Sungevity And E.ON Establish First Partnership In Europe To Expand Solar Energy Business

OAKLAND, Calif. and AMSTERDAM, June 4, 2014 /PRNewswire/ -- Sungevity, Inc., a recognized leader in the global solar market, today announced a partnership with E.ON Benelux, a division of one of the world's largest investor-owned utility companies, under which Sungevity will offer its turnkey solar energy service to E.ON's base of customers in the Netherlands on a co-branded basis. The partnership is expected to expand to other European countries in the near future and is part of Sungevity's increased focus on international expansion, which is expected to include a full range of marketing initiatives and strategic partnerships in targeted markets around the globe.

E.ON SE last month made a strategic investment in Sungevity that set the stage for the current partnership and helped the solar energy provider raise a total of $70 million in new equity financing from a consortium of new and existing investors. E.ON has been successful in the solar business in multiple European countries, entered the Dutch solar market in 2012, and plans to use the partnership with Sungevity to expand its solar energy footprint.

To facilitate its European expansion, Sungevity has converted its minority stake in Dutch solar startup Zonline to full ownership. Sungevity will retain and expand the Zonline workforce, including CEO Frank Goovaerts and founder Roebyem Anders, and rebrand the company as Sungevity Netherlands. The new entity will serve as Sungevity's European headquarters, and will manage and support the solar services provided to E.ON customers as well as other Sungevity customers acquired through separate marketing initiatives and partnerships. Sungevity's acquisition of Zonline closed on May 22, 2014.

E.ON customers purchasing Sungevity's services will reap the benefits of Sungevity's remote solar design capabilities and proprietary iQuote instant quoting technology that eliminates the need for upfront site visits through the use of satellite imagery and aerial photography. Quotes include estimated cost savings over conventional energy sources based on buyers' historical consumption rates.

Sungevity first entered the European market through a joint venture partnership with Zonline announced in November 2011, and launched its brand in Australia in April 2012.

"As the second-highest-priced energy market in Europe, the Netherlands is an ideal place to begin our strategic partnership with E.ON," said Andrew Birch, Sungevity's Chief Executive Officer. "Being able to tap into their customer base, their brand recognition and their credibility as one of the largest utilities in Europe gives us a solid route to market with extensive growth potential in the face of rising demand for alternative energy sources."

"Partnering with Sungevity will help us achieve one of our core objectives – to improve people's lives as a global sustainable energy provider and preferred partner for energy solutions," said Roel Meijerink, Sales Director, E.ON Benelux.  "Offering Sungevity's solar services will give customers a broader choice backed by software technology that simplifies the sales process both for us and for the end consumer."

About Sungevity, Inc.

Sungevity is a global solar energy provider focused on making it easy and affordable for homeowners to benefit from solar power. Leveraging proprietary remote solar design technology, Sungevity can deliver a firm quote instantly without a home visit and provide homeowners with immediate visibility to savings on their electricity bills. The company continues to grow its global customer base and now services nine U.S. states, the District of Columbia, The Netherlands and Australia. Sungevity also is Lowe's exclusive US partner in residential solar, and was recently recognized by B Corp as one of the "Best for the World" companies for using the power of business to solve social and environmental problems. For more information, visit www.sungevity.com.

About E.ON SE

E.ON is a major investor-owned energy supplier. At facilities across Europe, Russia, and North America, the company's more than 62,000 employees generated approximately EUR122.5 billion in sales in 2013. In addition, there are businesses in Brazil and Turkey managed jointly with partners. E.ON's diversified business consists of renewables, conventional and decentralized power generation, natural gas, energy trading, retail and distribution. The company supplies around 35 million customers with energy, owns about 61 GW generation capacity, and is one of the world's leading renewables companies. For more information, visit www.eon.com.

SOURCE Sungevity, Inc.

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