Evelar Solar, a technology leader in the solar industry, today announced that it is completing a $5MM Series A and Mezzanine round of financing provided by Black Oak Capital Partners (“Black Oak”). The investment will further develop Evelar’s revolutionary technology platform, provide working capital to propel growth of both residential and commercial business lines, as well as support geographic expansion into New York City, Boston, South Carolina and New Jersey. The Company’s differentiated business model has been proven and they are now focused on doubling its existing revenues and becoming EBITDA profitable in 2018.
This funding positions Evelar to now become one of the largest technology companies in the solar Industry with its state-of-the-art, streamlined SaaS-based solution that instantly calculates a homeowner’s energy usage requirements and qualifies them as a viable solar candidate. This proprietary technology platform is the foundation for its future growth and success in redefining the solar industry. The Company’s technology is migrating towards empowering home-owners to more quickly get to installation, as well as avoid painful in-home sales visits.
“The fact that Evelar was able to raise capital in a very challenging year for the solar industry further reiterates and supports our unique technology-driven strategy for customer acquisition and market expansion through non-traditional solar sales channels,” said Spencer Angerbauer, CEO of Evelar Solar.
Todd Heiner, one of Black Oak’s limited partners, was invited to join the Evelar Board as the Chairman. Heiner founded and operated one of the largest T-Mobile retailers in the United States and was added to the board for his wealth of retail experience as Evelar looks to new customer acquisition strategies. “I’m excited to be a part of the Evelar board,” said Todd Heiner, “Their model is driven for success and the team is top-notch.”
Evelar will grow by leveraging its proprietary technology platform that centralizes the marketing, sales, customer service and data acquisition paired with localized engineering, procurement, construction and finance partners in target markets. Evelar is employing a growth model, much like Uber, where technology drives centralized functions, while minimizing overhead expenses to allow for rapid expansion.
“Evelar Solar is breaking the mold in how they reach the total addressable market for solar,” said Gregory Seare, Managing Partner, Black Oak. “This combined with the technology platform makes Evelar unique and is why we were attracted to the differentiated opportunity.”
