Company leverages its healthy balance sheet, platform model and relationships to secure equipment rapidly
CARLSBAD, Calif., May 9, 2022 /PRNewswire-PRWeb/ -- Powur PBC, a rapidly growing renewable energy platform, today announced that it has procured another 13.1 MW of solar panels.
The investment reflects Powur's strong cash position and demonstrates management's ability to act quickly in response to changing policy—in this case, the recently extended tariffs on solar equipment. This fast and strategic action absorbs and lessens some of the pricing disruptions that may otherwise have impacted customers.
"We are grateful to be in a position to secure this block of high-quality equipment for the dedicated customers and sellers on our platform," said Jonathan Budd, Powur founder and CEO. "In a time when the solar industry faces disruption that threatens the traditional solar model, we have built a company that is not only experiencing sustained high-growth and momentum but is also generating positive cash flow that can be deployed to give homeowners, installers, and sellers the maximum opportunity for success."
Diversity of products and the ability to react to market changes is a hallmark of the Powur platform. The innovative 100% virtual platform model pairs the best equipment and financing options with its proprietary solar business management tools to empower independent sellers with full flexibility to design and offer highly customized and affordable solutions to customers.
This recent purchase consisted of a block of REC 400 panels, a panel that offers an excellent value proposition to homeowners with high efficiency and affordable pricing. The panels will be live immediately for customers in virtually all active Powur markets including Arizona, California, Colorado, Connecticut, Delaware, Idaho, Illinois, Maryland, North Carolina, New Mexico, Nevada, Pennsylvania, South Carolina, Utah, Virginia, and West Virginia. The panels will be added to the company's existing availability including Canadian 395 and Mission 415 modules, bolstering the company's module inventory and extending the timeline of safety stock for the rapidly-growing company.
"It feels fantastic to be in a strong financial position and have a procurement and operations team that is proactive, sees the big picture, and reacts quickly when called upon," Budd said. "It means we can keep doing what we love, which is accelerating the adoption of clean energy. We're laser focused on delivering a world-class experience to our users. We'll continue innovating and growing our cash-flow producing platform model and deploying capital in ways that directly and positively impact our customers, our installers, our employees, and our sellers."
About Powur
Founded in 2015, California-based Powur PBC is on a mission to accelerate the adoption of solar energy worldwide. As the first 100% virtual, residential solar company in the cloud, Powur operates an innovative platform model, enabling it to scale quickly and meet the demands of an ever-expanding solar landscape. The company's model ensures that Powur is able to provide affordable and customized solar solutions to homeowners, while empowering its network of thousands of independent sales professionals and regionally specialized installation partners. For more information on the company, visit https://powur.com/.
Media Contact
Karissa J. Grant, Powur PBC, +1 8584137536, [email protected]
SOURCE Powur PBC
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