groSolar, a national solar energy firm based in White River Junction, Vt., has secured $10 million in a Series B financing that will enable the company to continue growing rapidly. NGP Energy Technology Partners LP, an energy technology private equity fund, led the investment round.
Each of the company's original investors (SJF Ventures, Calvert Social Funds and Allco Financial Group) also participated in this latest round of funding. groSolar closed its $2.25 million Series A financing in September 2006.
‘The new investment will allow us to continue our rapid growth and expansion in solar distribution, residential installation and commercial services,’ says Jeff Wolfe, CEO of groSolar.
‘We are impressed by groSolar's rapid growth and national reach in the highly fragmented downstream solar market,’ comments Chris Sorrells, managing director at NGP Energy Technology Partners. ‘In addition, the experience and leadership of CEO Jeff Wolfe and his team were key reasons for our investment.’ Sorrells will join groSolar's board of directors, along with Jamie Resor, the company's chief financial officer.
groSolar provides clean, efficient energy solutions for homes and businesses, including solar electricity, solar hot water and solar air heating. The delivers complete systems, turnkey solutions and zero-energy home designs.