BRIDGEPORT, Conn, Aug. 10, 2017 (GLOBE NEWSWIRE) -- Stonehenge Growth Capital today announced a new investment in PosiGen that will enable the solar company to expand operations in Connecticut and provide clean energy technology to hundreds of low- to moderate-income Connecticut households.
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Stonehenge Growth Capital, a subsidiary of Stonehenge Capital Company, made the $5 million investment through the Invest CT program. Solar panels installed by PosiGen have already reduced the energy cost burden faced by over 10,000 families across four states, including Connecticut, New York, Louisiana and Florida. Stonehenge’s investment will allow PosiGen to provide an additional 750 rooftop solar panel systems to further reduce Connecticut households’ energy costs. The electricity generated from these panels is used to heat, cool and illuminate homes in an eco-friendly and affordable way.
“We are thrilled to partner with Stonehenge Growth Capital to further expand our footprint across the state of Connecticut while sustainably lowering utility costs for a large and underserved community,” PosiGen CEO Thomas Neyhart said.
With a focus on impact investing, Stonehenge is pleased to support a project that offers financial benefits for local households along with broader benefits for the environment.
“The team at PosiGen is poised to transform the way families think about solar energy to an easy, affordable and environmentally conscious alternative for their homes,” said Stonehenge Growth Capital Managing Director Charles Haberkorn. “PosiGen’s ability to reach low-income households, traditionally unable to access the solar panel market, makes the company a leader in the clean energy space.”
The Invest CT program mandates that 25 percent of all capital associated with the program is invested in green technology. Connecticut has committed to cut greenhouse gas emissions by 80 percent below 2001 levels by 2050, and the addition of 750 solar panel systems will help the state to continue to meet its goals. Construction of the new solar systems is now underway.
About Stonehenge Growth Capital
Stonehenge Growth Capital is a subsidiary of Stonehenge Capital Company LLC and has the capacity to provide venture capital, private equity and mezzanine debt to companies led by experienced management teams with a passion for innovation and the pursuit of high-growth opportunities. With a flexible and creative financing approach, the Growth Capital team seeks to develop customized financing solutions based on a company’s unique strategic and financial plan. Stonehenge Growth capital offers institutional resources to a variety of businesses from small entrepreneurial companies to multistate corporations. The Growth Capital team been investing in small businesses since 1993 with over $1.0 billion invested across venture capital, private equity and debt funds. To learn more about Stonehenge Growth Capital, please visit www.stonehengecapital.com.
About PosiGen
Headquartered in Jefferson, Louisiana, PosiGen is one of the nation’s leading residential solar, energy efficiency and energy education providers for low- to moderate-income families. PosiGen has more than 10,000 residential customers, over 150 direct employees and supports more than 120 employees through its contractors in Louisiana, Connecticut, New York and Florida. PosiGen's unique services and products make solar energy affordable to homeowners of all income levels, and offer individuals, families and businesses the opportunity to achieve greater fiscal autonomy and energy independence by lowering their utility bills. To learn more about PosiGen, please visit www.posigen.com.