Full-service residential rooftop solar provider ION Solar (ION) announced an investment led by the investment team at Greenbelt Capital Partners (Greenbelt). Investors in the transaction included Trilantic Energy Partners II North America, Blackstone Credit, and Energy Impact Partners (EIP).
Matthew Rasmussen, David Rasmussen and Jeremy Call, the founders of ION, will continue to own a majority equity stake in the business and lead the company through its next growth phase.
"We are incredibly proud of the business we have built alongside our extremely talented sales leadership and operations teams. By providing our customers with premium solar products and a white glove experience from sales through installation, we have been able to rapidly scale ION into the premier provider of residential solar," said Matthew Rasmussen, CEO of ION.
"The investment is not only a reflection of what ION has become, but more importantly, speaks to the tremendous opportunity in the residential solar industry. We are very excited for our next chapter of growth," added Jeremy Call, President of Sales for ION.
Since 2013, ION has built a market-leading residential solar company with operations in eight states across the U.S., with over 200 MW total installed capacity across more than 30,000 households. According to the management, ION has grown to be a top 10 residential rooftop solar contractor in the U.S. by delivering customers a premium solar experience from sale through installation.
"The ION executive team has built an industry-leading platform through their relentless focus on customer service and by selectively expanding into high growth geographies. Their strategic go-to-market approach is unique within the industry and delivers exceptional value to their customers," said Chris Murphy, Partner at Greenbelt.
"The residential energy landscape is rapidly evolving as homeowners rethink patterns of consumption and the desire for energy independence," said Zach Levenson, Vice President at Greenbelt. "We believe the ION team is uniquely positioned to capitalize on changing consumer preferences by driving the continued adoption of rooftop solar and introducing incremental products such as residential storage and EV chargers."
Greenbelt spun out of Trilantic North America earlier this year, and its investment team continues to serve as advisors to Trilantic North America and its managed funds. This is the first deal led by the investment team at Greenbelt since the spinout.