Clean Power Finance has announced today that they have received $37 million in growth equity from Google Ventures, Kleiner Perkins, and Claremont Creek Ventures. New investors that participated in this round include Edison International and Hennessey Capital. Clean Power Finance is known for installing solar panels in the United States. Last year around 3.3 gigawatts (16 million individual) worth of solar panels were installed in the U.S., reported Solar Energy Industries Association and GTM Research.
The reason why solar panel growth installed in the past year was because the price has dropped significantly. Many companies have even offered financing deals for solar panels to alleviate the intimidating upfront costs of the systems, including Clear Power Finance. Many states offered incentives to get the solar panels installed. The state of California offers some of the best incentives, which is why they saw the most installations last year.
Clean Power Finance originally started as a software-as-a-service software company used by solar installers for sales, rebates, and lead generators. The company recently expanded into power purchase agreements (PPAs) for rooftop solar panels. PPAs are contracts used to avoid upfront installation fees for solar panels.
?We grew revenue by 325 percent last year. Our rapidly growing market share and strong momentum across all areas of the business attracted power company investors that recognize the value of our solar marketplace business model,? said Clean Power Finance CEO Nat Kreamer in a prepared statement.