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Category: Maryland

Standard Solar Obtains $8.5 Million and Completes Senior Management Team

Standard Solar

Standard Solar, a Gaithersburg, Maryland-based solar system developer and integrator, recently announced that it raised $8.5 million from private and institutional investors.  The company said it will use the funds for geographic expansion and to support its ability to meet increased demand for its services — residential photovoltaic installations and small to mid-size commercial systems for businesses, schools, government agencies, and other organizations.

"We have fine-tuned our business strategy over the past several months and are poised to execute on it," said Anthony Clifford, Standard Solar's President and Chief Executive Officer. "This new funding could not have come at a better time. It allows us to take immediate advantage of the historic solar tax credit legislation just passed by Congress and signed into law by President Bush."

Standard Solar, which started commercial operations in June 2006, also announced earlier this week that it rounded out its management team, with hires in the following roles — VP & Chief Operations Officer, VP, National Sales; VP & Chief Marketing Officer, and VP & Chief Financial Officer.

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SunEdison Closes $161 Million in Financing


SunEdison, a Beltsville, Maryland-based solar energy services company, announced in May that it closed $161 million in financing with new and existing investors over the last six months.  This financing consisted of $131 million of private equity and $30 million of debt financing.  SunEdison indicated that these funds would be used to support the operational resources of the company.

Investors included Greylock Partners, HSH Nordbank AG, Applied Ventures, LLC, Black River Commodity Clean Energy Investment Fund (a fund managed by Black River Asset Management), MissionPoint Capital Partners, and ALLCO Renewable Energy Limited.

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