Investment proceeds from The Forest Road Company will accelerate development of Morpho's rapidly growing portfolio of C&I rooftop and carport solar projects including dozens of iconic buildings in metro centers.
LOS ANGELES and NEW YORK, Sept. 8, 2022 /PRNewswire-PRWeb/ -- Morpho Energy LLC ("Morpho"), a developer, owner, and operator of clean energy assets, today announced a strategic investment of $5 million from Forest Road Renewables ("Forest Road"), a climate-focused infrastructure platform within The Forest Road Company. This corporate capital will support Morpho's explosive growth and help achieve its mission to transform commercial and industrial (C&I) buildings into renewable energy power plants.
Proceeds from Forest Road will accelerate development of Morpho's rapidly growing portfolio of C&I rooftop and carport solar projects including dozens of iconic buildings in metro centers. The investment will also support Morpho's strategies for scaling its market approach and unique onsite Energy as a Service offering, which enables large REITs with portfolios of properties to capitalize on the clean energy transition more quickly and economically.
Morpho was founded by prominent energy industry executives with over 3 gigawatts (GW) of solar project development experience, decades of guiding the success of Fortune 500 and other large corporations, and expertise commercializing innovative technologies that reduce greenhouse gas (GHG) emissions in the built environment.
"We brought together an all-star team, which we're now expanding, to unlock the nearly 90 billion square feet of C&I rooftops in the U.S. we see as idle real estate assets," said Conrad Chase, CEO of Morpho Energy. "The opportunity and our approach to capturing it have been strongly validated this past year. With this new corporate financing, our current development capital facility, and the newly passed Inflation Reduction Act and the tax credits it increases and extends, we are well positioned to capitalize on this massive moment in history to the benefit of everyone we work with and serve."
After less than two years in business, Morpho's customers already include six of the largest REITs in the nation, further validating the strength of its approach and the value it delivers to building owners and their tenants. Management projects the company is on pace to increase its pipeline to more than 300 MW by the end of 2023.
"This partnership underscores our ability to tailor flexible capital solutions to meet the needs of talented entrepreneurs in the renewable energy industry," said Dan Rittenhouse, Head of Forest Road Renewables. "We couldn't be more excited to help jumpstart the transformation of American rooftops into 'clean power plants' alongside the Morpho team."
About Morpho Energy
Morpho Energy is accelerating the transformation to the electrified economy in how it develops, owns, and operates clean infrastructure assets. Morpho focuses on solving for the many complexities and constraints of the commercial and industrial (C&I) rooftop solar market. Its unique approach enables REITs in particular to transform buildings into renewable energy power plants. Morpho was founded by prominent energy industry executives with over 3 gigawatts (GW) of solar project development and construction experience as well as expertise in ESG and the commercialization of net zero technologies. To learn more, visit MorphoEnergy.com.
Colin Mangham, Chief Communications Officer
About The Forest Road Company
The Forest Road Company (FRC) is a specialty finance platform focused on making investments with great risk-adjusted returns. FRC provides strategic capital, operational expertise, and access to its global network of corporate leaders, executives and clients. To learn more, visit ForestRoadCo.com.
Colin Mangham, Morpho Energy, 1 (800) 596-2949, [email protected]
SOURCE Morpho Energy