groSolar, which integrates solar energy into new and existing homes, announced that it has closed its first round of venture funding with a total of $2.25 million. The investment will be used to fund groSolar’s national marketing initiative and its expansion to new locations. Led by SJF Ventures, the financing round included three venture funds that specialize in the cleantech and renewable energy sectors, SJF Ventures, Calvert Social Investment Fund, and Allco Financial Group.
"We are delighted to have each of these venture funds join us as partners to help groSolar become the first choice for builders and homeowners who are installing efficient solar energy systems in new and existing homes and businesses,” said Jeffery Wolfe, groSolar CEO. "We are aggressively bringing groSolar solutions to the market, both through a preferred dealer network and through groSolar branch offices in under-served markets. Our new name, "groSolar,” symbolizes the mission of our company, to grow the utilization of solar energy in new and innovative ways."’
groSolar provides clean, efficient solutions for homes and businesses, including solar electricity, solar hot water, and solar air heating. The company has the engineering capability to deliver complete systems, turn-key solutions and zero energy home designs.
According to Cleantech Venture Network LLC, more than $1.4 billion in venture capital has been invested in North American cleantech companies during the first six months of 2006. The clean energy segment was particularly strong, pulling in 70% of all cleantech VC funding for the 2nd quarter. A large portion of this was invested in early stage solar technology firms.
"We believe there is a significant investment opportunity in the deployment of both proven and emerging solar technologies," said SJF Ventures Managing Director David Kirkpatrick. "The groSolar executive and product development team has the vision, expertise and technology partnerships to execute on this opportunity."
groSolar is a subsidiary of GRO, a national solar integration firm focused on designing, distributing and installing high quality energy systems.