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PosiGen CEO Thomas Neyhart continues to grow the company, fueled by a round of funding from private equity firms. Neyhart leads the New Orleans-based provider of renewable energy and energy efficiency solutions. His vision is to drive environmental justice with affordable energy for low- and middle-income families.
Thomas Neyhart was the driving force in the latest Series D growth equity financing round in April 2021. The second closing of Series D financing brings the total round to $60 million.
The latest round includes investments from Activate Capital, Kayne Anderson, and SJF Ventures. Marathon Capital acted as PosiGen's financial advisor in the latest round.
That investment follows an April 2021 announcement about a $24 million term loan for working capital. Mizzen Capital, LP, a private credit fund, led the financing, providing $8 million. Stonehenge Capital and Reinvestment Fund also each provided $8 million.
PosiGen has also raised a $90 million credit facility with Connecticut Green Bank. That helps provide low- and medium-income customers with access to available credit to finance solar investments.
Thomas Neyhart Expands Leadership Group
PosiGen recently has added two new leaders to its senior management team. The company named Dan Black as Chief Legal Officer in November 2021. He most recently served in a similar role for one of the largest residential solar companies in the country.
Black will report directly to Neyhart. He will oversee all legal affairs, including corporate governance, compliance, regulatory matters, and enterprise risk.
Neyhart hailed Black's experience, legal expertise, and passion for residential solar. He cited the importance of adding strong team members as PosiGen expands into new markets.
Black's hire comes on the heels of the addition of Josh Storrusten as vice-president of operations. Hired in May 2021, Storrusten has a history of work in solar, including a decade in renewable energy work.
Storrusten managed the installation of more than a gigawatt of solar across the United States. He most recently led operations for a renewable energy company supplying residential and commercial solar, storage and energy efficiency products.
At PosiGen, he will oversee operations from contract signatures to activation. PosiGen CEO Thomas Neyhart noted the company had worked with Storrusten previously. His expertise will help as the company scales up operations, Neyhart said.
Growth Mindset a Focus for Thomas Neyhart
PosiGen has worked since 2011 to close the gap in affordability for clean energy. Its solutions lower utility bills and grow the benefits of clean energy. The company offers solar panels and energy efficiency upgrades to low- and moderate-income homeowners.
The company's mission is to not only deliver lower bills but raise awareness about solar's environmental benefits. It has served more than 17,000 families, about half of which are in communities of color.
The Series D funding will allow PosiGen to expand to new markets, part of its goal of making solar available to everyone.
PosiGen's model provides low-cost leases of rooftop solar panels along with energy efficiency upgrades. These solutions lead to up to 20 percent average savings on household energy annual spend rates.
The company's customized solar energy solutions are transformational on several levels. Its products take solar energy and convert it to electricity. As a power source, solar is less harmful to the environment than other sources. And it provides families with reduced utility costs.
PosiGen's energy audits include:
● Blower door testing
● Window and door assessments
● Thermal imaging and infrared scanning
● Attic evaluation
● Combustion appliance zone test
● A personalized home energy report
The company today has more than 270 direct employees and more than 120 contractors. It operates in Louisiana, Connecticut, Florida, New Jersey, and New York.
The company plans to consider growth in sectors around the country. California, Illinois, eastern Pennsylvania, and Nevada are all possible expansion sites.
Model Benefits Customers and Investors
SJF Ventures executive Dave Kirkpatrick hailed the PosiGen CEO Thomas Neyhart and the company's approach. PosiGen invests a few thousand dollars in cleaning up heating and cooling leaks and adding thermostats and LED lights. The company packages those improvements with rooftop solar at a 20-year flat-rate lease. Together, those bundled improvements drive savings for homeowners for years.
The average savings are 3,500 kilowatt-hours per household per year. The system design is also easily replicable, which reduces the time necessary for permitting and construction.
In the northeast, PosiGen offers a standard 7.4-kilowatt system for homeowners. In Louisiana, it's an 8-kilowatt system.
Reputation has played a big role in PosiGen's growth. Much of the company's business comes from referrals. For PosiGen, the average cost of acquisition is about 80 percent less than that of its peers.
About PosiGen CEO Thomas Neyhart
Thomas Neyhart has more than 25 years of management leadership experience. He studied at Louisiana State University and owned Colortyme from 1991 to 2012. For more than a decade, he was the chief operating officer of Utica Rentals, a large retail chain with 32 locations and more than 165 employees in six states.
Neyhart also was a partner in an executive search firm. The firm placed more than 2,500 construction executives throughout the United States. IN 2014, Goldman Sachs named him one of the 100 Most Intriguing Entrepreneurs.
He is a regular speaker at forums on renewable energy and the construction business.
