Utility-scale solar trailblazer, Erthos, today announced securing $24 million in funding, led by Capricorn’s Technology Impact Funds. The investment will accelerate the company’s growth, addressing the surge in demand and supporting upcoming large-scale projects.
“After showcasing two years of outstanding performance data, we’ve demonstrated our technology’s reliability, leading to significant market demand,” states Charles Pimentel, President and Chief Commercial Officer at Erthos. “This capital ensures we can meet this demand with confidence.”
Boasting over two decades in impact-aligned investments and managing approximately $9 billion in assets, Capricorn is celebrated for early stakes in industry leaders like Tesla and SpaceX.
Ion Yadigaroglu, Partner at Capricorn, shares, “Erthos stands out in its potential to revolutionize solar cost-effectiveness. Their vastly simplified supply chain, rapid construction, reduced land use, and lower equipment and labor costs are unparalleled. Their two years of field data confirm their energy performance. The resilience displayed by their California power plants, enduring one of the harshest recent winters, further impressed us. We’re thrilled to back them.”
Recently, Erthos highlighted the acquisition of a 34-MW project portfolio spanning five US states, introduced an investment-grade performance guarantee for Earth Mount Solar® PV systems, and secured a contract for a 180-MW project in Mississippi.
Erthos invites interested parties and media representatives to their exhibit (booth 28048) at the annual RE+ solar trade show in Las Vegas, Nevada, September 12th through 14th.
About Capricorn’s Technology Impact Funds
The Technology Impact Fund and Technology Impact Growth Fund (TIF and TIGF) are venture capital partnerships that invest in companies developing and scaling novel engineering-based solutions to climate change and other global challenges. TIF/TIGF’s investment process is grounded in comprehensive perspectives on long-term, global trends in technology, transportation, power, storage, efficiency, aerospace, sensors, earth data, and computation. TIF is an early backer of iconic companies including Tesla, Joby, SpaceX, Planet, QuantumScape, Redwood Materials, Saildrone, Fervo, and Helion.
Capricorn Investment Group is an investment firm founded to demonstrate that it is possible to invest profitably while driving sustainable positive change. Capricorn manages about $9 billion in assets for investors who strive for extraordinary investment results by leveraging market forces to accelerate large-scale impact. Learn more at www.capricornllc.com.
About Erthos
Established in 2019 in Tempe, Arizona, Erthos offers comprehensive solutions designed to significantly reduce the levelized cost of energy (LCOE) for utility-scale solar power plants. With a leadership team hailing from industry giants like Tesla, Intel, and General Electric, Erthos has global market experience spanning from the US to the Pacific. Learn more at www.erthos.com.
Source: https://www.erthos.com/press/2023-09-11a---erthos-secures-additional-%2424-million