Pegasus Solar, a leading designer and manufacturer of innovative rooftop mounting systems for solar installations, announced today that it has closed on a Series A round of equity funding led by Ecosystem Integrity Fund (“EIF”), with additional participation from Okapi Capital, Howard Wenger, Mike Miskovsky, and other solar industry executives.
Pegasus said that it will use the proceeds to grow its sales and customer support teams and to continue its industry-leading efforts to design and manufacture efficient and functional solar mounting systems.
“We are excited to partner with EIF and other investors who share our passion for solar energy and support our mission to accelerate the adoption of rooftop solar,” said Kai Stephan, Chief Executive Officer of Pegasus. “With a relentless focus on engineering and continuous improvement, we have developed the best suite of products for residential solar. This funding will allow Pegasus to bring these cost-saving products to more customers and to further strengthen our industry-leading product development.”
“We are excited to be on the forefront of the breakthrough solar mounting technology that Pegasus is developing,” said James Everett, Partner at EIF, where he leads the investment team. “As more consumers incorporate solar technology into their homes, mounting systems will be a critical component of this rapidly growing market.”
According to GTM Research, the market for residential solar mounting systems in the US was $240 million in 2016. From 2016 through 2022, the rail-less market segment, which is Pegasus’ key focus, is expected to grow by 67%.
EIF made its investment out of its EIF Fund III. Financial terms of the transaction were not disclosed.
