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groSolar Closes $2.25 Million Venture Investment; Leading Solar Integration Company(formerly 'Global Resource Options') Completes Series A Funding Round
groSolar Closes $2.25 Million Venture Investment; Leading Solar Integration Company(formerly 'Global Resource Options') Completes Series A Funding Round
Published 10-04-06
Submitted by groSolar
WHITE RIVER JUNCTION, Vt.--(BUSINESS WIRE)--Oct. 4, 2006--Today groSolar, which integrates solar energy into new and existing homes, announced that it has closed its first round of venture funding with a total of $2.25 million. The investment will be used to fund groSolar's national marketing initiative and its expansion to new locations. Led by SJF Ventures, the financing round included three venture funds that specialize in the cleantech and renewable energy sectors, SJF Ventures, Calvert Social Investment Fund, and Allco Financial Group.
"We are delighted to have each of these venture funds join us as partners to help groSolar become the first choice for builders and homeowners who are installing efficient solar energy systems in new and existing homes and businesses,'' said Jeffery Wolfe, groSolar CEO.
"We are aggressively bringing groSolar solutions to the market, both through a preferred dealer network and through groSolar branch offices in under-served markets. Our new name, "groSolar,'' symbolizes the mission of our company, to grow the utilization of solar energy in new and innovative ways."'
groSolar provides clean, efficient solutions for homes and businesses, including solar electricity, solar hot water, and solar air heating. The company has the engineering capability to deliver complete systems, turn-key solutions and zero energy home designs.
According to Cleantech Venture Network LLC, more than $1.4 billion in venture capital has been invested in North American cleantech companies during the first six months of 2006. The clean energy segment was particularly strong, pulling in 70% of all cleantech VC funding for the 2nd quarter. A large portion of this was invested in early stage solar technology firms.
"We believe there is a significant investment opportunity in the deployment of both proven and emerging solar technologies," said SJF Ventures Managing Director David Kirkpatrick. "The groSolar executive and product development team has the vision, expertise and technology partnerships to execute on this opportunity."
groSolar is a subsidiary of GRO, a national solar integration firm focused on designing, distributing and installing high quality energy systems.
About GRO
GRO is a national solar integration firm focused on designing, distributing and installing high quality energy systems. GRO distributes solar electric, hot water and hot air systems throughout the U.S. from offices in VT, NJ, NY, MA and CO. The company recently changed its name from Global Resource Options to GRO. The company has more than $10MM in revenues, recently signed a four year, $88 million supply agreement for solar photovoltaic (PV) panels with Evergreen Solar. GRO integrates components from leading solar manufacturers including Evergreen, Suntech, Heliodyne, Outback, SMA, Magnetek, Gridpoint and UniRac into elegant solar energy systems for its customers that generate clean, reliable energy for decades. For information, contact Kevin Ellis 1-800-498-5390 or Sue Lewis at 1-800-374-4494. www.groSolar.com. To help fuel its growth, GRO is actively recruiting a COO. Interested parties may contact Clark Waterfall of the Boston Search Group at 617-266-4333.
About SJF Ventures
SJF Ventures, with offices in Durham, NC and New York, NY, is a venture capital fund with $40 million under management that helps accelerate the growth of companies whose competitive advantages include cleantech and workforce innovations. SJF focuses on companies seeking equity capital of $500,000 to $5 million particularly in the renewable energy and efficiency, green building, organic and premium products, business services, and water and infrastructure sectors. www.sjfund.com , (919)530-1177.
About Calvert
Calvert Group manages the first and largest family of socially screened mutual funds, designed to help investors achieve financial security while helping to build a sustainable world and protect our quality of life. Calvert has been in the mutual fund business for 30 years and manages more than $12 billion in assets. www.calvert.com, (301) 951-4800
About Allco Financial Group
Allco Finance Group is a New York-based investment banking and project development firm. Allco is actively investing in and developing renewable energy companies and projects across the United States. Since Allco's incorporation in the U.S. in 1995, we have arranged financing for and/or made investments in more than $25 billion of equipment, infrastructure and other projects and assets in sectors including transportation (aviation, rail and shipping), high technology, energy/renewable energy and film. www.allcous.com (212)681-6974
Copyright Business Wire 2006
