NewWorld Capital Group LLC and Constellation Technology Ventures, the venture capital arm of Exelon Corp, invested in PosiGen Inc. Based in New Orleans, PosiGen provides solar panel leases and energy efficiency upgrades to low- to moderate-income homeowners. Financial terms of the investment were not disclosed.
NEW ORLEANS, March 15, 2016 /PRNewswire/ — NewWorld Capital Group, LLC and Constellation Technology Ventures, the venture capital arm of Exelon Corporation, announce their partnership with PosiGen, Inc., a leading provider of fully financed solar photovoltaic (“PV”) and energy efficiency services to low- to- moderate income homeowners in Louisiana, New York, Connecticut andFlorida. The financial assistance provided will be used to support PosiGen’s continuing rapid growth and development.
PosiGen is the only U.S. residential solar company delivering low-cost options for residential solar PV and energy efficiency improvements to help reduce the energy cost burden experienced by low- to- moderate income households.
Thomas Neyhart, CEO of PosiGen, said “We are delighted to work with NewWorld and Constellation Technology Ventures to expand our presence in new states and continue to make solar and energy efficiency easy and affordable for a large and underserved market.”
Noted Bill Hallisey, a Managing Partner at NewWorld, “Tom Neyhart and his extraordinary management team have created a distinctive business model that serves a large and currently underserved market with strong economics and growth. We at NewWorld are very pleased to be partnering with the PosiGen management team.”
Sasha Novograd, a Principal at NewWorld, added, “The NewWorld team has been impressed with PosiGen’s industry-leading, low-cost model and effective execution in delivering a combined solar PV and energy efficiency solution to the families that need it most.”
Michael Smith, head of Constellation Technology Ventures and Vice President, Exelon Generation Innovation and Strategy Development, said, “PosiGen’s unique focus combining solar leasing with energy efficiency aligns well with our philosophy of expanding the types of energy products and services available to residential customers. In addition, we believe PosiGen’s focus on low- to-moderate income customers can provide significant quality of life benefits in multiple markets nationwide.”