SOURCE: Verengo Solar Plus
January 13, 2011 11:01 ET
Verengo Solar Plus Receives $9.7 Million Expansion Investment From Angeleno Group
Solar Company Has Increased Revenue by Over 70 Percent in Past Year, Now Poised to Extend Operations Beyond Southern California
ORANGE, CA--(Marketwire - January 13, 2011) - Verengo Solar Plus, the leading home solar provider in Southern California, today announced it received a $9.7 million investment from Angeleno Group, LLC, a Los Angeles-based private equity firm that invests in high growth alternative energy and energy-related companies.
"Over the past three years, Verengo has established a track record of impressive sales and revenue growth," said Angeleno Group Managing Partner and Co-Founder Zeb Rice. "Furthermore, Verengo has demonstrated that it not only can grow quickly but also manage the operational complexities of scaling its business while continuing to provide swift and high quality customer service. We are thrilled to be partnered with the company we believe has the most successful business model in residential solar."
"The timing is right to take our business to the next level," said Verengo Solar Plus President Ken Button. "Angeleno Group has been a preeminent renewable energy investment firm for the past decade and we are excited about working with them to make solar power the first choice of every American home."
"It's amazing to be able to offer a product that saves people money, saves the environment, and makes the U.S. more energy independent," said Verengo Solar Plus CEO Randy Bishop. "When we started this company, we wanted to prove the business model locally and then expand. We're excited to begin this new phase with this financing."
Seven Hills Partners LLC acted as exclusive financial advisor to Verengo in this transaction.
ABOUT VERENGO SOLAR PLUS
Verengo Solar Plus is the leading residential solar integrator in Southern California offering comprehensive financial options and superior customer service consistently earning an A+ with the Better Business Bureau. Verengo has reduced carbon emissions through its solar systems, accomplishing the equivalent of planting 72,000 acres of trees, taking more than 28,800 cars off the road and saving homeowners $60 million in energy costs over the lifetime of Verengo's installed systems to date. For more information, visit www.VerengoSolar.com
ABOUT ANGELENO GROUP
Angeleno Group is the leading Los Angeles based private equity firm focused on high growth investments in the energy sector. It makes investments broadly across the energy industry to support innovative, well-managed, early to expansion stage companies. Areas of particular interest include advanced generation, energy intelligence and control, clean transportation, renewables, transmission and distribution, power storage, and energy efficiency and conservation technology. To learn more about Angeleno Group visit www.angelenogroup.com