Sunstone Credit, a Baltimore, MD-based provider of a technology-enabled clean energy financing platform that helps businesses go solar, raised $20M in Series A funding.
The round was led by an affiliated fund of Greenbacker Capital Management LLC with participation from Earthshot Ventures and existing investors Grotech Ventures, Cross River Digital Ventures, and Forbright Bank. Grotech Managing Partner Lawson DeVries will join the Sunstone Board of Directors. In addition to their role as equity investors, Cross River and Forbright Bank will also continue to provide financing for Sunstone’s loan portfolio.
The company intends to use the funds to hire new talent and enhance its technology platform.
Led by Josh Goldberg (CEO) and Wilson Chang, Sunstone Credit has built a platform and partnered with leading financial institutions and a national network of solar developers to provide business borrowers access to solar loan products with flexible terms and a streamlined application process.
Available through a national network of solar installer partners, Sunstone’s solar finance offering allows businesses to go solar and own their own solar system. Since launching in late 2021, the company has onboarded hundreds of solar developer partners in all 50 states, offering its embedded solar financing solutions to commercial customers at the point of sale. These developer partners have initiated over $200 million in loan applications on Sunstone’s platform to date.
Additional members of the executive leadership team include Sumbul Alvi, Ashley Cox, Mike D’Andrade, Duncan Hinkle, Scott Muckleroy and Susan Tanski.
FinSMEs
31/01/2023