Elevation Secures Series B Investment to Bring Clean Energy to Renters
Investment Led By Bernhard Capital
CHANDLER, Ariz., March 23, 2022 /PRNewswire/ -- Elevation, a fully integrated residential energy solutions company, today announced the close of a Series B financing, led by Bernhard Capital Management Partners, LP, a private equity management firm with a services and infrastructure focus.
This investment follows a June 2021 Series A and will support the expansion of the company's proprietary clean energy technology platforms, which it currently provides for homeowners, to renters of single-family rental properties.
Rising home prices and stiff competition for affordable homes are driving demand for single-family rental homes across the country. This fast-growing market is also seeing demands from their savvy base of renters to provide smarter and more sustainable homes that help them 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 lower cost, cleaner energy to renters through institutional single-family rental home operators.
"The single-family rental market is growing exponentially, and when that kind of scale is coupled with sustainable energy solutions, the impact is incredible," said Greg Fasullo, CEO of Elevation. "With the implementation of our energy solution on just 1,000 homes, more than 8,400 metric tons of CO2 can be avoided. When that is scaled across tens of thousands of homes, entire coal-burning power plants can be replaced. This funding and our partnership with Bernhard Capital Partners will enable us to continue our reach into this large market and get closer to creating true net-zero carbon living."
"Elevation is leading the way to cleaner energy in rental homes, and they have a unique approach that not only produces new energy through solar but also reduces the amount of energy needed in a home, offering more savings and impact," said Jeffrey Koonce, a partner at Bernhard Capital. "Our investment in Elevation is an exciting opportunity for us to extend our footprint in infrastructure into clean energy and help drive impact at a large scale."
The company also announced that Jeffrey Koonce will join Elevation's Board of Directors.
About Elevation
Elevation is a fully integrated residential energy solutions company providing solar, energy efficiency, and smart energy management technology. As a 2019, 2020, and 2021 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. 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 three funds across several strategies, has approximately $2.5 billion of gross assets under management and is ranked as one of Private Equity International's 300 largest private equity firms worldwide. 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.
SOURCE Elevation
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