Aurora Solar Raises $250 Million to Digitize Solar Installations
Funding Round Led by Coatue Signals Market Interest in the Growing Solar Industry
Aurora Solar, the industry’s leading software platform for solar sales and design, today announced it has closed a $250 million Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall.
In just over two years, Aurora Solar has raised more than $320M. Today’s fundraise underscores the remarkable shift to renewable energy happening in energy markets around the globe, with solar being the fastest-growing source of energy over the past decade. This growth translates into jobs—by 2030, in the United States alone, the solar industry will need to grow from 230,000 to 900,000 people in order to meet President Biden’s goal of carbon-free power by 2035, according to the Solar Energy Industries Association. Software is the key to making solar installations more affordable and accessible for both residential and commercial use cases.
Aurora enables solar companies to streamline the solar project lifecycle by making it easy to integrate disparate data sources, design accurate solar installations, and automate complex workflows. Using Aurora, solar professionals can accurately determine how many solar panels will fit on a property, forecast how much energy the solar system will produce, calculate how many batteries are needed for backup power, and show how much money their client will save by switching to solar.
Since 2010, the install costs for photovoltaic solar have already dropped by 70%, and reducing soft costs (i.e., non-hardware costs associated with going solar) through digital solutions like Aurora offers the biggest opportunity to continue cutting down the price of both residential and commercial projects.
May 24, 2021