OneRoof Energy, a San Diego, CA-based residential solar company that works directly with roofers to lease and install residential solar power systems, has secured $50m in Series A financing.
The round was led by Hanwha International, which will receive a significant, non-controlling stake in the company, U.S. Bancorp (NYSE:USB) and Black Coral Capital.
The company intends to use the proceeds from the investment to roll out its just launched growth plan to develop the residential solar leasing market, specifically targeting roofing companies and large homebuilders.
Led by President and CEO David Field, OneRoof Energy works with builders and roofing contractors to combine roofing and solar installation into one process and a single roofing warranty.
Founder investors in the company include The Quercus Trust, Yellowtree Energy, and Spring Ventures.