Elevation Announces $20 Million Convertible Note Investment from Bernhard Capital Partners

CHANDLER, Ariz., Sept. 25, 2023 /PRNewswire/ -- Elevation, a fully integrated residential energy solutions company, today announced the close of a convertible note offering led by Bernhard Capital Partners ("Bernhard Capital"), an infrastructure and services-focused private equity management firm.

The investment follows previous preferred stock and convertible note investments by Bernhard Capital in March 2022 and March 2023, respectively, and will continue to support the expansion of the company's proprietary clean energy technology platforms, which it currently provides to homeowners, single-family rental home operators and their residents.

Higher mortgage rates and stiff competition for affordable homes continue to drive demand for single-family rental homes across the country. This fast-growing market is also seeing demands from a savvy base of renters to provide smarter and more sustainable homes that can help control the rapidly increasing cost of electricity and provide alternatives to coal-burning grid power through renewable options like solar.

By leveraging its proprietary Curb energy management technology along with renewable solar energy, Elevation provides a way to bring more affordable, cleaner energy to both homeowners and renters through institutional single-family rental home operators.

"We appreciate Bernhard Capital's continued support as we work to expand access to our renewable energy solutions and Curb platform for homeowners, single-family rental households and utilities nationwide," said Clayton Andersen, CEO of Elevation.

"We believe in Elevation's unique approach to providing multidimensional solutions to customers that drive both economic and operational value for residents and home portfolio operators alike," said Jeffrey Koonce, a Partner at Bernhard Capital. "We look forward to our ongoing partnership with Elevation as they continue to serve the single-family rental home market."

About Elevation
Elevation is a fully integrated residential energy solutions company providing solar, energy efficiency, and smart energy management technology. As a multi-year Contractor of the Year recipient by the U.S. Department of Energy, Elevation is a proven leader in clean energy technology, and sets the industry standard in its deployment of this technology to homeowners, institutional operators of single-family rental properties, and utility providers. For more information, visit www.poweredbyelevation.com.

About Bernhard Capital Partners
Bernhard Capital Partners is a services and infrastructure-focused private equity management firm established in 2013. Bernhard Capital Partners has deployed capital in four funds across several strategies, has approximately $3.4 billion of gross assets under management. Bernhard Capital Partners seeks to create sustainable value by leveraging its experience in acquiring, operating and growing services and infrastructure businesses. For more information, visit www.BernhardCapital.com.

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SOURCE Elevation