Today we are pleased to announce we have closed a $3 million investment from WindSail Capital. WindSail helps companies that advance energy innovation, with a particular focus on energy sustainability (http://www.windsailcapital.com). They provide debt to companies with solid financials and strong revenue growth. They really couldn’t be a better fit and we are very excited to partner with them.
Continue our Independent Growth in Solar
This investment allows us to continue to support the growth of distributed solar. We have doubled our revenue every year (US solar should grow 119% next year according to GTM) and along the way acquired the best in the industry as our customers and partners. We plan to continue this trend through further adoption and utilization of our existing products (like Switch which is integral to 45% of all solar PV proposals in the US) and by bringing innovative enhancements to the market. But just as important, this allows us to stay an independent and trusted source for savings.
Solutions for the Expanding New Energy Economy
We are at a crucial and exciting time for the new energy economy. More pieces are maturing towards mass market, such as behind the meter storage, electric vehicles and connected buildings. We expect these areas to provide additional growth for us over the next three years, and we will be focusing on upgrades to Conduct, our real time product, and our partnerships with emerging leaders.
New Products, New Reach
We also have several new, exciting products in development that expand our customer base. These include some powerful tools to visualize energy costs and savings across markets, utilities, new energy products and more; to intelligently understand trends and unlock opportunities. We will also expand our reach to target new stakeholders, including traditional utilities. We can’t wait to share more about our new products over the summer.
Financial Strength During Choppy Waters
The transition to a new energy economy will not come without its challenges. While growth is high, its path and timing are not as clear as other technology areas. Consumer adoption, regulatory change, and emerging financing alternatives will all require adjustments to business models and priorities. There will be winners and losers as this shakes out. And as many in our industry know, cleantech and energy technology venture capital has been challenging over the last few years. Add to that the recent tightening across the broader VC funding market, and many emerging software companies not yet profitable could find themselves running out of runway. Today, Genability is in a strong financial position to thrive in this climate.
Mike, Ian and the WindSail team join a great team of investors, who have collectively invested over $10.5 million. Genability remains employee focused, with founders and employees owning 77% of Genability. That being said, our existing investors remain an important part of the team, especially EnerNOC, whose CEO, Tim Healy, will continue on the Company’s board of directors. A big thanks to Tim, Micah and the entire EnerNOC team for their decisive help in this transaction and continued support more generally.
Next up? We’re enjoying a glass of champagne here then getting back to work!
Here’s our Press Release: