Racking and tracker specialist, GameChange Solar Holdings Corp., received an investment of $150 million from Koch Strategic Platforms (KSP), a subsidiary of Koch Investments Group.
KSP has focused on energy transformation investments with strategic investments in companies that it believes are market disruptors. Recently, for example, KSP announced investments in the battery value chain and new sources of energy storage and infrastructure.
“KSP is excited to invest in GameChange Solar as they bring their advantaged solar energy solutions to market,” said Jeremy Bezdek, managing director of Koch Strategic Platforms.
GameChange Solar was founded in 2012 and has grown from being a regional provider of fixed tilt racking systems to a global provider of utility and commercial scale solar mounting solutions, trackers and software. The company was ranked as the 3rd largest solar tracker company domestically and the 6th largest vendor globally in 2020 by Wood Mackenzie.
GameChange’s Chief Financial Officer, Mark Gibbens, said, “We are excited to be able to launch this next phase of our growth with the validation of a major investor in the energy transformation space. Koch offers not just the capital to grow, but the opportunity to mutually leverage the capabilities of each organization.”
The $150 million preferred stock investment which, if converted, would represent a minority stake in GameChange Solar. The company plans to use net proceeds from the investment to continue to expand its market share in the U.S. and globally and to accelerate R&D including margin-enhancing balance of system solutions, a new 2P tracker technology, a new fixed tilt system, and advanced tracker software.
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