Apricus Generation Announces Close of Series A Funding Round to Accelerate Solar and Battery Development

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Aug 28, 2024, 11:15 ET

Blue Marlin Partners and Current Yield with Participation Fund Lead Round for Building a National Solar and BESS Development Platform, with Commitments Exceeding $100 Million Corporate Equity Raise Goal

MIAMI, Aug. 28, 2024 /PRNewswire/ -- Apricus Generation, a rapidly growing holding company focused on building a national distributed solar and battery development platform and Independent Power Producer (IPP), today announced the closing of its Series A funding round led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund. With this closing, Apricus has already raised the majority of Series A capital and is over-committed towards its $100 million corporate equity capital raise goal. The Apricus platform enables consumers and businesses to participate in the energy transition by providing solar and battery storage developers with management expertise and capital to advance their project pipeline to generation.

"We have been exploring entry into the solar and battery energy distributed generation market for some time now. With Apricus, led by industry veterans Gautam Chandra and Ravi Thuraisingham, we have found the right mix of an innovative business plan, founders with a proven execution track record with successful exits, and the perfect timing," said Peter Kirsch, Founder and Managing Partner of Blue Marlin Partners.

"CYwP Fund IV benefited recently from a highly successful exit with one of the Apricus founder's previous ventures, and we are extremely pleased that CYwP Fund VII and CYWP Solar Energy I have the opportunity to participate again with the founders in their new venture in the exciting and fast-growing solar and battery storage sector," remarked Ethan Assal, Founder and Managing Partner of CYwP Fund.

"We are excited to have Blue Marlin and CYwP Fund as the lead investors in our Series A round. Having previously worked with CywP Fund, we greatly value their continued confidence and partnership, and we are equally excited to welcome Blue Marlin as they venture into this space," said Gautam Chandra, Executive Chairman and Co-Founder of Apricus Generation. "In addition to our institutional partners, dozens of loyal past investors also participated in this financing round. We are humbled and grateful for the strong interest in Apricus and our business model, highlighted by this very successful capital raise and the trust that both new and returning investors have in our vision."

The funds will be used to accelerate Apricus' business plan and support the growth of its recent acquisition of a controlling interest in Nexus Renewables, Inc., a Toronto-based developer of US solar and energy storage projects. This capital raise will also fuel additional acquisitions and the buildout of solar and battery energy systems, advancing the company's strategic goals.

About Apricus Generation

Apricus Generation, Inc. is a holding company designed to build a national distributed solar and battery development platform and Independent Power Producer (IPP). Apricus Generation's platform enables consumers and businesses to participate in the energy transition by providing developers with management expertise and capital to advance their project pipeline to generation. The company brings together the founders' decades-long proven track record in clean energy development and investment.

For more information, visit: https://www.apricus.energy/

About Blue Marlin Partners

Blue Marlin Partners is a private investment firm based in Bethesda, Maryland with more than $675 million of invested capital along with strategic partners in 28 platform investments. Blue Marlin invests on behalf of a network of investors, who are all part owners of Blue Marlin, and are high net-worth operators, individuals, or single-family offices with distinct expertise in a particular industry or vertical. Blue Marlin's investment team works in concert with our investor network, leveraging their expertise in our diligence and to create value within our portfolio companies post-close. For more information, visit https://www.bluemarpartners.com/

About CYwP Fund

Current Yield with Participation (CYwP) Fund was formed to provide flexible growth capital through debt and equity investments in operating companies and high-yield real estate opportunities based in the continental United States. The funds of CYwP Fund are managed by Ethan Assal and David Brink. For more information, visit https://cywpfund.com/

SOURCE Apricus Generation