Vivint Solar Welcomes New Finance Team Leadership - Dana Russell and Rich Larson Bring More Than 20 Years of Financial Experience to Solar Company

- Additional $40 Million Tax Equity Funding Brings 2013 Total to $780 Million

PROVO, Utah, Dec. 12, 2013 /PRNewswire/ -- Vivint Solar, the second largest U.S. residential solar provider, today named two new finance executives, Dana Russell, chief financial officer, and Rich Larson, vice president of finance, to its leadership team. The executives bring more than two decades of experience in technology and finance to help propel the company into a successful future, aided by a recent addition of $40 million in tax equity funding.

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The new financing brings Vivint Solar's total to $780 million, closing 2013 with more than three quarters of a billion dollars in solar tax equity funding and project financing.

"These leadership team additions come at a crucial moment in the company's development and will ensure that we have top-notch financial and accounting experts at the helm as we position Vivint Solar as the premier residential solar provider," said Greg Butterfield, CEO of Vivint Solar. "Dana brings a wealth of knowledge from his experience as a CFO in both rapidly growing environments and large publicly traded companies, and Rich's deep background stems from more than 17 years in public accounting as well as public and private corporations. Together their skills will guide us as we use the new funding to build our company and its value to our expanding customer base."

The new members of the leadership team bring a wealth of professional background:

  • Dana Russell, chief financial officer, will be responsible for the financial and accounting functions of Vivint Solar. His experience includes the merger agreement between Novell and Attachmate, valued at $2.2 billion, and a patent cooperation agreement with Microsoft valued at $450 million. Prior to joining Vivint Solar, Russell was the chief financial officer of software company Allegiance, as well as senior vice president and chief financial officer of Novell from 2005 to 2011.
  • Rich Larson, vice president of finance, was most recently director of corporate planning and financial reporting at the software company The Attachmate Group, and was a key participant in integration activities when Novell was acquired by The Attachmate Group. Between 1999 and 2011, he served in a variety of financial management roles at Novell, and early in his career served as a senior accountant at Deloitte & Touche LLP and staff accountant at Squire & Company.

The company significantly bolstered its management team in 2013, adding key executives such as Butterfield; Thomas Plagemann, executive vice president, capital markets; Chris Lundell, chief marketing officer; Jan Newman, vice president of business development; and Paul Dickson, promoted to vice president of operations.

Vivint Solar was created in 2011 and has become the second largest U.S. residential solar installer, according to the U.S. PV Leaderboard published by GTM Research. The company attributes its rapid rise to successfully applying Vivint's infrastructure of skilled residential in-person and consultative sales strategy, allowing Vivint Solar to differentiate itself from other solar competitors.

About Vivint Solar

Vivint Solar is a leading provider of simple, affordable solar solutions. As an early adopter of the power purchase agreement (PPA) model, Vivint Solar designs, installs, and maintains cost-effective solar energy systems. The company provides award-winning service and support while saving customers money and protecting the environment. For more information, visit www.vivintsolar.com.

About Vivint

Vivint is a leading provider of home technology services. Vivint services are delivered through a technology-based platform that integrates a wide range of wireless features and components to provide simple, affordable home security, energy management, home automation and solar solutions. Our vision is to connect customers to the things that matter most—their homes, families, health, cars, and businesses. In 2011, Vivint's Home Automation package and Advanced Security package received a Consumers Digest "Best Buy" rating. Vivint also received the 2012 CSAA Central Station of the Year award for overall excellence in monitoring, training, and quality relationships with customers. Dedicated to protecting families, increasing energy efficiency, and simplifying lives, Vivint has over 13 years of experience and supports more than 750,000 customers throughout the United States and Canada. For more information, visit the company's website at www.vivint.com.

Contact
Vivint Solar
Kady Cooper
Director of Public Relations
415-706-9778
kady.cooper@vivintsolar.com

SOURCE Vivint Solar



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