All what to know about Sungevity
Sungevity is a company that designs solar electricity systems for homes. Their proprietary Remote Solar Design tool lets them provide quotes and design options before they ever come to your home, which saves time on on-site visits.
The company was founded in 2007 in Oakland, California with the mission of making renewable energy accessible by providing high-quality solar solutions backed by excellent customer service as well as financing capabilities like lease programs or purchase plans.
They use their own RSD software program so you can get an instant quote without visiting your home at all, saving both time and money.
Operational Locations
Sungevity operates in the US and Europe. It serves the below locations in the US:
- California,
- Colorado,
- Connecticut,
- Massachusetts,
- Maryland,
- New York,
- New Jersey,
- Rhode Island,
- Vermont,
- Delaware,
- Washington D.C.
The company employed more than 250 people in 2012. However, they were sold to Northern Pacific Group in 2017 and almost all of their employees were laid off.
Founding Team
- Danny Kennedy,
- Andrew Birch,
- Alec Guettel,
Awards and recognition
- Green Business Award, 2009
- Green Jobs Award, 2011
- Planet Forward Innovator, 2011
Sungevity has been on a steady rise since its founding in 2007. In 2009, the company raised $6 million to expand its services to Southern California and California's Central Valley. A few months later they partnered with US Bank for Solar Lease program launch that launched May 1st, 2010.
Fund Raising
In December 2010, the company raised $15 million more for its Series C funding round. It collaborated with US Bancorp, Rabobank, and Citigroup in 2011 to fund residential solar installations. Lowe's also bought a stake in Sungevity in 2011.
Sungevity raised $70 million in equity in 2014 from investors such as General Electric, Lowe's Jetstream Ventures, and EON, Europe's largest investor-owned utility. It received a whopping $600 million in private equity funding in December 2015 from GE Ventures, Apollo Investment Corporation, and others.
Europe market expansion
In 2011, Sungevity announced it was taking an equity stake in Dutch solar company Zonline.
It was planned that Sungevity offers to Zonline its cutting-edge solar panel systems and software tools. In June 2014, Sungevity acquired Zonline to employ its international division in that country with all new branding.
Australian market expansion
Sungevity and Australian solar firm Nickel Energy announced a joint venture, Sungevity Australia, in April 2012, with the aim of providing Australian homeowners with the country's first pay-as-you-go solar option, dubbed RoofJuice.
The company went through a series of layoffs in early 2017. In January, the senior and mid-level managers were cut and in March two-thirds of their workforce was laid off without notice with bankruptcy imminent.
The ex-employees have filed for back pay as required by law since they weren't given 60 days' notice before being let go from work.
The remainder was purchased and rebranded as Solar Spectrum, a subsidiary of Northern Pacific Group, for $50 million. This transaction provided Solar Spectrum with access to Sungevity's resources, technology, installer network as well as supplier warranties.
Northern Pacific Group also purchased Sungevity's European operations, which were later sold to French utility Engie. The company is now known as Sungevity International and owned by the French.
Conclusion
Sungevity laid off 400 employees in March 2020 due to the Covid-19 pandemic, and the company's subsidiaries Horizon Solar Power and Solar Spectrum, as well as Sungevity, discontinued operations in November 2020.
