As the country’s leading provider of renewable energy and energy-efficient solutions for low-to-moderate-income property owners, PosiGen has seen a lot of growth and development over the last few years. At the top is leadership from PosiGen CEO, Thomas Neyhart who also is the co-founder of the company. The company is set to help more people than ever get into the solar energy solutions that are sure to create energy savings and financial support for those who need it.
What Is Thomas Neyhart Creating?
PosiGen offers a unique way for property owners to gain access to renewable energy that is not only good for the environment but is also a good way to cut costs. A good example of the work the company is doing came after Hurricane Katrina struck the south. When many people worked to rebuild New Orleans, they choose energy-efficient and solar programs to help them rebuild more efficiently. The problem is that many low- to middle-income families didn’t have that type of access. Quite often, they lacked the necessary FICO score or household income to qualify for programs that could help them get these solutions in place.
That’s when Thomas Neyhart decided to create a new solution, one that allows for access to renewable energy options that are clean and good for the environment but also within reach of those who have a lower income threshold. The move to provide solutions to this sector of the market was an effort by Neyhart, who easily saw that this was a segment of the population that had been overlooked. The result was significant growth of the company.
There are a number of factors that make Thomas Neyhart and his plan so different? What the company offers is much different than the competition. First, there is no FICO score required for property owners. There is also no minimum income required to obtain solar energy. The company also does not look at the debt to income ratio. All of these are limitations and barriers to accessing green, clean energy for homeowners.
Instead, the company requires that those who utilize the company’s solutions be a homeowner and be current on their electricity bill. With those qualifications, property owners may be able to get a fixed monthly bill for the entire 20 years they are with the company.
PosiGen is the only company to guarantee savings – something that is virtually unheard of in this segment. The company not only guarantees production, but it also guaranteed savings. The company is recognized as the only for-profit solar company that focuses on helping this specific segment of the population. It specifically aims to support low- to moderate-income property owners and communities of color.
At last check, PosiGen and Thomas Neyhart are achieving those goals. They state that 75 percent of the 18,000 solar systems and energy-efficient upgrades they have made have been in this segment of the housing population. It goes further as well. The company is diverse and inclusive with over 65 percent of those on the team being a person of color and/or female.
The company’s framework seems solid, but the question is, what are they providing to customers? PosiGen offers a combination of efficient energy with solar technology. It works with each property owner to create an individualized solar power solution that fits their needs and meets their financial goals. That type of flexibility is also rather unique in the industry.
The process is easy – the company’s system uses solar panels to take in sunlight. It then transforms that light into usable, renewable energy for the home to use. It is kinder to the environment and far less expensive than traditional electricity, creating a win-win scenario.
Over the last year, PosiGen has seen a significant amount of change and updates, many of which are creating opportunities for the company to further its goals and reach more people.
In April of 221, the company landed support from Mizzen Capital, LP, a private credit fund. Mizzen made an investment in PosiGen. Mizzen led the financing in the company, providing $8 million of a $24 million term loan to serve as working capital for PosiGen. The goal of the fund was to help accelerate its growth in its efforts to connect more low and moderate-income homeowners with energy-efficient upgrades and solar power. Other investors included Stonehenge Capital and Reinvestment Fund, each providing $8 million to do the same.
At the time of the investment, Thomas Neyhart said, “PosiGen is a company devoted to creating good jobs in underserved communities, to enable equitable access to clean energy, and to make a meaningful difference in the lives of the families we serve. We couldn’t be more pleased to have these three organizations help us advance those goals in a sustainable and scalable fashion now and well into the future.”
Later the same month, PosiGen announced the second close of its Series D growth equity financing. The effort led to the addition of a $27 million investment from leading private equity investors. Among those investors were Kayne Anderson, Activate Capital, and SJF Ventures. This second closing of the fund brings the total round to $60 million.
At that point, Thomas Neyhart stated, “PosiGen couldn’t be more pleased to complete our Series D equity raise with these seasoned investors joining the company as true partners.” He continued, “Each brings deep experience to the table, not just in the renewable energy sector but also with respect to helping high-growth companies reach their potential. At this inflection point in PosiGen’s own growth story, I am confident we have now assembled an investor group that can help us fulfill our mission to our customers across the national footprint we are seeking to achieve.”
In May of 2021, the company announced that Josh Storrusten would take the position of Vice President of Operations for the company. Storrusten has a long history in solar energy that he brings to the table to support the efforts being made by PosiGen.
Most notably, he served as the operations leader of a renewable energy corporation that provided residential and commercial properties with solar, storage, and energy-efficient products. Neyhart said of the change in leadership, “His leadership and experience prepping companies for scalability will be invaluable as PosiGen experiences rapid growth into new markets. Under Josh’s leadership, PosiGen will truly be building the next generation of green energy professionals.”
Also important is the company’s announcement in November of a change in the chief legal officer. PosiGen announced that it was adding Dan Black to the company to serve as Chief Legal Officer. There is no doubt of his qualifications having worked as a general counsel with extensive experience in the energy sector specifically. His history includes work at one of the largest residential solar companies in the country, where he served as Chief Legal Officer, Executive Vice President, and Secretary.
Speaking of the move, Thomas Neyhart stated, “As PosiGen continues to experience significant growth into new markets, our priority is to continue to add strong team members who understand and support our mission to make solar available to everyone.” He continued, “Dan’s past experience with solar combined with his legal expertise make him the perfect fit for our team.”
Get to Know Thomas Neyhart
Behind the growth and change at PosiGen is its co-founder and CEO, Thomas Neyhart. He founded the company in 2011 with the specific goal of making a positive financial impact on the lives of the customers he served by providing them with access to green energy solutions. From the start, the company’s focus on low to moderate-income families was the goal. And, it has helped more than 10,000 people in the New York, Florida, Connecticut, and Louisiana area achieve these goals.
Since the company’s founding, Neyhart has helped the company see numerous changes, including becoming the fastest-growing energy company in the country in 2014. It was awarded the Patriotic Employer Award by the Office of the Secretary of Defense and a Blue Ribbon Award from the U.S. Chamber of Commerce the same year.
The company continues to have a very specific focus – in serving those who would otherwise not have access to the cost-savings opportunities that come from solar energy and energy efficiency in general. Today more than ever, those who are looking for a way to access energy-efficient solutions can gain access thanks to the work of this company and its investors in providing access to solar. The company continues to see a significant amount of interest from investors, especially those who are also pursuing ways of supporting access to green energy in low- to moderate-income homes and communities throughout the U.S. There is no doubt this company will likely continue to expand with confidence.