Circular Energy acquires Series A funding worth $2.7 million
Circular Energy, a solar design and full-service installation company, raised $2.7 million in Series A funding through the aid of Dallas-based Cypress Capital and other investors.
The fund was raised over the course of several quarters. The investment is reported to have a part royalty debt, part equity structure. The initial seed round amounted to $225,000 in 2009. The second seed round was for $450,000 in late 2010.
The said funds are to be used to expand the geography and scope of the company, as well as capital investment into back-office operations. The funds are also expected to be used as booster to the company's proprietary software solution, said CURB Incorporated.
"At a time in which most solar companies are still facing fallout of the Solyndra debacle and dwindling government rebates - and capital lending is at an all-time low - Circular Energy is experiencing rapid growth," said the company. "One of the main reasons for the Texas company's success is its unique business model," Circular added.