US solar marketplace Geostellar secures $1M through equity crowdfunding
Online solar marketplace Geostellar has raised $1 million via equity crowdfunding on Return on Exchange. The company will use the new funding to revamp its business model and form a sales team, according to Forbes.
Founder David Levine, a solar power social entrepreneur, was in the middle of a $1-million fundraising when his biggest investor decided to stop supporting the enterprise. This discouraged all the other investors to back the firm, too. After Levine listed Geostellar on the said crowdfunding platform for social enterprises, the company was finally able to raise the amount it needed for its upgrade, the report detailed.
Geostellar is a company that maps out the solar power potential of US residents. Homeowners input their address and monthly electricity bills on a site to see a comparison of the costs and benefits of solar leases and purchases. The firm uses 3D imagery to let homeowners single out their house from a map and see the amount of sunlight the structure can get, plus its solar potential, the report explained.
At present, Geostellar's system has 80 million homes. Levine plans to use the new capital to employ door-to-door sales teams and a mobile app to explain the benefits of solar power to home owners. Tie ups with call centers and the Spirit Foundation in Austin are also in the works to conduct home energy audits and other tasks, Forbes reported.