American Solar Direct Secures Funding from Adenium Capital to Continue Growth and Expansion
American Solar Direct (ASD), a leading residential solar energy provider in California, announced recently it has received an important investment from Adenium Energy Capital to continue its growth in the Golden State as well as future expansion to other states. Adenium, a Dubai-based solar developer and investor, has been funding large-scale solar projects in the Middle East and Asia and chose American Solar Direct as its first investment in the United States.
“We are pleased to have Adenium’s support to expand the scale and breadth of our business model,” said Brennan Mulcahy, Chief Executive Officer of American Solar Direct. “Adenium provides American Solar Direct with an investor that has tremendous insights as an operator, developer, and financier of solar projects, which will help us accelerate growth and drive profitability of our operations.”
“The investment is a testament to the strength and recent performance of our fully integrated business model,” said Kevin Bauer, President of American Solar Direct. “In addition, the funding will also allow us to accelerate the expansion of our partner-based channel program that leverages our technology platform and installation services for third-party companies focused on selling residential solar.”
“We are excited to be a supporter of American Solar Direct, which has demonstrated itself as a rapidly emerging leader in the United States residential solar industry and a superior solar energy choice for homeowners in the California market,” said Wassef Sawaf, Adenium’s Chief Executive Officer. “American Solar Direct is well positioned for success due to its turn-key approach to providing solar solutions, its commitment to delivering innovative products and services, its dedication to providing leading customer experiences, and the uniqueness of its leadership team and collaborative corporate environment.”
Today’s investment announcement comes days after the California Public Utility Commission voted to continue the state’s net metering program, a critical solar policy decision that allows consumers to generate solar energy from their own rooftops in the country’s biggest state for solar production. Los Angeles-based American Solar Direct began operations in 2009 and became one of the country’s fastest growing private companies, according to Inc. Magazine.
With offices across California from San Diego to the Bay Area, American Solar Direct is a popular choice for residential solar customers due to its personalized, consultative sales process, dedication to customer service, and end-to-end project management. ASD handles all aspects of the “going solar” process for homeowners, including rooftop and electrical inspections, system design and permitting, professional installation, production guarantees, and long-term maintenance and service. ASD, which currently serves more than 5,500 customers in California, will utilize Adenium’s investment to help achieve its goal to expand into other states by year’s end.