Cars ge

Published on July 6th, 2013 | by Giles Parkinson


GE Amongst Massive Sungevity $15 Million Equity Financing

July 6th, 2013 by  

This article first appeared on RenewEconomy

Solar leasing firm Sungevity has attracted $15 million in new equity financing, including a major contribution from the world’s biggest maker of power-generation equipment, General Electric, as it develops plans to expand in new markets and with new products, including storage.

The investment by GE Ventures and other unidentified investors follows an earlier fundraising this year when Sungevity announced it had raised $125 million in venture capital and project financing, including cracking the mezzanine debt market for the first time.

Sungevity and other firms have pioneered the solar leasing model, which requires no deposit on rooftop solar systems, which have proved to be the most popular method of rooftop solar investment in the US, accounting for more than ¾ of sales in that country.

The company, co-founded by Australia’s Danny Kennedy, has since expanded into the Netherlands and Australia, and has more than doubled sales in the past 12 months. It also operates in 9 states in the US.

CEO Andrew Birch says the cost of solar continues to fall dramatically, and faster than predicted, and will soon be lower than average retail electricity prices across the US. It already is in several states.

“Our sales have doubled over the prior year and we are starting to see significant volume from Europe, with utility partnerships and customer referrals driving the uptake,” Birch said. “Our scalable model allows us to capitalize on new growth opportunities faster and with few dollars.”

GE Ventures senior executive director Colleen Calhoun said GE was attracted to Sungevity because of its sophisticated technology platform – where it does it sales online – its capital light business and strong potential for growth “as rooftop solar hits meaningful scale.”

Kennedy told RenewEconomy during a visit to Sungevity’s headquarters in Oakland, California, that Australian sales are ahead of expectations since its launch in March.

He said even though the Australian market had high penetration, the industry would not stop with panels on roofs – the next step would be to add storage and product mobility (read electric vehicles) to the offering.

“This will be a bundle of services. Rooftop solar is not just a single commodity piece of kit,” he said.

(We will have more on our interview with Kennedy next week). 
Get CleanTechnica’s 1st (completely free) electric car report → “Electric Cars: What Early Adopters & First Followers Want.”
Keep up to date with all the hottest cleantech news by subscribing to our (free) cleantech newsletter, or keep an eye on sector-specific news by getting our (also free) solar energy newsletter, electric vehicle newsletter, or wind energy newsletter.


Tags: , , , ,

About the Author

is the founding editor of, an Australian-based website that provides news and analysis on cleantech, carbon, and climate issues. Giles is based in Sydney and is watching the (slow, but quickening) transformation of Australia's energy grid with great interest.

  • Steeple

    So if $15 million is massive, how would we describe the $500 million dollar Solyndra debacle? Just asking.

    • Bob_Wallace

      As another George W. Bush failure.

    • DrewRL

      Solyndra made a really cutting-edge new product. Unfortunately (or fortunately), the plummeting cost of vanilla 15% efficient solar panels just crushed their business model. Traditional flat solar panels are now stupidly inexpensive. That’s how capitalism works.

      And that’s why solar power accounts for 99% of the new electric generation capacity that was added last month in the U.S. It’s now stupid-cheap and getting cheaper.

      So goodbye fossil fuels. Hello clean energy future. Hope you’re ready to dump the oil stocks from your portfolio.

Back to Top ↑
  • Advertisements

  • Top Posts & Pages

  • Cool Cleantech Events

    Low Voltage Electrification Event, April 25-27. Detroit, Michigan (US)
    Delve deep into the benefits and challenges associated with EV power supply.

    Offshore Wind Market Development USA, May 11-12, Boston, Massachusetts (US)
    Network and establish your business in one of North America’s largest energy industries.

    Energy Storage USA, June 15-16, San Diego, California (US)
    Only event in the United States focused exclusively on the commercialization of storage.

    More details are on: Cleantech Events.

  • Advertisement

  • CleanTechnica Electric Car Report

    Electric Cars Early Adopters First Followers
  • Tesla Model 3 Review by EVANNEX

    Tesla Model 3 Review from EVANNEX
  • Tesla Model 3 Exclusive Video

    Tesla Model 3 Video
  • Tesla Model 3 Exclusive Pictures

    Tesla Model 3 Video
  • Tesla Model X Review #1 (Video)

    Tesla Model X Review from new owners Zach Shahan
  • Tesla Model X Review #2 (Pictures)

    Tesla Model X Review from Kyle Field
  • Tesla Model S Long-Term Review

    Tesla Model S Long Term Review from Kyle Field
  • Nissan LEAF Long-Term Review

    Nissan LEAF Long Term Review from Cynthia Shahan
  • Interview with Michael Liebreich

    Interview with Michael Liebreich
  • Interview with Akon (Teslas & Solar)

    Interview with Akon Tesla Model S Tesla Model X Solar Power Africa
  • Interview with Dr Nawal Al-Hosany

    Interview with Dr Nawal Al-Hosany
  • Interview with Gro Brundtland

    Gro Brundtland
  • Interview with President of Iceland

    President of Iceland Ólafur Ragnar Grímsson
  • Interview with Nick Sampson

    Faraday Future VP Nick Sampson
  • Interview with Dipal Barua

    Dipal Barua 1st ZFEP WInner
  • Interview with Jonathon Porritt

    Jonathon Porritt
  • Interview with Clint Wilder

    Interview with Clint Wilder
  • Interviews with Solar Impulse Pilots

    Bertrand Piccard Andre Borschberg
  • Check out more CleanTechnica Videos.

  • Join The Solar Revolution!

    Edison-solar-energy solar-energy-spill-nice-day
  • Cost of Solar Panels

  • Search the IM Network