Solar Water Heating Company Skyline Innovations Receives $1M Investment from Advantage Capital Partners
WASHINGTON, D.C., July 2nd, 2012 – Advantage Capital Partners, a leading venture capital and small business finance firm, has invested $1 million in Skyline Innovations, an energy savings solar water heating company based in Washington, D.C. The funds, raised in connection with the District’s Certified Capital Company (CAPCO) Program, will enable the company’s continued expansion and help to create additional jobs in the D.C. area. In conjunction with this funding, Advantage Capital managing director Jonathan Goldstein joins Skyline’s Board of Directors.
Skyline Innovations, founded in 2009, provides commercial-scale solar-powered water heating systems to businesses and the public sector. The company finances, installs, monitors and maintains clean, reliable solar water heating systems at no upfront cost. In addition to Washington, D.C., the company deploys its systems in Arizona, California, Florida, Hawaii and Maryland.
“The investment from Advantage Capital will expand our ability to deliver guaranteed savings to underserved customer segments: multifamily buildings and mid-sized businesses in the District,” said Zach Axelrod, founder and CEO of Skyline Innovations. “These funds will also enable the further creation of local jobs in construction and project management.” Skyline Innovations currently employs 16 people and anticipates creating four new jobs in the next six months.
“This is an exciting opportunity for Advantage Capital to support an emerging clean energy company in the District,” said Advantage Capital vice president Chris Harris. “Skyline Innovation won first place in the 2011 Washington, D.C. Economic Partnership’s annual Business Plan Competition, and we believe in their potential to provide meaningful value to customers seeking sustainable energy solutions.”
The Washington, D.C. CAPCO program encourages the flow of investment capital to promising small businesses located in the District. The companies, in turn, develop innovative technologies and services, create jobs and increase economic activity.
About Advantage Capital Partners
Advantage Capital Partners is a leading venture capital and small business finance firm focused on providing growth capital and other investments supporting state and local economic development efforts. The firm’s typical forms of investment include early stage, expansion equity, mezzanine financing, senior and subordinated loans and government-guaranteed lending. With offices and partners in Washington, D.C., New Orleans, St. Louis and other U.S. cities, Advantage has raised more than $1.6 billion in institutional capital since 1992 and invested in companies located in geographic areas underserved by traditional capital.
About Skyline Innovations
Skyline Innovations, Inc. guarantees customers’ savings by providing a fixed discount to their utility rates for water heating. This complete customer care finances, installs, monitors and maintains clean, reliable solar water heating systems at no upfront cost. Multifamily building and business owners can visit www.skylineinnovations.com to learn more about how to generate savings from solar and request a proposal.