Renewable energy startup Accelergen Energy secures $30 million in financing
Greenfield renewable energy startup, Accelergen Energy, LLC ("Accelergen") on Wednesday announced the closure of $30 million in growth capital from Leyline Renewable Capital.
Accelergen will use the funds for financing a multi-gigawatt portfolio of solar, solar-plus-storage, and standalone energy storage projects. Additionally, the newly raised funds will be utilized to build a development team including grid and market analytics, project development, engineering, and finance to support the startup's rapid growth.
"A key aspect of Accelergen's approach involves bringing experienced grid and commercial analytics in-house as a strategic advantage," said Thomas Houle, co-founder and chief executive officer, Accelergen Energy, LLC.
"Our ultimate goal is to help accelerate the energy transition to zero carbon power generation, by bringing premium projects located in sustainably robust grid locations to long-term investors and/or owners of operating projects."
The company was founded by Houle along with Josh Skogen, who serves as the senior vice president at Accelergen. Previously, Houle served as managing director of Green Investment Group (GIG) a specialist green investor within Macquarie Asset Management (formerly Macquarie Capital) and prior to that, he was founder of Fremantle Energy (acquired by GIG). Skogen spent a significant part of the last 12 years helping build sPower -- a solar development company -- into one of the largest solar developer in the U.S. which was ultimately acquired by AES in November 2020.
"Leyline has the depth of knowledge in renewable energy which enabled us to provide a tailored financial solution that met Accelergen's plans for growth," said Todd Kice, MD of Originations, Leyline Renewable Capital.
"We look forward to working with Tom, Josh and their team; they're a top-notch team uniquely equipped with the experience to develop enterprise scale projects in the commercial solar market. We look forward to contributing our industry perspective and technical expertise which we hope will play an important role in helping Accelergen achieve its goals as it grows and serves the needs of the market."