Perch Energy Appoints Top Energy and Technology Industry Executive Bruce Stewart as New CEO, Announces $7.2 Million Series A Funding
Boston, MA - March 15, 2022
Stewart brings decades of experience driving dynamic growth and leading transformational change at industry-leading energy and technology companies to overseeing Perch's continued growth and innovation, and scaling in community solar and direct-to-consumer energy services
Boston, MA -- Perch Energy (or "Perch"), a clean energy technology and services company, today announced the appointment of Bruce Stewart as CEO and the close of a $6.2 million round in Series A funding. An additional $1 million is committed and expected to close on or prior to May 1, 2022, bringing the Series A total to $7.2 million. Perch will use the funds to add talent and resources to build upon its industry-leading community solar services and management platform, expand its innovative direct-to-consumer energy platform, and accelerate the growth of its community solar services business into an expanding list of U.S. markets.
With decades of experience driving strong and sustainable business growth and delivering superior customer services with both energy and technology companies, Stewart is committed to bringing affordable, clean energy solutions to more people. Stewart brings expertise pivotal to furthering Perch's mission of making cleaner energy options more accessible for all. Before joining Perch, Stewart served as President at Direct Energy Home, and Co-President of Centrica US Holdings, where he led the successful sale of Direct Energy to NRG for $3.6 billion in January 2021. He has also held executive positions with GE Current and Constellation Energy, and prior to that at Yahoo!. Throughout his career, Stewart has been a proponent of using data-driven analytics and insights to scale businesses in multiple industries facing dynamic market shifts, regulatory change, and competitive disruption.
"Perch is leading the next stage of clean energy transition, which will place renewed importance on widespread and equitable access to clean and affordable solar energy," said Stewart. "As someone who led companies during earlier stages of the energy transition and digital revolution, I look forward to once again rolling up my sleeves to face the challenges and seize the opportunities in an evolving industry by leading Perch's continued growth and innovation, aided by this newly-secured funding."
To date, Perch has delivered more than $9.7 million in customer savings by enabling more than 8,100 community solar subscriptions for homes, businesses, and municipalities. The company, which was spun off from BlueWave Solar, is a trusted resource to the solar industry with an established customer and revenue base. Perch offers a diverse set of products and services for the management of community solar projects as well as for homeowners, renters, and businesses seeking cost-effective choices for supporting clean energy.
The funding round was led by Arborview Capital, one of the nation's leading sustainability-focused growth equity firms, with participation from one of the nation's leading national energy companies.
"The experienced team at Perch Energy is uniquely positioned to provide value to its customers and solar asset owner clients, thanks to its unique set of offerings and services," said Joe Lipscomb, co-founder and partner at Arborview Capital. "With Bruce Stewart at the helm and the infusion of this additional funding, Perch is poised to lead the market in providing access to community solar."
About Perch Energy
Perch Energy is a Boston-based clean energy tech and services company that offers a diverse set of products and services for homeowners, renters, businesses, and solar farm owners. From Perch's community solar project support team, which is dedicated to effective customer onboarding, billing, and engagement, to its automated platform which makes it easy for customers to customize their energy mix and savings — Perch is on a mission to make clean energy options more accessible, more affordable and more equitable for all. Learn more at www.perchenergy.com and follow Perch Energy on Linkedin: https://www.linkedin.com/company/perchenergy.
About Arborview Capital
Arborview Capital was founded in 2008 to invest in high-growth companies that are building a more environmentally sound, resource-efficient future while driving returns to all stakeholders — investors, employees, customers, suppliers — and the environment. Arborview is headquartered in Chevy Chase, Maryland. To learn more, please visit:http://www.arborviewcapital.com.
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