Freedom Solar, Texas's leading turnkey solar energy installer for residential and commercial solar solutions, announced that two new equity partners, Genesis Park and GEC, both Houston-based, have invested in the company and highlighted the value these partners bring to Freedom Solar's future.
"We are excited about having Genesis Park and GEC as equity partners because we will now have the capital needed to continue our course of aggressive growth across Texas and Colorado and into other states," said Freedom Solar CEO Bret Biggart. "Our new partners have vast experience in renewable energy and understand our industry. They will provide strong financial backing, but the same dynamic team that has driven our success since its founding will continue at the helm."
Freedom Solar completed its most successful year in 2020 and is growing even more rapidly in 2021. In fact, Freedom Solar posted its highest sales in February since the firm's inception in 2007. The devastation of Winter Storm Uri has triggered a whole new wave of interest in solar and backup power installations.
"We have known Freedom Solar for years and are pleased to support its commitment to bring reliable alternative energy to consumers across the country," said Genesis Park Partner Paul Hobby. "The critical factor in solar is highly trained crews, top-quality equipment, and efficient installations," he continued. Hobby has an extensive history in power markets and has been involved in renewable energy as a customer and investor for more than 15 years.
"Our investment in Freedom Solar occurs as the number of consumers looking to take control of their energy independence is growing and financial incentives for going solar are stronger than ever before," said GEC Founder and Managing Partner Jonathan Fairbanks. "With the federal tax credits for residential and commercial customers now extended, green energy is easily within reach of the average homeowner or business." Fairbanks previously founded a company that completed the largest number of offshore wind installations in the North Sea and Asia. Over the past 12 years, he has led GEC to invest in wind and solar energy transition services.
Despite challenges associated with the COVID pandemic, during 2020 Freedom installed 2,087 residential projects representing 16,286 kilowatts (kW) of solar power and 19 commercial contracts totaling 3.8 megawatts (MW). Financially, Freedom Solar accomplished $98.8 million in residential and commercial sales in 2020, a 52% year-over-year increase.
With the addition of its new equity partners, Freedom Solar's Board of Directors now includes CEO Bret Biggart and President Ryan Hunter; Hobby, of Genesis Park; Fairbanks, of GEC; and Scott Whitworth, of WM Capital Partners.
"We will continue to grow our Freedom Solar team—especially in areas of sales, customer service and installation—to capture the burgeoning demand for solar and backup power," said Biggart. "With Genesis Park and GEC as our equity partners, we will be able to strengthen our position in the market, while maintaining the same high level of performance Freedom Solar is known for. There is a new, yet-unseen level of interest in solar power and energy independence, and Freedom Solar will be there to meet the demand, helping the U.S. make great strides toward solar energy over the next decade."
Freedom Solar | http://www.freedomsolarpower.com
Genesis Park | http://www.genesis-park.com
GEC | http://www.geclp.com