The market for solar water heaters may not be new, but it is attracting a lot of newcomers in recent years as more State and local culture incentives up. Sunnovations, which launched its first water heating system last year, announced Thursday that it has raised a series a round of funding to help expand their market to the States of the Northeast and the Colorado.
Sunnovations, founded in 2008, obtained financing from two seven Ventures in Colorado, but refused to reveal the amount. The CEO of the implementation underway, Matt Carlson, told us that the amount is in the single-digit millions, and the company raised $250,000 in funds angel before that. Initial funding enabled the company to design a system that uses pressure and gravity to pump and circulate hot liquids to heat the water, a patented design that comes with fewer parts and makes it cheaper to install and to operate than other systems in the market, said Carlson.
Installers who are selling systems Sunnovations "include energy management in the South of North Carolina, Pennsylvania and SECCO in SunBug Solar in Massachusetts, said Carlson."
"This is a tremendously low market discussed." Many companies have not done a good job of telling the story of how (solar water heaters) may benefit as homeowner ", said Carlson.""Many of the web sites are technically very oriented and you have not made easier for people to understand."
Homeowners and businesses are eligible to receive a 30 percent federal tax credit investment for the installation of solar water heaters. A growing number of States are also offering discounts to encourage its use. California, for example, launched its incentives program called last year's CSI thermal. The State budgeted $350,8 million for the program and plans to operate until the end of 2017, or when the money runs out. New York has also launched a year of last delay that came with a budget of $25 million.
The appearance of government subsidies has attracted investors and entrepreneurs in the space of solar water heating. Cogenra Solar, founded in the year 2009 and goals and sectors of government companies, installed its first demonstration of the system in a winery in California last year and attracted more than $10 million in funding from investors like Khosla Ventures. EcoFirst, formerly known as DVT Solar, raised a $13.7 million B round last year and won contracts with several house-builders. Both Cogenra and EcoFirst are developing systems that can generate electricity and heat.