Yotta Energy, a leader in intelligent energy storage technology for the rooftop commercial and industrial (C&I) market, and Sunstone Credit Inc., a technology-enabled clean energy financing platform that helps businesses go solar, have formed a partnership to enable more businesses to transition to clean energy.
Commercial buildings account for 75% of the nation’s electricity consumption. However, there is only a 4% adoption rate of solar energy, and less than 1% with energy storage, according to a joint company statement. One of the biggest issues preventing many businesses from transitioning to clean energy is lack of financing. Without access to solar loan financing, businesses often have to choose between paying the entire upfront cost out of their own pocket, using a system owned by a third party or foregoing the renewable energy project entirely.
The partnership between Yotta and Sunstone will provide commercial customers with the financial tools and technology needed for solar adoption and storage. Now, Yotta’s solar developer and installer customers will have access to Sunstone’s simple and cost-effective loan financing. Additionally, Yotta has become an approved vendor on Sunstone’s platform, making its best-in-class commercial solar technology and equipment available to the businesses that rely on Sunstone.
Yotta has already helped more than 20 solar developers and installers expand their C&I offerings, and expects to enable more businesses to make the switch with the new financial offering and increased deployment of its technology and equipment.
“As a leader in the clean energy transition, our goal is to make it as simple as possible for companies to pivot to a more sustainable energy solution,” said Omeed Badkoobeh, CEO of Yotta Energy. “This partnership with Sunstone will give our clients easier and faster access to cost-competitive financing, allowing us to equip a greater range of businesses.”
Sunstone, which has received over $250 million loan applications on its platform since launching in late 2021, can now connect its customers with Yotta’s commercial solar products, while expanding its network of installation professionals as Yotta’s first-choice financing partner.
“There has never been a better time for businesses to transition to clean energy, between rising utility prices, increased tax incentives, customer preferences for sustainable businesses, and a need for resilient power access,” said Duncan Hinkle, cofounder and SVP of business development at Sunstone. “We’re excited to partner with another leader in the space, Yotta Energy, to empower businesses to take advantage of the benefits of going solar and owning their own solar energy system.”
This partnership comes on the heels of both Yotta and Sunstone announcing new funding rounds in the last year, and signals significant momentum for the climate tech industry.
— Solar Builder magazine