Skyline Innovations to Expand Solar Water Heating Efforts with $2M Investment from CCM US and DC Community Ventures
Funding drives renewable energy adoption and clean energy business growth
WASHINGTON, May 31, 2013 /PRNewswire/ -- Skyline Innovations, Inc., a national leader in the financing and installation of solar water heating systems, has closed $2 million in mezzanine financing to fund its continued expansion. CCM US, LLC ("CCM"), a Washington, DC based asset management group investing in clean energy and real estate led the investment. Co-investing with CCM is DC Community Ventures, a community development venture capital fund that invests in DC metro companies with significant profit potential that deliver financial returns to investors and social returns to local communities. The $2M total investment will further Skyline's expansion, increase its ability to provide underserved communities with solar and create local job opportunities in construction and project management.
"Skyline Innovations is a leader in bringing the benefits of clean energy to commercial buildings and we are excited to support the company's continued expansion," said Josh Green, Managing Director for Energy at CCM. "Skyline's innovative business model overcomes many of the barriers that limit clean energy deployment in the commercial real estate sector; their solution makes economic sense for property owners while simultaneously benefitting the environment."
Skyline Innovations delivers guaranteed savings to businesses and multifamily buildings by providing a long term fixed discount to customers' utility rates for water heating. Skyline finances, installs, monitors and maintains commercial-scale solar hot water systems without upfront capital investment from the customer. This solar financing program enables businesses and multifamily buildings to go solar and receive immediate, guaranteed savings without taking financial or physical performance risk.
"Skyline's offering represents the ideal growth company that yields a triple bottom line," said Candler Young, Co-Managing Partner at DC Community Ventures. "They provide a return to investors while reducing energy costs, increasing job opportunities for local residents and helping the environment." Zach Axelrod, CEO of Skyline Innovations adds, "It's great to work with partners who have the shared vision of helping the communities in which we live and work as well as having renewable energy make sense for the bottom line."
ABOUT SKYLINE INNOVATIONS
Skyline Innovations guarantees customers' savings by providing a fixed discount to their utility rates for water heating. This complete customer solution finances, installs, monitors and maintains clean, reliable commercial-scale solar water heating systems at no upfront cost to customers. Found in 2009, the company is headquartered in Washington, DC, with offices in Los Angeles and San Diego. For more information, visit www.skylineinnovations.com or facebook.com/skyline.innovations. Follow us on Twitter at twitter.com/@sky_innovations.
ABOUT CCM US, LLC
CCM is a Washington, DC based asset manager dedicated to generating superior, risk-adjusted returns by investing in clean energy and commercial real estate in the US and Latin America. Traditionally a real estate firm, the CCM family of companies includes ownership, leasing, management and development of commercial real estate in the Mid-Atlantic and Southeastern United States and Puerto Rico. In clean energy, CCM invests growth capital into early-stage companies with a proven solution for the green building, green construction, and distributed energy sectors. The firm seeks to act as a strategic investor, providing its portfolio companies with unique value based on its deep expertise in the real estate industry as well as its extensive portfolio of owned and managed buildings into which clean energy solutions can be deployed.
ABOUT DC COMMUNITY VENTURES
Established in 2011, DC Community Ventures is a community development venture capital fund that seeks to invest in companies in the Washington DC metro area that deliver both financial returns for the fund as well as social returns for the communities in which they operate. The Fund focuses mostly on mid- to late-stage investments, specifically in businesses that are currently generating profits or have significant profit potential. DC Community Ventures also seeks to co-invest with other VC funds, lenders and institutional investors in equity or debt investments. For more information, visit http://www.dccommunityventures.com.
Sandra Lee, Skyline Innovations
Josh Green, CCM US, LLC
Candler Young, DC Community Ventures
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SOURCE Skyline Innovations, Inc.