Solar company Sungevity receives $70 million investment

SAN FRANCISCO Fri Apr 4, 2014 4:51pm EDT

Mike Jones stands next to solar panels on the roof of his home in Los Angeles, California March 18, 2011. REUTERS/Lucy Nicholson

Mike Jones stands next to solar panels on the roof of his home in Los Angeles, California March 18, 2011.

Credit: Reuters/Lucy Nicholson

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SAN FRANCISCO (Reuters) - Rooftop solar company Sungevity on Friday said it will receive $70 million in new equity financing from a group of investors including Duesseldorf, Germany-based E.ON EON.UL, one of the world's largest investor-owned utilities.

It marks the largest investment by a power company in a solar upstart, the company said.

Other investors include GE Ventures, the investment arm of conglomerate General Electric (GE.N), which initially invested in the company in July 2013. The deal was led by Jetstream Ventures, a Nashville-based fund.

Sungevity officials did not say how they planned to spend the new funds other than to help it expand its business. Announcements related to the investment will be coming in the weeks and months ahead, a spokesman said.

Sungevity, which provides free online quotes to households considering a shift to solar, saw its U.S. sales double last year as it added 5,000 new customers.

(Reporting by Rory Carroll; Editing by Bernard Orr)

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