SAN MATEO, Calif., Feb. 29, 2012—SolarCity® today announced that it has raised $81 million in equity financing. The round was co-led by Silver Lake Kraftwerk and Valor Equity Partners, and included investments from Nicholas J. Pritzker, partner at Tao Ventures and senior development advisor for Hyatt Hotels Corp., and Shea Ventures, an affiliate of SolarCity partner Shea Homes. SolarCity Chairman Elon Musk and existing SolarCity investor DBL Investors also participated. The new financing will fund SolarCity’s expansion of sales, marketing and operations, technology development and potential acquisitions.
“Individuals and organizations of all shapes and sizes are fed up with the growing cost and consequences of traditional energy,” said Lyndon Rive, SolarCity’s CEO. “This investment provides SolarCity the resources to explore new products and services and identify new geographies and potential acquisitions as we seek to deliver better energy choices to more customers.”
Silver Lake Kraftwerk (SLK) is an investment strategy of Silver Lake, the global leader in private investments in technology and technology-enabled industries. SLK was created to provide growth capital to innovators in the energy and resource sectors.
“SolarCity is the leader in its space,” said Raj Atluru, co-founder of Silver Lake Kraftwerk. “The company’s unique, vertically-integrated model, paired with incentives and falling technology costs, allows it to provide solar electricity to customers at lower rates than they pay for utility power. We’ve thoroughly analyzed SolarCity’s full-service approach to solar and energy efficiency and we believe it has the ability to deliver superior customer experience and service across multiple sectors.”
Valor Equity Partners pursues investments in leaders in their respective markets. Valor is also an investor in Tesla Motors.
“SolarCity is making clean energy more accessible and affordable, and we’re excited for the opportunity to invest in its operations,” said Antonio Gracias, CEO of Valor Equity Partners.
SolarCity allows homeowners, businesses and non-profit organizations to buy renewable energy for less than they currently pay for electricity from utilities. The company has more than 30,000 clean energy projects completed or underway. SolarCity has hired more than 1,500 full-time employees to support its full-service model, and was named #10 in Fast Company’s list of the 50 most innovative companies in the world in 2012.
SolarCity® (NASDAQ: SCTY) provides clean energy. The company has disrupted the century-old energy industry by providing renewable electricity directly to homeowners, businesses and government organizations for less than they spend on utility bills. SolarCity gives customers control of their energy costs to protect them from rising rates. The company makes solar energy easy by taking care of everything from design and permitting to monitoring and maintenance. SolarCity currently serves 15 states and signs up approximately one new customer every minute of the work day. Visit the company online at www.solarcity.com and follow the company on Facebook & Twitter.