The financial assistance provided will be used to support PosiGen’s continuing rapid growth and development.
PosiGen is the only U.S. residential solar company delivering low-cost options for residential solar PV and energy efficiency improvements to help reduce the energy cost burden experienced by low- to- moderate income households.
PosiGen CEO Thomas Neyhart said: "We are delighted to work with NewWorld and Constellation Technology Ventures to expand our presence in new states and continue to make solar and energy efficiency easy and affordable for a large and underserved market."
NewWorld managing partner Bill Hallisey said: "Tom Neyhart and his extraordinary management team have created a distinctive business model that serves a large and currently underserved market with strong economics and growth."
"We at NewWorld are very pleased to be partnering with the PosiGen management team."
NewWorld principal Sasha Novograd added: "The NewWorld team has been impressed with PosiGen’s industry-leading, low-cost model and effective execution in delivering a combined solar PV and energy efficiency solution to the families that need it most."
Constellation Technology Ventures head and Exelon Generation innovation and strategy development vice president Michael Smith said: "PosiGen’s unique focus combining solar leasing with energy efficiency aligns well with our philosophy of expanding the types of energy products and services available to residential customers."
"In addition, we believe PosiGen’s focus on low- to-moderate income customers can provide significant quality of life benefits in multiple markets nationwide."
