One Block Off the Grid (1BOG) Closes Series A Funding From NEA

SAN FRANCISCO, Feb. 11 /PRNewswire/ -- One Block Off the Grid (1BOG), the nation's largest solar consumer advocate, today announced that the company has closed a $5 million round of Series A financing from New Enterprise Associates (NEA). NEA is a leading global venture capital firm with more than $11 billion in committed capital and a 30-year track record of successful investing.

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Since late 2008, 1BOG's innovative model to provide group discounts and vendor-agnostic advice, have helped bridge the gap between homeowners and solar installers. The company is responsible for the installation of around 600 residential solar electric systems to date. The financing will support 1BOG's national expansion strategy to rapidly boost US adoption of residential solar.

"1BOG's team has applied a unique yet simple approach to solving the solar market's incumbent challenges, one that taps into the power of community and makes solar more accessible for American homeowners," said Ravi Viswanathan, General Partner at NEA. "We believe this company provides the solar industry's missing link; scaling 1BOG's model will create a tipping point for mass adoption of residential solar energy."

By providing unbiased support for homeowners interested in solar, 1BOG empowers people to make sound investments in money – and energy-saving – technology.

"The financial and environmental benefits of solar are well documented, but residential adoption is still less than one percent. By simply applying transparency to pricing and process, 1BOG has the potential to modernize, and turbo-charge the solar industry," said Dave Llorens, CEO 1BOG. "Our ability to secure Series A funding in a tepid economic climate is testament to our sound strategy to meet consumer demand for clean energy while strengthening overall public perception and support of solar."

About 1BOG

One Block Off the Grid, Inc. (1BOG) is the nation's largest solar group discount company and consumer advocate, dedicated to making home installations easy and affordable. For every regional campaign, 1BOG conducts a rigorous and impartial selection process to identify an ideal installer partner, based on their pricing, track record of quality installations, reliable warranties, premium products and a viable business model. 1BOG organizes interested homeowners into a large solar buying group to negotiate lowest solar group discount rates from the installer partner so that community members can enjoy the best deal for solar power without having to become solar experts themselves. 1BOG was founded in 2008 in San Francisco, California and was incubated at Virgance, which creates and builds mission-driven businesses. For more information, visit www.1BOG.org.

About NEA

New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. Since the firm's founding in 1978, NEA's experienced management team has invested in over 650 companies, of which more than 165 have gone public and more than 265 have been acquired. In the U.S., NEA has two offices in the Washington, D.C. metropolitan area and one in Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.

SOURCE One Block Off the Grid