Jun 1 2013
Skyline Innovations, Inc., a national leader in the financing and installation of solar water heating systems, has closed $2 million in mezzanine financing to fund its continued expansion. CCM US, LLC (“CCM”), a Washington, DC based asset management group investing in clean energy and real estate led the investment.
Co-investing with CCM is DC Community Ventures, a community development venture capital fund that invests in DC metro companies with significant profit potential that deliver financial returns to investors and social returns to local communities. The$2M total investment will further Skyline’s expansion, increase its ability to provide underserved communities with solar and create local job opportunities in construction and project management.
“Skyline Innovations is a leader in bringing the benefits of clean energy to commercial buildings and we are excited to support the company’s continued expansion,” said Josh Green , Managing Director for Energy at CCM. “Skyline’s innovative business model overcomes many of the barriers that limit clean energy deployment in the commercial real estate sector; their solution makes economic sense for property owners while simultaneously benefitting the environment.”
Skyline Innovations delivers guaranteed savings to businesses and multifamily buildings by providing a long term fixed discount to customers’ utility rates for water heating. Skyline finances, installs, monitors and maintains commercial-scale solar hot water systems without upfront capital investment from the customer. This solar financing program enables businesses and multifamily buildings to go solar and receive immediate, guaranteed savings without taking financial or physical performance risk.
“Skyline’s offering represents the ideal growth company that yields a triple bottom line,” said Candler Young , Co-Managing Partner at DC Community Ventures. “They provide a return to investors while reducing energy costs, increasing job opportunities for local residents and helping the environment.” Zach Axelrod , CEO of Skyline Innovations adds, “It’s great to work with partners who have the shared vision of helping the communities in which we live and work as well as having renewable energy make sense for the bottom line.”