(Justmeans.com / CSR News) - With rising customer demand and steady growth, Sungevity announces $6m Series B and adds CFO, COO and VP of Technology and Product Development

BERKELEY, Calif. – September 22, 2009 – Leading online solar provider Sungevity announced today that it has raised an additional $6 million led by Greener Capital, a new venture capital firm.

Charles Finnie, managing partner in Greener Capital, said. "This is the best business model we have seen in the residential solar space. Sungevity’s unique web-based direct selling model has enabled the potential for rapid deployment, great customer service and scalability at the lowest installed cost in the industry. We are excited to invest in Sungevity, as solar power becomes competitive with grid electricity across the US.”

Finnie will join the Sungevity Board. The company has also added three key members to its executive team, doubled its salesforce, and plans to enter three new geographies by the end of the year.

“We’re very pleased to welcome such a remarkable group to Sungevity,” said Danny Kennedy, president and cofounder of the company. “We believe that the support from Greener Capital and our growing world class team will be a tremendous boost to our mission of giving more customers greater access to solar electricity. We’re making going solar easy, an excellent investment and a smart way for you to reduce carbon pollution.”

Joining Sungevity are:

• Charles Ferer, CFO. Most recently Ferer served as CFO for SolarCity, the US’s largest solar installer, where he helped raise over $60M in tax equity and launch a successful solar leasing program. He has more than 20 years of experience for companies including Gap and PepsiCo. Ferer has a B.A. in Economics from the University of Puget Sound, and an MBA in Finance from Indiana University.
• Daphne Li, COO. Li has held key leadership positions in marketing, product management, strategy and M&A at ADP and Apple. As Chief Strategy Officer and VP, Marketing for DoveBid, she helped start up business online auctions and grew revenue from $12M to $150M. She currently sits on KQED’s board. Li has a B.A. in Economics and an MBA, both from Stanford.
• Ariel Tseitlin, VP of Technology and Product Development. Tseitlin was most recently the Founder & CEO of CTOWorks, a software consultancy advising early-stage start-ups on their technology strategy. Prior to CTOWorks, Tseitlin was the VP of Engineering at Playboox, a SaaS CRM start-up. Tseitlin has also held senior management positions at Oracle and Siebel Systems. He holds a bachelor's degree in Computer Science from UC Berkeley and an MBA with Honors from Wharton.

“With our easy online service, we have the lowest-cost way of getting solar power into American homes” said Andrew Birch, CEO and cofounder of Sungevity. “Now we have the team and resources to make sunshine online available to millions of home-owners.”

Sungevity launched to the public in April of 2008 and has quickly become a leading provider of residential solar in California with its unique online solar sales offering. It is the only company to provide firm online quotes and make sales without a site visit. Sungevity’s solar sales process reduces costs by around 10% by removing the need for technicians to visit a home, enabling consumers to go solar more efficiently than ever before. Sungevity has provided thousands of solar quotes to homeowners across the state, offering a more affordable way for consumers to reduce their carbon emissions with a positive long-term investment.

Get a quote by going online to www.Sungevity.com or by calling 877.257.8648.

About Sungevity

Sungevity is a solar sales company, with a mission to take solar to the mainstream market. Our company has a strong team that brings together successful start-up experience, environmental leadership and solar industry knowledge. Sungevity has designed and launched a unique online sales process to make it easy and affordable for homeowners to go solar.  Sungevity's early success and growth in the Bay Area have proven the power of this approach, jumping to the top-ten list of solar sales companies in California in our first year. Sungevity is now enhancing the customer experience with new online innovations, and increasing our service coverage across the US and beyond. For more information, please visit www.sungevity.com.

About Greener Capital

Greener Capital is a new cleantech VC fund based in the San Francisco Bay Area.

Media contact:

Tim Turpin

Sparkpr

415-244-9699

tturpin@sparkpr.com

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