Sunnovations, a solar thermal technology start up, is one of the many hundreds of entries in the latest GE Ecomagination Challenge. If they don’t walk away with one of the top cash prizes, however, it looks like funding right now won’t be a problem for them due to an announcement of venture capital heading into the company’s coffers.
A round of Series A financing led by cleantech investment firm Two Seven Ventures is what Sunnovations is getting at the moment, though the exact amount of said funding was not disclosed. The start up, which we first wrote about last June, has what is described as a special “geyser-pump technology [that] enables solar water heating systems for residential and small commercial applications that are less expensive, easier to install and more reliable than comparable systems.”
It is said that a home using solar energy to heat its water can save up to 75% on water heating energy costs and mitigate several tons of greenhouse gas emissions over its lifetime. US market traction compares unfavorably to elsewhere in the world, including Europe, where an estimated 10 million homes utilize the technology, and China, with over 60 million installed in homes.
Sunnovations said that since its debut last year it has attracted “leading solar hot water installers in its mid-Atlantic launch region.” It is also expanding across other parts of the country as well.