Thursday, July 15, 2010

Solar financing and installation leader raises funds: SolarCity

SolarCity®, a national leader in solar power financing, design, installation, monitoring and related services, today announced a new, $21.5 million round of private financing. The round was led by Mayfield Fund and supported by additional investments from existing SolarCity investors Draper Fisher Jurvetson, DBL Investors and Generation Capital. The new funding will accelerate SolarCity’s growth and expansion to new markets.

“Mayfield has an excellent track record and we’re excited to add them as an investor,” said Lyndon Rive, SolarCity’s CEO. “We remain focused on our ultimate goal of providing clean power to millions of homes and businesses at a lower cost than polluting power sources. The new financing will accelerate our geographic expansion and give us the option to consider additional acquisitions.”

SolarCity is the first full-service solar provider in the U.S. for homeowners, businesses and non-profit organizations. The company pioneered the zero-money-down solar lease (SolarLease®), which allows customers to begin saving money from day one by adopting solar power, but also gives customers the option to purchase their systems upfront. SolarCity differs from its competitors in that it combines its financing options with custom design, installation, proactive monitoring, insurance and repairs, providing customers a single source to work with for the entire life of their solar project. The company has more than 13 installation centers, 700 employees and 8,000 customers spread across Arizona, California, Colorado, Oregon and Texas.

“SolarCity’s world-class team and proven momentum in the design, delivery and financing of solar power systems make it an ideal addition to our Energytech portfolio,” said Navin Chaddha, Mayfield Managing Director. Mr. Chaddha, ranked 11th in Forbes’ most recent “Midas List” of top global dealmakers, will join SolarCity’s board of directors as an observer.

Mayfield Fund is a forty year old venture capital firm with over $2.8 billion under management. Since its inception Mayfield has raised 13 U.S. funds, one India fund, and assisted its partner GSR Ventures in raising three China funds. Mayfield has invested in more than 500 companies and taken more than 100 companies public.

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