Wednesday, September 23, 2009

Home Solar Provider Raises Funds: Sungevity

Leading online solar provider Sungevity announced today that it has raised an additional $6 million led by Greener Capital, a new venture capital firm.

Charles Finnie, managing partner in Greener Capital, said. "This is the best business model we have seen in the residential solar space.
Sungevity's unique web-based direct selling model has enabled the potential for rapid deployment, great customer service and scalability at the lowest installed cost in the industry. We are excited to invest in Sungevity, as solar power becomes competitive with grid electricity across the US."

Finnie will join the Sungevity Board. The company has also added three
key members to its executive team, doubled its salesforce, and plans
to enter three new geographies by the end of the year.

"We're very pleased to welcome such a remarkable group to Sungevity,"
said Danny Kennedy, president and cofounder of the company. "We
believe that the support from Greener Capital and our growing world
class team will be a tremendous boost to our mission of giving more
customers greater access to solar electricity. We're making going
solar easy, an excellent investment and a smart way for you to reduce
carbon pollution."

Joining Sungevity are:

* Charles Ferer, CFO. Most recently Ferer served as CFO for
SolarCity, the US's largest solar installer, where he helped raise
over $60M in tax equity and launch a successful solar leasing program.
He has more than 20 years of experience for companies including Gap
and PepsiCo. Ferer has a B.A. in Economics from the University of
Puget Sound, and an MBA in Finance from Indiana University.
* Daphne Li, COO. Li has held key leadership positions in
marketing, product management, strategy and M&A at ADP and Apple. As
Chief Strategy Officer and VP, Marketing for DoveBid, she helped start
up business online auctions and grew revenue from $12M to $150M. She
currently sits on KQED's board. Li has a B.A. in Economics and an MBA,
both from Stanford.
* Ariel Tseitlin, VP, Technology and Product Development. Tseitlin
was most recently the Founder & CEO of CTOWorks, a software
consultancy advising early-stage start-ups on their technology
strategy. Prior to CTOWorks, Tseitlin was the VP of Engineering at
Playboox, a SaaS CRM start-up. Tseitlin has also held senior
management positions at Oracle and Siebel Systems. He holds a
bachelor's degree in Computer Science from UC Berkeley and an MBA with
Honors from Wharton.

"With our easy online service, we have the lowest-cost way of getting
solar power into American homes," said Andrew Birch, CEO and cofounder
of Sungevity. "Now we have the team and resources to make sunshine
online available to millions of home-owners."

Sungevity launched to the public in April of 2008 and has quickly
become a leading provider of residential solar in California with its
unique online solar sales offering. It is the only company to provide
firm online quotes and make sales a site visit. Sungevity's solar
sales process reduces costs by around 10% by removing the need for
technicians to visit a home, enabling consumers to go solar more
efficiently than ever before. Sungevity has provided thousands of
solar quotes to homeowners across the state, offering a more
affordable way for consumers to reduce their carbon emissions with a
positive long-term investment.

Get a quote by going online to or by calling 877.257.8648.

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