Solar Company PosiGen Closes $40 Million to Help Scale Nationally

Equipped with the slogan, “clean energy for everyone,” the solar leasing and energy efficiency company PosiGen is seeking to bring technology to homeowners who need it the most– low-and moderate-income homeowners who may not be able to afford traditional solar pricing. While New Orleans-based, the company has big plans for expansion.

PosiGen solar energyThe company recently closed two financing deals valued at $40 million and led by the Goldman Sachs Urban Investment Group, which will help the company scale nationally. PosiGen expects to hire 35 new full-time employees and expand to at least three additional states by the end of next year.

“This is a vote of confidence for our business model and the growth potential of solar,” said PosiGen CEO Thomas Neyhart. “The upside for PosiGen is that we can expand the market and do good for our communities and our environment. Goldman Sachs recognized that our unique model of low cost solar panel leases combined with energy efficiency upgrades and energy education is attractive to market segments that normally can’t access solar. This will create a win-win for everyone.”

According to PosiGen, they are the only company that offers a trifecta of services that will positively impact quality of life: solar power, energy efficiency and energy education. They currently serve over 4,000 customers while employing approximately 165 people in Louisiana, Connecticut and New York.

“Our customers are so pleased with the services and the savings that we see that it generates a return,” Neyhart said. “We now get 58 percent of all of our customers from referrals. It propagates itself once you hit certain point of inertia.”