Complete Solar Solution announced earlier this week (March 10) that the venture capital fund Ecosystem Integrity Fund (EIF) led a $5 million investment in the company and its HelioQuote software. Other investors in the offering included Floodgate Capital and some individuals. The funding will help Complete Solar Solution reach $100 million in annual revenue within the next two years while the solar installer and software developer expands in California and the Northeast.
EIF specializes in funding sustainable startups. Its most recent venture in the solar industry was Zep Solar, the U.S. manufacturer of fast-mount racking equipment. That company was purchased by SolarCity last October.
The venture fund invested in Complete Solar Solution largely because of its technology-driven approach to residential solar installations. “The company’s innovative, technology-rich approach to selling solar has rapidly made it a highly efficient, low-cost provider, and we are confident in the team’s ability to continue to grow and innovate,” said Devin Whatley, Partner at EIF. “Complete Solar Solution’s assets and abilities have it well-positioned to be a disruptive force and eventually a leader in this market.”
The HelioQuote system is a highly customized approach to mounting solar on peoples’ homes, factoring in their finances, local weather patterns, energy usage and physical home structure, the company said. For each home the software analyzes dozens of variables and thousands of product and financial options to identify the best options for the homeowner.
“There’s enormous opportunity for the solar industry, but to move it forward we must invent new ways to better manage our businesses and better meet the needs of our customers. That’s been our focus since day one,” said Will Anderson, Complete Solar Solution CEO. “Complete Solar Solution is a next-generation solar company addressing the industry’s unique challenges and eliminating inefficiencies at every step in the process. We deliver an unmatched level of customization and optimization for homeowners—ultimately driving more sales and more satisfied customers.”
Since launching in 2010, the company has developed a highly automated approach to designing and installing residential solar, including local permitting issues. The company said it installs systems within three weeks which it said is seven times faster than the industry average.Tweet