Sunstone Credit, a Baltimore-based technology-enabled clean energy financing platform, has raised $20 million in a Series A funding round.
Leading the oversubscribed round was an associated fund of Greenbacker Finance Management LLC, which offers growth-stage clean energy businesses flexible capital and best-in-class advice. Sunstone will use the investment to expand its technology platform and hire fresh talent.
Sunstone offers straightforward and affordable loans to assist businesses in becoming solar. Most companies have historically been unable to get credit funding for solar systems, even though a confluence of variables, including tax incentives, customer preferences for sustainability, and a requirement for full power access, drive company demand for clean energy.
Businesses may take advantage of the significant advantages of adopting solar and owning their solar system thanks to Sunstone’s reasonable and simple-to-understand solar finance product, which is accessible through a nationwide network of solar installer partners.
“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,” said Josh Goldberg, co-founder and CEO of Sunstone.
Sunstone’s solar finance offering helps businesses set up their solar energy system
Josh Goldberg and Wilson Chang, two of the co-founders of Sunlight Financial, a platform for domestic solar setup financing that went public in 2021, now serve as the company’s leaders.
Sunstone began operations in late 2021 and has since signed up hundreds of solar developer partners throughout all 50 states, enabling it to provide embedded solar financing options to business clients at the point of sale. On Sunstone’s platform, these developer partners have started loan applications totaling more than $200 million.
“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,” said Benjamin Baker, Managing Director of Greenbacker.
Sunstone’s efforts to level the playing field and enable companies of all sizes to use renewable energy have our support.
In the upcoming years, as more companies turn to solar energy, the startup expects to improve on its current level of momentum. The business has put together a fantastic team of industry experts and is eager to collaborate with an outstanding group of investors who share the aim of enabling more businesses to embrace renewable energy.