SOURCE: Citizenre

February 09, 2011 09:12 ET

Citizenre Signs Development Agreement

SAN DIEGO, CA--(Marketwire - February 9, 2011) - The Citizenrē Corporation today announced that it has received and executed a funding commitment with Adam Capital, a private investment fund based in Sonoma, CA. Adam Capital has agreed to provide Citizenrē with an initial $20 million in funds, and subsequent funding rounds, over the next 18 months to fund Citizenrē's goal to install 15 megawatts (MW) in residential solar photovoltaics (PV) systems.

Citizenrē has been providing homeowners the use of solar electric systems with immediate savings and no out-of-pocket costs throughout California since late 2009. This new agreement with Adam Capital will enable Citizenrē to expand in California and enter other favorable markets throughout the U.S.

"Our expanding relationship with Adam Capital will now help Citizenrē to grow as fast as our markets allow," said President and CEO David C. Gregg. "Our proprietary business methods and IT systems create a new degree of efficiency in high-volume, high-speed installation. Proven over the past year, this approach enables us to dramatically lower our costs and to expedite delivery. We look forward to putting clean, renewable energy on thousands of additional homes in the next year."

When the company launched back in 2006, Citizenrē introduced a solar rental product that was a game changer and breakthrough for residential PV. The company's vision of "PV for all" captivated over 37,000 customers in two+ years. During the intervening recession, the drop in PV component prices has enabled Citizenrē to deliver on its commitment -- bring affordable PV to average homeowners.

Adam Boucher, CEO of Adam Capital Inc, has been impressed by Citizenrē's fortitude. "Working with Citizenrē over the last years, we have seen David and his team really dig in and deliver on their commitments. From our view, the team, IT and systems approach give them a significant advantage over the competition. When you combine those strengths with the massive solar-incentive economy, we are pleased to align with Citizenrē," said Boucher.

About Citizenrē
Citizenrē entered the market in 2006 as a developer of decentralized, customer-directed electricity infrastructure, using proprietary business processes to deliver residential photovoltaic (PV) systems to customer homes at an industry-leading installation pace. PV is Citizenrē's entry product. Products that follow will strengthen customers' ability to save money, manage their energy use, replace polluting with non-polluting fuels, and place their own needs at the core of their energy purchase and/or production decisions.

In 2009, Citizenrē began its pilot efforts in Southern California. In 2010, the company began to expand throughout California, and in 2011, Citizenrē is poised to introduce its PV rental products to markets in the west and beyond. 

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