Sunstone Credit, a technology-enabled clean energy financing platform that helps businesses go solar, has raised $20m in an oversubscribed Series A funding round.
The 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.
The round also saw participation from 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.
Launched in 2021, Sunstone is on a mission to help more businesses go solar by providing simple and cost-effective loan financing.
According to Sunstone, most companies have not had access to loan financing for solar installations. This is despite the rising business demand for clean energy, customer preferences for sustainability, and a need for resilient power access.
Available through a national network of solar installer partners, Sunstone’s solar finance offering allows businesses to reap the substantial benefits of going solar and owning their own solar system.
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 $200m in loan applications on Sunstone’s platform to date.
Sunstone said it will use the funding to hire new talent and enhance its technology platform.
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.”
Last year, Brazil-based Solfácil, which lets people invest into solar energy, raised €100m in a funding round.
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