Today, solar sales software platform Aurora announced it closed a $250 million Series C funding round. In fact, global investment manager Coatue led this investment phase with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall.
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According to Aurora Solar, it will use the investment to expand its product roadmap. Besides, it will continue to attract more talent across all teams and boost sales and customer support. Finally, the Company will continue building its leadership team to help scale the company.
Aurora Solar raises $250M to reinforce solar installations with digitization solutions
In a press release, the company noted that its latest fundraise underscores how energy markets are increasingly shifting to renewable energy worldwide. With more than $320M raised throughout the last two years, Aurora thinks its solutions reinforce the role of solar installations in the energy transition. Particularly, since these installations have been the fastest-growing source of energy over the past decade.
Moreover, the Company stated this transition is translating into new well-paid jobs. According to the Solar Energy Industries Association, President Biden’s climate goals by 2035 will need clean jobs to grow from 230,000 to 900,000 to achieve the target of carbon-free power.
In this sense, software like the one provided by Aurora Solar will be vital to making solar installations more affordable and accessible. Furthermore, software solutions will need to address both residential and commercial user needs.
Indeed, Aurora software already enables solar companies and home-users to streamline the solar project lifecycle. Accordingly, it makes it easy to integrate disparate data sources, design accurate solar installations, and automate complex workflows.
Besides, solar professionals can accurately determine how many solar panels will fit on a property and forecast how much energy the solar system will produce. Moreover, they can calculate how many batteries are needed for backup power and show how much money their client will save by switching to solar.
In this regard, Sam Adeyemo, co-founder, and CRO of Aurora Solar, commented, “Our mission is to create a future of solar energy for all. Indeed, the only way to reach that goal is to make it easy for solar professionals to design and sell solar remotely. Also, to make it affordable for consumers to understand and access the benefits of solar.”
So, “this funding will help us accelerate our vision,” said Adeyemo. Notably, “as more solar companies choose to grow their business using digital and remote solutions rather than manual ones.”
Besides, the Company added that its digital solution could further help users reduce their soft costs while installing photovoltaic solar. In fact, those costs have already dropped by 70% since 2010, Aurora stated.
Accordingly, Jaimin Rangwalla, Senior Managing Director at Coatue, said, “Residential solar is set to grow significantly over the next decade. Thus, Aurora has the potential to unlock an inflection in this growth; particularly through lowering soft costs, such as installation and permitting.”
Moreover, “we believe Chris and Sam have proven themselves to be exceptional operators; and have built the leading software business in this category,” continued Rangwalla. Therefore “we are excited to partner with them on the next phase of this journey.”
Finally, Chris Hopper, co-founder, and CEO of Aurora Solar, commented; “We see an incredible opportunity to expand the market for solar software. Also, to make it accessible to anyone on the team, from sales and marketing to design and operations and more.”
“Working firsthand with solar professionals in communities around the globe has given us a front-row seat to the explosion in the solar market;” added Hopper. Besides, “the economic opportunities it is creating for more jobs, lower costs and a greener future for us all.”