Menlo Park, Calif. and San Francisco—September 2, 2011— Clean Power Finance (CPF), the leading provider of integrated services and financing solutions for the solar industry, today announced the close of a total $25 million investment from new investors Kleiner Perkins Caufield & Byers (KPCB) and Google Ventures. The company has appointed a new Chief Executive Officer, Robert “Nat” Kreamer who is a solar finance pioneer and co-founder of SunRun.
Led by KPCB’s Green Growth Fund with participation from Google Ventures, Claremont Creek Ventures, Clean Pacific Ventures and Sand Hill Angels, the new investment enables Clean Power Finance to continue building on its industry-leading platform to deliver more cost-effective point-of-sale financing to the burgeoning U.S. solar market.
“Clean Power Finance’s platform is transforming the way business is done in the residential solar industry,” said Ben Kortlang, KPCB partner and Clean Power Finance board member. “This platform will enable a highly efficient, growing, profitable value chain in the solar industry.”
“There is a large opportunity for the renewable energy marketplace to embrace powerful technologies to scale and deliver products to customers,” said Joe Kraus Google Ventures Partner and co-founder of Excite.com and JotSpot. “Clean Power Finance is at the forefront of this trend and is well positioned to maintain a leading share with its management team, solutions and customer base.”
As Chief Executive Officer, Kreamer brings deep category expertise to Clean Power Finance. Under Kreamer’s leadership SunRun launched the industry’s first residential solar financing offering in 2007. Today solar power purchase agreements (PPAs) and leases are the driving force behind solar adoption among homeowners, creating an easy and low cost way to go solar. In the first quarter of 2011, PPAs/leases accounted for more than a third of all residential solar sales in California and Colorado, according to Solar Energy Industries Association (SEIA).
“I’ve been involved in residential solar financing since its inception,” said Kreamer. “Clean Power Finance is bringing a truly innovative finance offering to this rapidly growing market. Our disruptive model is a critical breakthrough for the industry, delivering more efficient, low-cost financing to a larger number of solar installers.”
Forty percent of residential solar systems sold in the U.S. last year were facilitated by Clean Power Finance’s platform. CPF Tools was the first SaaS, professional-grade solar quoting and proposal application on the market, and today represents the most comprehensive platform connecting solar system installation, design, sales and financing.
“Solar represents the fastest path to US energy independence and to new green jobs. The missing element to the broad adoption for residential and small business solar has been and is financing – until now. Clean Power Finance already provides the best in class, broadly adopted software tools to large and small solar installers alike,” said Nat Goldhaber, Claremont Creek Ventures managing director and Clean Power Finance board member. “Now, Clean Power Finance adds low cost and efficient financing to its offering making the decision to install solar a no brainer for home owners and small businesses. Claremont Creek is proud to move the US towards energy independence and to create great new jobs through its investment in Clean Power Finance.”
Founded by Gary Kremen, a leading entrepreneur who also founded Match.com, CPF customers include the largest solar integrators, panel manufacturers and electrical distributors in the U.S.