SAN FRANCISCO--(BUSINESS WIRE)--Pegasus Solar, a leading designer and manufacturer of innovative rooftop mounting systems for solar installations, announced today that it has closed on a Series A round of equity funding led by Ecosystem Integrity Fund (“EIF”), with additional participation from Okapi Capital, Howard Wenger, Mike Miskovsky, and other solar industry executives.
Pegasus said that it will use the proceeds to grow its sales and customer support teams and to continue its industry-leading efforts to design and manufacture efficient and functional solar mounting systems.
“We are excited to partner with EIF and other investors who share our passion for solar energy and support our mission to accelerate the adoption of rooftop solar,” said Kai Stephan, Chief Executive Officer of Pegasus. “With a relentless focus on engineering and continuous improvement, we have developed the best suite of products for residential solar. This funding will allow Pegasus to bring these cost-saving products to more customers and to further strengthen our industry-leading product development.”
“We are excited to be on the forefront of the breakthrough solar mounting technology that Pegasus is developing,” said James Everett, Partner at EIF, where he leads the investment team. “As more consumers incorporate solar technology into their homes, mounting systems will be a critical component of this rapidly growing market.”
According to GTM Research, the market for residential solar mounting systems in the US was $240 million in 2016. From 2016 through 2022, the rail-less market segment, which is Pegasus’ key focus, is expected to grow by 67%.
EIF made its investment out of its EIF Fund III. Financial terms of the transaction were not disclosed.
About Pegasus Solar
Pegasus Solar designs and manufactures innovative rooftop mounting systems for solar installations. The company provides a full suite of products, including the revolutionary rail-less LightSpeed Mount system. By using LightSpeed Mount, solar installers can achieve all-in cost reductions of 25%, compared to traditional mounting systems. Pegasus is currently offering an industry-first Free Trial Program for qualified installers nationwide, where Pegasus will provide the first three jobs free of charge along with on-site training of customers’ crews. www.pegasussolar.com
About Ecosystem Integrity Fund
Ecosystem Integrity Fund (“EIF”) is a sustainability-focused venture capital fund, targeting sectors including renewable energy, green chemistry and resource efficiency. EIF takes a systems-based approach to sustainability investment, primarily investing in capital-efficient opportunities. EIF seeks out market niches that have not received the investor attention they deserve, resulting in better investment opportunities and greater impact with less capital. For more information, visit www.ecosystemintegrity.com.
About Okapi Capital
Okapi provides long-term capital and management support to start-ups. Okapi takes pride in partnering with exceptionally talented entrepreneurs and operational executives to develop their emerging businesses. Okapi currently manages three funds and invests in seed and early-stage technology and healthcare IT companies along the Tech Coast that is southern California. www.okapivc.com