SAN DIEGO, CA, First U.S. residential solar leasing company to work directly with roofers to sell and install its systems, has secured $3 million in additional financing from clean-tech investment firm Black Coral Capital.
OneRoof Energy, the first U.S. residential solar leasing company to work directly with roofers to sell and install its systems, has secured $3 million in additional financing from clean-tech investment firm Black Coral Capital. The company will utilize the funds to expand current markets and launch new markets this year. Black Coral Capital backs innovative companies in the clean technology and renewable energy sector.
"We are thrilled to be involved as the company expands and brings solar rooftop systems and leasing options to new markets."
"OneRoof Energy's strategic business model has proven to be successful in attracting strong channel partners," said Black Coral Capital Vice President Nikhil Garg. "We are thrilled to be involved as the company expands and brings solar rooftop systems and leasing options to new markets."
In September 2011, OneRoof Energy received $50 million in financing from Black Coral, Hanwha International, and a U.S. Bancorp subsidiary to create the SolarSelect¬® Lease. The simple lease program allows homeowners the ability to integrate solar onto their roof with little to no upfront payment. Customers make a monthly lease payment for the system, which when combined with their new, lower electric bill, is lower than their existing bill without solar. OneRoof Energy intends to close its second fund later in 2012.
"We are pleased with Black Coral Capital's continued support of our business model," said OneRoof Energy President and CEO, David Field. "The additional funding, coupled with the capital raised last year, puts us in a great position to leverage our first-to-market advantage as we identify additional ways to grow the business."
Rising solar demand and the SolarSelect Lease program has led to the company's extraordinary growth. OneRoof Energy is creating 100-plus new green jobs this year as well expanding into Hawaii, Arizona, Colorado and beyond.
To learn more about OneRoof Energy's simple, affordable solar and energy management systems, visit www.oneroofenergy.com
About OneRoof Energy
OneRoof Energy's mission is to provide simple, affordable solar solutions that people can trust. OneRoof Energy offers homeowners integrated, aesthetically pleasing solar solutions coupled with the peace of mind that comes with industry-leading warranties. Through OneRoof Energy's SolarSelect Lease, homeowners can lease solar energy generation systems for as little as zero down. Strategic investors in the company include Hanwha International and Black Coral Capital. www.oneroofenergy.com
About Black Coral Capital
Black Coral Capital is a firm investing in the alternative energy/cleantech space. Both directly and through funds, it invests across a wide variety of cleantech arenas and stages including early-stage venture capital, growth equity and project finance. In addition, Black Coral is a founding member of the Cleantech Syndicate, a consortium of families that invest in and support cleantech companies. Black Coral was formed in 2008 with offices in New York, Boston, and Montreal.
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