Solar tech provider Sungevity files for bankruptcy, sells off assets

sungevity online buying

Sungevity, a technology-driven solutions provider, has commenced voluntary Chapter 11 proceedings in U.S. Bankruptcy Court for the District of Delaware, in order to facilitate a financial and corporate restructuring to strengthen its balance sheet and recapitalize the company.

In connection with the restructuring process, and under Section 363 of the Bankruptcy Code, the company has entered into an asset purchase agreement with a group of investors, led by Northern Pacific Group. Under the terms of the agreement, Northern Pacific Group will acquire substantially all of the company’s assets, including the equity interests in the European operations.

While Sungevity’s European operations are part of the transaction, their day-to-day operations will not be impacted as a result of the Chapter 11 proceedings in the U.S. The purchase agreement sets the floor, or minimum acceptable bid, for an auction under the supervision of the court, which is designed to achieve the highest available offer. Sungevity expects to complete its financial restructuring and sale through an expedited process. A final sale approval hearing and closing of the sale is expected to take place by the end of April.

To provide capital for the company’s operations and to fund the auction and sale process, the group of investors has committed to provide the company with up to $20 million in financing. Subject to interim court approval, the financing will be immediately available to the company, to be used to fund the company’s day-to-day operations, and pay any expenses related to the Chapter 11 proceedings.

 

— Solar Builder magazine

New solar sales partnership formed in select markets between Sungevity, JLM Energy

SungevityHere’s a partnership that could streamline solar sales and installs in certain areas: Sungevity, Inc., a technology company with a platform for the sale and installation of solar energy systems to residential and commercial customers, is teaming with Just Energy Group Inc. and its energy management solutions to accelerate solar adoption in several of the leading U.S. solar markets.

Cool … where?

Commencing in January 2017, Just Energy will leverage Sungevity’s platform to sell Sungevity Energy Systems to customers in California, Massachusetts, New Jersey and New York, four of the top ten solar markets in the nation according to the Solar Energy Industry Association (SEIA).

Just Energy services nearly two million customers in North America and the UK with energy solutions, including green energy product options and energy efficient programs that empower customers to support a cleaner environment. Sungevity directly services solar customers across the U.S. and Europe, and also leverages its platform with a broad range of strategic partners to rapidly scale its business.

RELATED: Four steps for converting more solar sales 

What the companies are saying

“As a proven leader in energy management solutions, we were looking for the best partner to scale our solar offering,” said Deb Merril, President and Co-CEO at Just Energy. “Given their platform and approach to customer service, we recognized Sungevity to be the right choice. Just Energy solar customers will immediately benefit from Sungevity’s post-sale management and installation capabilities.”

“At Sungevity, we are focused on strategic growth through our partner eco-system, and our partnership with Just Energy, one of the leading energy management companies, is a natural fit,” said Andrew Birch, Sungevity’s Co-Founder and Chief Executive Officer. “Just Energy’s ability to deliver proven value to homeowners for twenty years and our best-in-class platform will enable Just Energy to more efficiently scale their solar footprint and offer customers the very best solar experience.”

— Solar Builder magazine

Solar Brokers Canada, Sungevity partner to start marketing residential PV systems in U.S.

sungevity online buyingSungevity, Inc. and Solar Brokers Canada, Canada’s largest solar energy reseller generating over 12 MW of business in 2015 throughout the Canadian market, announced a partnership to market Sungevity Energy Systems to prospective residential customers in the Unites States. Enabled by Sungevity’s software technology platform and actively commencing in October 2016, the partnership will cover the U.S. states in which Sungevity currently services residential customers, with an initial focus on California.

The deal between Sungevity and Solar Brokers Canada, which will operate as Solar Brokers America in the U.S., links two companies with similar partner-based business models, and who share a mutual focus on providing a high degree of customer service.

RELATED: Sungevity has helped raise more than $2 million for nonprofit partners 

“We are excited to continue our rapid growth, and scale our presence in the American solar market,” said J.C. Awwad, Chief Executive Officer, Solar Brokers Canada. “We chose to partner with Sungevity primarily because our complimentary business models create synergy between our two companies. We are confident that this partnership will add value to the marketplace.”

“Our new partnership with Solar Brokers Canada is another proof point that we provide a highly attractive, efficient solution for businesses looking to scale their solar offering,” said Andrew Birch, Chief Executive Officer, Sungevity, Inc. “We are very pleased to join forces with them as they enter the U.S. solar marketplace.”

— Solar Builder magazine

Sungevity has helped raise more than $2 million for nonprofit partners

Sungevity Inc., a technology-driven solutions provider, has raised more than $2 million for its nonprofit partners through the company’s Sungevity.org partner initiative. The program proliferates the uptake of solar power and helps Sungevity grow its customer base while simultaneously raising funds for a broad range of nonprofit organizations. Sungevity provides funding to participating organizations for each nonprofit member or supporter who goes solar through the program.

SungevityInitially launched in 2011 with Helen Hunt, Ed Begley, Jr. and Ed O’Neil, to support Westside Waldorf School, Sungevity.org’s partner portfolio has grown to over 100 non-profits, including the Sierra Club, The University of California at Berkeley and MoveOn.org. In addition to contributing over $2 million to nonprofit partner initiatives, the Sungevity.org program is expected to offset the equivalent of over 62 million lbs. of carbon emissions through solar systems created from the program.*

“Sungevity’s non-profit partnership program clearly demonstrates how the for-profit and nonprofit business sectors can work hand-in-hand to tangibly advance each other’s causes and have a lasting effect on our society,” said Michael Brune, Executive Director, Sierra Club. “We applaud Sungevity for developing and growing this innovative cause marketing initiative, and we are very pleased to share in its success.”

The Sungevity.org program is part of Sungevity’s broader partnership and technology platform model designed to accelerate the mass adoption of solar power and lower the high cost of customer acquisition in the residential solar sector.

— Solar Builder magazine

Sungevity completes Phase I of microgrid project at California golf course

Cleanspark LLC announced the completion of Phase I of its first commercial microgrid that is working on in partnership with Sungevity and San Francisco-based builder Webcor.

SungevityThe 832-kW solar system with distributed controls, located at the Ram’s Hill Golf Course in Borrego Springs, features a highly advanced monitoring intelligence platform. In addition, an upgrade to consolidate property loads for a private behind-the-meter 12-kV infrastructure was deployed that enables plug and play capabilities in the future such as energy storage integration and additional microgrid functionality.

RELATED: Microgrids: Why are they gaining in popularity, what part does storage play? 

The Rams Hill installation was completed in five months and is expected to save approximately $300,000 per year with an eight-year return on investment from the project. With the intelligence platform already delivering cost savings information, that return is expected to drop further in the coming six months.

“The system installed by the microgrid team has performed beyond our expectations. We are very happy with our partnership with Webcor and CleanSpark and look forward to the continuing development of our power system,” said Becky Holeman, CFO of Rams Hill.

CleanSpark offers advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. By integrating new and existing energy generation and storage assets with advanced load management capacities, CleanSpark’s software allows energy generated locally to be shared with other interconnected microgrids.

— Solar Builder magazine