Next Step Living Inc. Raises $18.2 Million to Expand Efforts to Make Homes More Energy Efficient

Wed Dec 5, 2012 6:13pm EST

* Reuters is not responsible for the content in this press release.

  BOSTON, MA, Dec 05 (Marketwire) -- 
Next Step Living, Inc., a leader in residential energy efficiency and
renewable energy, has raised $18.2 million in a Series C financing. New
investor VantagePoint Capital Partners led the round. Existing investors,
including Black Coral Capital and Mass Green Energy Fund, also
participated in the round, which remains open.

    The financing allows Next Step Living to expand its geographic base and
thus serve homeowners in Connecticut, Maryland, and other states on the
Atlantic Coast. To date, Next Step Living has primarily conducted its
operations in Massachusetts. 

    Next Step Living helps people make their homes and communities more
energy efficient and clean. Homes account for 22 percent of all of the
energy consumed in the U.S., according to Department of Energy, and a
substantial portion gets lost through under-insulated homes and
inefficient heating and cooling systems. Through data-driven energy
audits, complimentary upgrades like new light bulbs, insulation
offerings, installation of solar technology and advanced heating and
cooling systems, Next Step Living can reduce utility bills by 20-40
percent or more, as well as make individual homes more comfortable and
livable.

    The company's Home Energy Advisors also help customers better understand
how their homes operate and qualify for energy efficiency incentives. The
company works hand in hand with partners such as the Mass Save Program to
bring customers all available benefits.

    "At our core, we help communities and residents redirect the money they
spend every day on energy back into their families and communities," said
CEO Geoff Chapin. "By implementing efficiency measures, homeowners can
cut their bills and make their homes more comfortable. Reduced energy
consumption also means more predictable energy bills, cleaner air, and
lower demand for fossil fuels. Additionally, it means more employment for
local contractors, electricians and other tradespeople who work with Next
Step Living as partners. Through energy efficiency, you really are
helping change the world one home at a time."

    Next Step Living also collaborates with community groups, cities, and
nonprofit agencies to help spread the word about the benefit of
residential energy efficiency and renewables. In partnership with the
City of Boston and the Mass Save program, for instance, Next Step Living
helped upgrade over 6,000 homes in the city under the Renew Boston
initiative. 

    Founded with five employees right before the housing crash of 2008, the
company now employs over 400 Home Energy Advisors, technicians, customer
service specialists and other employees. It has upgraded over 25,000
homes and visits more than 2,000 homes a month. Next Step Living also
invests in back-end software systems to collect data and more effectively
target homes that can benefit from efficiency upgrades and solar energy
the most.

    "Next Step Living has established an important record of accomplishment
in just a few short years," said Lee Burrows, Managing Director at
VantagePoint Capital Partners. "As consumers and businesses start to
fully appreciate the economics of energy efficiency, we believe that the
industry, and this company, holds the potential for impressive growth."

    "We've been glad to be a part of how Next Step Living is reinventing some
of the rules of cleantech investing. With this growth capital and the
addition of a top-notch partner like VantagePoint, we're excited about
the next steps for this visionary company," added Rob Day, a general
partner at Black Coral Capital. 

    About Next Step Living Next Step Living is a residential energy
efficiency and renewables company dedicated to making your home more
comfortable and valuable. They are a socially-conscious, environmentally
focused, results-driven organization dedicated to helping their customers
lower their energy bills, increase the comfort of their homes, and reduce
their carbon footprint. Founded in Boston in 2008, we have improved over
25,000 homes. For more information, please visit us at
www.nextstepliving.com.

    

For further information, please contact:
Michael Merwin
Eastwick
mike@eastwick.com
(408) 470-4895 

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