Yeloha Inc. announces the closing of $3.5 million in Series A funding to launch the Solar Sharing Network, a revolutionary online platform designed to bring the economic and environmental benefits of solar energy to everyone. And that means everyone – whether they live in a house in sunny location, a house in the shade, or an apartment.
The funding was led by Carmel Ventures, a member of the Viola Group, through an investment in Yeloha’s parent company, Generaytor. Ronen Nir, General Partner at Carmel, led the investment and has joined the Company’s board of directors. Generaytor previously raised a $1 million Seed round from angel investors led by Guy Gamzu, all of whom reinvested this round as well.
Anyone who does not have access to solar – for any reason, such as living in an apartment building – could join Yeloha as a “Sun Partner”. The Sun Partners can purchase as much or as little solar energy from the network as they choose, through an online subscription. The clean energy they purchase will be cheaper than the electricity they buy from their local utility. It’s as close to “one-click solar” as you can get.
The energy is produced by “Sun Hosts” in Yeloha’s network. Sun Hosts receive free installation of solar panels on their roofs, in return for sharing access to the solar energy they generate. Each Sun Host is allocated a portion of the electricity generated, and the savings appear on their monthly electric bill.
Yeloha aims to eliminate the main pain points of the solar energy market. It offers a simple peer to peer marketplace solution that connects people who share the goals of saving money and doing the right thing for their families, communities and the planet. There are no burdensome leases, no bait and switch tactics, no endless sales process, and as the obstacles fall away, no limits to who can gain access.
“Our mission is to create and accelerate the confluence of the Sharing Economy and solar energy,” said Amit Rosner, co-founder and CEO, Yeloha. “We’ve seen the extraordinary impact of collaborative connections in many industries – from transportation to travel. Now, the power of sharing comes to solar power.”
“We strongly believe Yeloha will play a leadership role in empowering millions of American consumers to adopt this abundant energy resource,” said Ronen Nir, General Partner at Carmel Ventures. “We are excited to partner with the strong team at Generaytor and build a significant community while transforming the way people consume energy”.
Yeloha is currently available across Massachusetts, by invitation only. The company has opened its headquarters in Boston, where it has already started installing panels on homes, nonprofits and small businesses, providing members with access to the Solar Sharing Network. The company intends to expand across the U.S., where the solar market is projected to double over the next two years.