Solar Group Purchase Company Raises $5 million From Global Venture Capital Firm For Rapid Expansion
One Block Off the Grid (1BOG), the nation’s largest solar consumer advocate, today announced that the company has closed a $5 million round of Series A financing from New Enterprise Associates (NEA). NEA is a leading global venture capital firm with more than $11 billion in committed capital and a 30-year track record of successful investing.
Since late 2008, 1BOG’s innovative model to provide group discounts and vendor-agnostic advice, have helped bridge the gap between homeowners and solar installers. The company is responsible for the installation of around 600 residential solar electric systems to date. The financing will support 1BOG’s national expansion strategy to rapidly boost US adoption of residential solar.
“1BOG’s team has applied a unique yet simple approach to solving the solar market’s incumbent challenges, one that taps into the power of community and makes solar more accessible for American homeowners,” said Ravi Viswanathan, General Partner at NEA. “We believe this company provides the solar industry’s missing link; scaling 1BOG’s model will create a tipping point for mass adoption of residential solar energy.”
By providing unbiased support for homeowners interested in solar, 1BOG empowers people to make sound investments in money – and energy-saving – technology.
“The financial and environmental benefits of solar are well documented, but residential adoption is still less than one percent. By simply applying transparency to pricing and process, 1BOG has the potential to modernize, and turbo-charge the solar industry,” said Dave Llorens, CEO 1BOG. “Our ability to secure Series A funding in a tepid economic climate is testament to our sound strategy to meet consumer demand for clean energy while strengthening overall public perception and support of solar.”