HARTFORD, Conn., Feb. 28, 2018 (GLOBE NEWSWIRE) -- Verogy, a solar-development company, announced today it has raised $5 million in pre-seed equity capital from Stonehenge Growth Capital, a provider of venture capital, private equity and mezzanine debt.
Stonehenge invests in companies led by experienced management teams with a passion for innovation and the pursuit of high-growth opportunities.
“We are thrilled to be able to invest in a company like Verogy,” said Charles E. Haberkorn, managing director at Stonehenge and the firm’s investment team leader. “They have the vision and talent necessary to execute a smart and growth-oriented business strategy. Stonehenge is completely confident in Verogy’s ability to repeat the impressive successes they have already achieved, and we look forward to supporting their business growth for years to come.”
A newcomer to the industry, Verogy was founded by the former executive team of Greenskies Renewable Energy LLC, a leading, vertically integrated solar company in the United States. While at Greenskies, the team focused on developing commercial and industrial, municipal and small utility segments of the solar industry, successfully deploying projects for big-box stores and Fortune 50 retailer sites nationwide, as well as for municipalities and utilities across the Northeast.
They were responsible for more than 100 percent year-over-year growth in both megawatts and projects deployed, completing over 250 solar installations that accounted for more than 110 megawatts of nameplate capacity. The executive team was also instrumental in the sale of Greenskies to Clean Focus Corporation in mid-2017.
“The pre-seed equity gives Verogy the flexibility needed to take advantage of opportunities that would otherwise be unavailable,” said William Herchel, Verogy co-founder and CEO. “In today’s dynamic solar market, it’s necessary to be able to have available capital to grow in a deliberate and calculated manner. We are incredibly appreciative to Charlie Haberkorn and the Stonehenge team to grow our business, and we look forward to continuing to work with them.”
About Verogy
Verogy originates and develops renewable energy projects across the United States to provide savings and long-term value for its clients. Verogy manages all aspects of each project to ensure optimal production and financial performance. For more information on Verogy, visit www.verogy.com.
About Stonehenge Growth Capital
Stonehenge Growth Capital, a subsidiary of Stonehenge Capital Company LLC, provides venture capital, private equity and mezzanine debt to private companies led by experienced management teams with a passion for innovation and the pursuit of high-growth opportunities. The Growth Capital team has invested over $1 billion in small and medium-size businesses across venture capital, private equity and debt funds since 1993. To learn more about Stonehenge Growth Capital, please visit http://www.stonehengecapital.com.
Contact:
Lindsey Hendren
lindsey@thinkhubbell.com
503.912.7687
A photo accompanying this announcement is available at: http://www.globenewswire.com/NewsRoom/AttachmentNg/bd09d3c2-75a4-4044-816b-81e96460a2dd