SOLAR SOLAR SOLAR. Today is solar day at FintekNews. We just posted a piece earlier about BlueWave, a solar fintech based in Boston and their expansion into the Carolinas. Mosaic, another solar fintech has just secured a $220M private equity round with Warburg Pincus as the lead. Trend? Ian Musk’s Solar City hasn’t had the most stellar performance results (althought all those losses make for a nice tax write off for Tesla, poster merger). Even so, this segment of greentech seems to be experiencing continued growth – and VC investor confidence.
“New York and Oakland, Calif., August 4, 2016 – Mosaic, the nation’s leading provider of affordable solar financing solutions for homeowners, today announced that it has secured an equity financing of up to $220 million led by Warburg Pincus, a global private equity firm focused on growth investing. Core Innovation Capital and Obvious Ventures also participated in the round. Mosaic will use the funds to continue its rapid growth in the rooftop solar loan market.
Founded in 2010 by Billy Parish and Daniel Rosen, Mosaic provides financing to homeowners to purchase rooftop solar systems, which typically result in savings of tens of thousands of dollars in energy costs over the life of the system. Mosaic offers loan products and a technology platform that are built with both the consumer and solar installer in mind. Mosaic has a network of over 250 solar companies that offer the Company’s financing products, including 21 of the top 25 installers nationally. These firms represent more than 85% of the residential solar market in the U.S.”