OneEnergy Renewables, a leading developer of distributed, utility-scale solar photovoltaic (PV) projects, has announced it has closed a $5 million Series B financing round. New investor Ecosystem Integrity Fund (EIF) led the round, with additional support from existing investors, including members of the Seattle-based cleantech angel group, Element 8.
OneEnergy develops a growing pipeline of high-quality, middle-market (2 to 50 MW) PV projects. Through its proprietary siting process, pre-construction development expertise and innovative power sales model, the company removes significant development risk for the financiers that build, own and operate mid-market projects. OneEnergys Series B funding will support the companys continued growth in established and emerging markets across the country.
OneEnergys novel power sales product, Purpose-Built Solar, connects corporate and institutional customers to OneEnergys off-site solar projects. Purpose-Built projects are tailored to meet the unique energy requirements and financial needs of each customer, allowing them to lock in electricity prices for up to 25 years.
Were seeing strong demand from institutional customers that want to access the fixed-price benefits of solar power, at scale. These off-site projects deliver substantial energy cost savings, significantly improve the risk profile of operating budgets, and accelerate the transition to clean energy, said Bryce Smith, CEO and co-founder of OneEnergy Renewables. With this capital injection from our partners, we can expand the reach of our Purpose-Built Solar product to meet growing customer demand.
OneEnergy Renewables also welcomed to its Board of Directors Devin Whatley, an EIF partner. Whatley brings to the OneEnergy advisory team deep experience in managing sustainability-minded startups.
Market conditions in recent years have thrust utility-scale solar into the spotlight, but the missing element was an innovative mechanism to connect end users of electricity to large, economical, off-site projects, said Whatley. OneEnergy Renewables is uniquely positioned to address this emerging customer demand. This market opportunity, when coupled with the teams site selection and development expertise, convinced us that OneEnergy has a formula for success in the large-scale solar market. EIF looks forward to lending its expertise to assist the company in its quest to bring affordable solar power to customers in a new way.
