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Source: ONE News -
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Nelson-based SolarCity has successfully concluded a multi-million dollar private equity financing round led by Sir Stephen Tindall.
Tindall's investment fund (K1W1) led the financing, which has also included participation from Nelson-based investors, into the all-in-one solar-power company.
The company says the $2 million in new capital will enable them to expand nationally and invest further in innovation and product development to make solar power more affordable to homeowners and businesses across New Zealand.
SolarCity is an all-in-one company who design, produce and manufacture solar heating panels as well as install and monitor them.
Chief Executive Andrew Booth says he is thrilled, not only with the financial boost, but with the wide endorsement it shows for the work the company is doing.
"Solar energy is one of the world's fastest growing clean technologies. Working alongside Nelson City Council and the government's energy efficiency agency EECA, we have recently created the nation's first Solar Saver financing initiative designed to make solar power more affordable."
Solar City has also received the support and endorsement of Environment Minister Nick Smith.
"This is a great example of green technology creating jobs, saving family power bills and improving our environment. Solar water heating is one of the practical ways New Zealanders can reduce greenhouse gas emissions and electricity use," Smith says.
Tindall, who founded The Warehouse, says he supports SolarCity's initiatives because he believes the way humans produce energy has to change.
"Developments in technology have now made it possible for individual households and small businesses to generate their own electricity and heat with the use of micro-generation technologies. SolarCity has underlined our belief that these technologies will play a growing part in meeting energy needs in the future and combating climate change," he says.
In parallel with the investment, SolarCity has agreed terms to consolidate its business with Solar Technology Systems Limited in Nelson and Southern Perspectives Limited in Auckland.
Solar Technology Systems Limited, working alongside its manufacturing partner in China, has developed the nation's most cost-effective and efficient evacuated solar tube collector.
Southern Perspectives, the Auckland-based international solar consultancy, provides specialist solar design services internationally and has a world-class reputation for solar electrical engineering and design.
Shay Brazier, Managing Director of Southern Perspective Limited says over the past year, the price of solar electric panels has dropped by 40% internationally.
"Although there are no subsidies in place in New Zealand to help homeowners start generating their own electricity, we expect that by working with SolarCity we will be able to put in place the design and international manufacturing alliances that will make solar more affordable to all New Zealanders for the first time."
SolarCity New Zealand has its headquarters in Nelson, and much of its planned investment will be based and driven from the heart of New Zealand's first Solar City.
Nelson City Council launched a Solar Saver scheme last year to help homeowners finance solar installations.
