Daily Record Staff//January 31, 2023
//January 31, 2023
Baltimore-based Sunstone Credit Inc., a technology-enabled clean energy financing platform that helps businesses go solar, Tuesday announced an oversubscribed $20 million Series A funding round.
The round was led by an affiliated fund of Greenbacker Capital Management LLC, which provides flexible capital and best-in-class guidance for growth-stage clean energy companies.
Sunstone is on a mission to help more businesses go solar by providing simple and cost-effective loan financing. Even as a confluence of factors drive business demand for clean energy, including tax incentives, customer preferences for sustainability, and a need for resilient power access, most companies have not had access to loan financing for solar installations in the past.
Available through a national network of solar installer partners, Sunstone’s solar finance offering helps businesses to reap the substantial benefits of going solar and owning their own solar system.
Since launching in late 2021, Sunstone has onboarded hundreds of solar developer partners in all 50 states, offering its embedded solar financing solutions to commercial customers at the point of sale. These developer partners have initiated over $200 million in loan applications on Sunstone’s platform to date.
Sunstone is led by Josh Goldberg and Wilson Chang who previously were among the co-founders of Sunlight Financial, a residential solar finance platform, which went public in 2021. Additional members of the executive leadership team include Sumbul Alvi, Ashley Cox, Mike D’Andrade, Duncan Hinkle, Scott Muckleroy and Susan Tanski.
Sunstone will use the funding to hire new talent and enhance its technology platform. Also participating in the round were Earthshot Ventures and existing investors Grotech Ventures, Cross River Digital Ventures, and Forbright Bank. Grotech Managing Partner Lawson DeVries will join the Sunstone Board of Directors. In addition to their role as equity investors, Cross River and Forbright Bank will also continue to provide financing for Sunstone’s loan portfolio.o