From UtilityDive:
King Energy has raised $10 million to accelerate the expansion of its solar financing and billing platform for multi-tenant commercial buildings, according to a news release Wednesday.
The company’s business model consists of renting unused roof or parking lot space at commercial buildings and installing solar panels, covering associated costs, it says. It sells the energy the solar panels produce to the building tenants and other customers. It profits from the difference between its monthly cost to own and operate the system and the revenue it collects on the discounted energy sales, King Energy CEO John Witchel said in an email.
“We provide substantial roof rental income. We offer a simple, no nonsense, roof lease without any complexity,” Witchel said. “To the landlord we look like one more tenant; and we don’t require any tenant improvements, guarantees, or investments from the landlord, so it’s straight to the [bottom line] for them.”
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