Congruent Ventures has led a $2.5m funding round for Energetic Insurance, which hopes to enable SMEs to tap into the solar energy market.
Energetic Insurance, a US-based credit insurance policy provider for commercial solar projects, has raised $2.5m in a round led by Congruent Ventures, a venture capital fund backed by University of California.
Clocktower Technology Ventures and Powerhouse Ventures also contributed to the round.
Energetic Insurance has developed a credit insurance policy for commercial solar projects pursued by small and medium-sized enterprises, protecting developers against payment defaults from businesses that do not boast investment-grade credit.
SMEs have traditionally been excluded from running their own solar energy farms, as their small scale and lack of financial fire power made it an unviable proposition for developers.
Energetic’s product is backed by reinsurance firm Scor Global P&C.The company said it was underwriting a range of projects already, with further announcements to be made soon.
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
