultancy for a larger corporation.
