Sunstone Credit, Inc., a technology-enabled clean energy financing platform that helps businesses go solar, announced an oversubscribed $20 million Series A funding round.
The investment round was “led by an affiliated fund of Greenbacker Capital Management LLC, which provides flexible capital and best-in-class guidance for growth-stage clean energy companies.”
Sunstone is on a mission “to help more businesses go solar by providing simple and cost-effective loan financing.”
Even as a confluence of factors drive business demand for clean energy, “including tax incentives, customer preferences for sustainability, and a need for resilient power access, most companies have not had access to loan financing for solar installations in the past.”
Available through a national network of solar installer partners, Sunstone’s affordable and easy-to-understand solar finance offering “allows businesses to reap the substantial benefits of going solar and owning their own solar system.”
Josh Goldberg, co-founder and CEO of Sunstone, said:
“We are at a turning point in the clean energy revolution as the solar industry has never experienced this level of economic, social and regulatory tailwinds simultaneously. Sunstone is extremely well positioned to capitalize on these unprecedented sector dynamics in pursuit of our mission to make solar energy accessible to more businesses.”
Since launching in late 2021, Sunstone has “onboarded hundreds of solar developer partners in all 50 states, offering its embedded solar financing solutions to commercial customers at the point of sale.”
These developer partners have “initiated over $200 million in loan applications on Sunstone’s platform to date.”
Benjamin Baker, Managing Director of Greenbacker, said:
“Despite the benefits of going solar, both for businesses and the environment, up until this point most companies have not had access to the financial tools needed to do so. We are proud to support Sunstone’s work to level the playing field and empower businesses of all sizes to utilize clean energy.”
Sunstone is “led by Josh Goldberg and Wilson Chang who previously were among the co-founders of Sunlight Financial, a residential solar finance platform, which went public in 2021. Additional members of the executive leadership team include Sumbul Alvi, Ashley Cox, Mike D’Andrade, Duncan Hinkle, Scott Muckleroy and Susan Tanski.”
Wilson Chang, co-founder of Sunstone, said:
“We have a great deal of momentum right now and expect to build upon that in the coming years as more businesses pursue solar energy. We’ve assembled a great team of industry experts and are excited to partner with an exceptional group of investors that believe in our vision of enabling more companies to use clean energy.”
Sunstone will use the funding “to hire new talent and enhance its technology platform. Also participating in the round were Earthshot Ventures and existing investors Grotech Ventures, Cross River Digital Ventures, and Forbright Bank. Grotech Managing Partner Lawson DeVries will join the Sunstone Board of Directors.”
In addition to their role as equity investors, Cross River and Forbright Bank will also “continue to provide financing for Sunstone’s loan portfolio.”
