Allume Energy, a rooftop solar solutions provider, raised $1.5 million in bridge financing from Elemental Excelerator and the Schmidt Family Foundation.
The company plans to use the funding to bring Allume’s SolShare technology to more multi-unit residences. The company will use the convertible note funding to bring rooftop solar to more than 4,000 residents across the Southeastern U.S., starting with shared solar projects in Florida, Georgia, and Mississippi.
“Until recently, solar technology has primarily been saving money for people who already have it,” says Allume CEO and co-founder Cameron Knox. “We need to ensure we include everyone in the energy transition. This partnership will ensure low-income communities can benefit from clean, affordable energy from the sun.”
SolShare is a behind-the-meter technology that takes solar energy generated by rooftop panels and allocates it to each grid meter. Allume claims that on average SolShare technology can provide up to 40% savings on energy bills, and their first U.S. pilot project in Orlando has indicated an average annual savings of $1,166 per apartment in the first year of operation, including net metering credit savings.
“We originally invested in Allume Energy because they are leaders in bringing affordable solar to affordable housing. We could all use an extra $1,000 a year in our pocketbooks rather than spent on electricity bills,” Elemental Excelerator Founder & CEO Dawn Lippert said. “We are now thrilled to collaborate with others in funding Allume’s expansion in the sunny Southeast. Solar electricity is cheaper and cleaner than fossil fuels, and it is time that we all have access to it.”
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, Solar debt financing activity in 1H 2023 reached $8 billion in 33 deals, a 60% increase compared to 1H 2022, when $5 billion was raised in 30 deals.
PosiGen, a residential solar and energy efficiency solutions provider, recently secured a $12 million loan. ImpactAssets partnered with Connecticut Green Bank and Inclusive Prosperity Capital to provide the loan.