Written by: Leonard Parker | Solar News | 16th April
Israeli solar developer Solegreen LTD is investing up to $104 million in California-based solar installer Kuubix over the next two years in the form of equity and convertible loans. The investment will enable the company to continue its expansion of residential and commercial installation capacity in California, Texas, Nevada and Florida.
Founded in 2016, Kuubix installs residential and commercial solar systems. The company builds strong partnerships based on the following core values: Knowledge, Unity, Unconventional, Balance, Integrity, and eXcellence. Solegreen LTD is a publicly traded platform company which is engaged in the set-up, development, construction, management, and operation of power-generation facilities using renewable energy. It currently has approximately 23MW installed PV capacity, 49MW in advanced construction, and 680MW in its pipeline.
Plans: On the residential solar side, substantial funding will be allocated to build a robust direct-to-consumer marketing operation. This will accelerate the growth of Kuubix’s dealerships by assisting with lead generation and appointment setting.
“Kuubix was recently named by the Inc.5000 as one of the fastest growing companies in the U.S., and in the last few months we have done a complete overhaul of our operations and brought in a team of executives that ensures our ability to continue this growth. The partnership with Solegreen will free up funds to go deep with selected dealerships to help them grow in all our markets – California, Texas, Florida, and Nevada this year and then nationwide in 2022,” said Josh Butt, CEO at Kuubix.
“Expansion into the U.S. market was one of our main objectives for 2021,” said Solegreen Chairman Gal Bogin. “Kuubix’s track record for rapid growth and the strength of their management team make them uniquely positioned for continued growth and expansion and an ideal partner for Solegreen.”