Solstice Power Technologies, Inc., a Cambridge, MA-based software and customer management company, closed a $3.1m funding round.
The funding was led by Total Carbon Neutrality Ventures with participation from American Family Insurance Institute for Corporate and Social Impact, Massachusetts Clean Energy Center, Schneider Electric Ventures, Next Wave Impact, Active Impact Investments, Powerhouse Ventures, Gratitude Railroad, H/L Ventures, SustainVC, Halcyon Angels, and other angel investors.
The company intends to use the funds to expand operations to additional states in 2021.
Led by Steph Speirs, Co-Founder and CEO, Solstice connects households and community organizations to community solar, which are shared solar farms that are installed in a centralized location where local residents can enroll in a portion for free, without any home installations, and enjoy guaranteed savings on their monthly utility bill initially focusing on Illinois, Massachusetts, New York, Maine, New Jersey, with more states quickly following.
The company has generated demand for 111MW of clean energy across 25 community renewable projects in multiple states, with the total clean energy capacity from enrolled households, small businesses, and nonprofits representing the environmental equivalent of not burning 31 million pounds of coal. In addition, Solstice’s software manages the end-to-end customer experience for the life of the 20-year renewable energy project on behalf of developers and financiers, from customer enrollment to billing/crediting to ongoing customer engagement.