One Block Off the Grid (1BOG) raised $5 million in Series A financing from cleantech venture capital fund New Enterprise Associates (NEA).
Founded in 2008 in San Francisco, 1BOG provides discounted solar installations to small businesses and homeowners. To date it has helped install about 600 residential solar electric systems. 1Bog says it plans to use the financing to expand beyond the U.S.
In a prepared statement, 1BOG CEO David Llorens said:
Our ability to secure Series A funding in a tepid economic climate is testament to our sound strategy to meet consumer demand for clean energy while strengthening overall public perception and support of solar.
Also, yesterday Los Angeles-based renewable energy focused private equity fund Craton Equity Partners announced an $8 million investment in Propel Fuels, a retailer of alternative fuels for motor vehicles.
Craton’s investment is part of a $12 million equity-funding round that also included returning investors Nth Power and @Ventures.
Propel says it will use the investment to expand its service station network in California. Propel currently owns and operates eleven alternative fueling stations in Seattle and Sacramento, which sell ethanol (E85) and biodiesel fuels.