PosiGen, which targets renewable energy and efficiency for low-to-moderate income (LMI) households, closed a $100 million preferred equity financing deal with Magnetar Capital’s Energy & Infrastructure group as the lead investor.
As part of the deal, Magnetar will nominate two new directors to join PosiGen’s Board of Directors. Existing PosiGen investors, including Emerson Collective, Irradiant Partners, Activate Capital, The Builders Fund, SJF Ventures, and The Kresge Foundation, also participated in the financing.
The financing provides growth capital for PosiGen to expand its efforts to provide residential solar, storage and energy efficiency upgrades to LMI customers. PosiGen said it has served more than 19,000 customers to date, with around 50% of that number in communities of color.
Proceeds will be used to expand development across new states, and support investments in the company’s core technology.
PosiGen is based in New Orleans, has 460 direct employees and 150 others through its contractors in Louisiana, Mississippi, Connecticut, New Jersey, Pennsylvania, New York, and Florida.
PosiGen recently worked with integrated solar roof manufacturer GAF Energy to install a handful of solar roofs using GAF’s nailable solar shingle, which it formally introduced at the CES trade show in Las Vegas. The new product is called Timberline Solar, and GAF said shingles are installed like a traditional roof “with only a nail gun required.”