Crowdfunding has had a major impact on creative industries and for some technology projects in the US in recent years, with the site Kickstarter the most prominent. After a long wait, the startup Mosaic has got the all clear to offer $100 million of projects in California, after a long approval process.
Mosaic was previously able to fund a number of projects, worth $300,000, in less than 24 hours, in its first crowdfunded solar projects. Previously it had offered a group of projects, which is labeled "beta" projects, on a trial basis some of which have already paid back investors.
Todays announcement that $100 million of projects will be offered is a big step forward for Mosaic and for crowdfunding of renewable energy using the online model.
"California has always been a leader in solar energy. Were thrilled that now any resident of California can invest directly into solar energy for as little as $25," said Billy Parish, President and Co-founder of Mosaic.
Mosaic released a new promotional video to celebrate the news of the approval.
pv magazine visited Mosaics Oakland headquarters in July of last year. At that stage the startup had provided installations for non-profit organizations, largely in the Oakland area. Approval from the SEC for a larger rollout of the platform has taken longer than first anticipated.
UPDATE (April 10): The first project released under the new $100 million series of projects has been fully subscribed, raising the $157,750 required in less than six hours. The project is a 114 kW array for the roof of the Ronald McDonald House in San Diego.
Mosaic has called this $100 million round of projects in California, the "Golden State Series."