Clean energy financing platform Sunstone Credit closed an oversubscribed $20 million Series A funding round last week, led by an affiliated fund of Greenbacker Capital Management LLC. Sunstone Credit financing is available through a national network of solar installer partners and says it will use the funding to hire new talent and enhance its technology platform.
“We are at a turning point in the clean energy revolution as the solar industry has never experienced this level of economic, social and regulatory tailwinds simultaneously,” said Josh Goldberg, co-founder and CEO of Sunstone. “Sunstone is extremely well positioned to capitalize on these unprecedented sector dynamics in pursuit of our mission to make solar energy accessible to more businesses.”
Since launching in late 2021, Sunstone has onboarded hundreds of solar developer partners in all 50 states, offering its embedded solar financing solutions to commercial customers at the point of sale. These developer partners have initiated over $200 million in loan applications on Sunstone’s platform to date.
“Despite the benefits of going solar, both for businesses and the environment, up until this point most companies have not had access to the financial tools needed to do so,” said Benjamin Baker, Managing Director of Greenbacker. “We are proud to support Sunstone’s work to level the playing field and empower businesses of all sizes to utilize clean energy.”
Sunstone is led by Josh Goldberg and Wilson Chang who previously were among the co-founders of Sunlight Financial, a residential solar finance platform, which went public in 2021. Additional members of the executive leadership team include Sumbul Alvi, Ashley Cox, Mike D’Andrade, Duncan Hinkle, Scott Muckleroy and Susan Tanski.
“We have a great deal of momentum right now and expect to build upon that in the coming years as more businesses pursue solar energy,” said Wilson Chang, co-founder of Sunstone. “We’ve assembled a great team of industry experts and are excited to partner with an exceptional group of investors that believe in our vision of enabling more companies to use clean energy.”
Also participating in the round were Earthshot Ventures and existing investors Grotech Ventures, Cross River Digital Ventures, and Forbright Bank. Grotech Managing Partner Lawson DeVries will join the Sunstone Board of Directors. In addition to their role as equity investors, Cross River and Forbright Bank will also continue to provide financing for Sunstone’s loan portfolio.
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