Feb 16 2011
Citizenrç, an energy company, has proclaimed that it has obtained and executed a financial commitment with Adam Capital, which is a Sonoma based private investment fund. An amount of $20 million would be provided by Adam Capital initially, and during the next one and half years it would install 15MW in solar PV systems utilized in residences.
It has been supplying solar electric systems for homeowners, which generate savings immediately for them. They also do not have to bear any out of the pocket expenses since the year 2009 in the state of California. The new venture with Adam Capital would help Citizenrç to carry out their expansion plans in California and also in other markets in the US.
David C. Gregg, the CEO and President of Citizenrç, remarked that with the help of Adam Capital, the company would show an accelerated growth rate. He was confident that the company’s IT systems and proprietary business methods would produce increased high speed and high volume installations. With a proven track record during the past year this would help to spectacularly reduce the costs and also speed up delivery of the products. He further mentioned that they were eagerly waiting to supply renewable energy to several new houses during the coming year.
Citizenrç in 2006 during its launch had introduced a solar product on a rental basis that was a futuristic and game changing product for residential PV. The company’s visualization ‘PV for all’ had enraptured more than 37,000 customers for the next two years. During the recession years the PV component prices had dropped and that has helped the company to provide affordable PV systems for homeowners.
Adam Capital’s CEO, Adam Boucher had been awed by the staying power displayed by Citizenrç and commented that having worked with Citizenrç he had observed David and his team’s ability to deliver what they have committed to. According to him, the company’s systems approach and IT gave them a major advantage when compared to their competitors. The massive pro solar economy with its incentives when combined with Citezenrç’s abilities would prove to be highly beneficial.