August 8 (Renewables Now) - US solar e-commerce outfit Project Solar on Friday said it has completed a USD-23-million (EUR 22.5m) Series A financing round to help scale its business in additional markets.
The funding round was led by New York-based venture capital firm Left Lane Capital, “with additional support from strategics within the industry.”
Project Solar said it will also invest in the development of its technology that covers the whole solar process from automated quoting to project management. Set up in 2021, the company initially targeted do-it-yourself customers but turned its gaze to full installation and now has an installer network across 20 solar-friendly states, according to the announcement. Project Solar expects to have 30 MW of solar installed this year and aims to deploy 150 MW during 2023.
The company says that by cutting out the commissioned sales representatives it can offer significantly lower prices to consumers, selling at an average of USD 2.20 per watt.
"With rising energy costs and more awareness of our climate impact, it has never been better for the consumer to consider solar as a complete energy solution for their home," remarked Derek Urben, investor at Left Lane Capital.
(USD 1 = EUR 0.977)