Provo— ION Solar, LLC (“ION” or the “Company”), a leading provider of rooftop solar sales and installations, announced today an investment led by the investment team at Greenbelt Capital Partners (“Greenbelt”). Investors in the transaction included Trilantic Energy Partners II North America, Blackstone Credit, and Energy Impact Partners (“EIP”). The Greenbelt team, Blackstone Credit, and EIP have worked together in the energy transition sector previously. Matthew Rasmussen, David Rasmussen, and Jeremy Call, the founders of ION, will continue to own a majority equity stake in the business and will lead the Company through its next phase of growth.
Since its founding in 2013, ION has built a market-leading residential solar company with operations in eight states across the US (UT, NV, CO, NM, TX, NC, VA, OR). Headquartered in Provo, Utah, ION has installed over 200 MW across more than 30,000 households. ION has grown to be a top 10 residential rooftop solar contractor1 in the US by delivering customers a premium solar experience from sale through installation.
“We are incredibly proud of the business we have built alongside our extremely talented sales leadership and operations teams. By providing our customers with premium solar products and a white glove experience from sales through installation, we have been able to rapidly scale ION into the premier provider of residential solar,” said Matthew Rasmussen, CEO of ION.
Jeremy Call, President of Sales for ION, added, “The investment is not only a reflection of what ION has become but more importantly, speaks to the tremendous opportunity in the residential solar industry. We are very excited for our next chapter of growth.”
“The ION executive team has built an industry-leading platform through their relentless focus on customer service and by selectively expanding into high growth geographies. Their strategic go-to-market approach is unique within the industry and delivers exceptional value to their customers,” says Chris Murphy, partner at Greenbelt.
“The residential energy landscape is rapidly evolving as homeowners rethink patterns of consumption and the desire for energy independence,” says Zach Levenson, VP at Greenbelt. “We believe the ION team is uniquely positioned to capitalize on changing consumer preferences by driving the continued adoption of rooftop solar and introducing incremental products such as residential storage and EV chargers.”
The adoption of residential solar has been underpinned by secular tailwinds, including changing consumer preferences and the increasing affordability of solar energy. ION installations have delivered customers significant savings on their monthly energy bills while also reducing their carbon footprints and reliance on the grid. The US residential market is significant but remains underpenetrated with solar installed in only ~5 percent of viable homes.
“Blackstone Credit has significant experience in residential solar, providing us with insight into the cost and decarbonization benefits that ION provides to the market. We are excited to make a compelling investment in ION to help them expand into new geographies and product lines,” says Mark Rutledge, Managing Director in Sustainable Resources at Blackstone Credit.
“EIP is excited to grow our large portfolio of investments in distributed energy resources by partnering with ION. ION has built and scaled an impressive residential solar business that has generated incredible carbon reduction impact. EIP looks forward to working with ION to continue their growth and expand into additional products like storage and EV charging,” says Cassie Bowe, Partner at EIP.
About ION Solar
ION Solar is a premium, full-service solar provider. We offer affordable solar solutions that allow our customers to enjoy the benefits of solar with little or no up-front costs. ION’s professionals handle all aspects of the solar process from start to finish, giving homeowners a carefree switch to solar all for a fraction of the cost of traditional power and using all premium equipment.
We, along with our customers, take great pride in going green and lessening the impact on the environment. Improving the world one home at a time is a challenge that we passionately accept. For more information visit www.ionsolar.com.
About Greenbelt Capital Partners
Greenbelt Capital Partners is a growth-focused middle-market private equity firm focused on control and significant minority investments ranging from late-stage growth equity to private equity to infrastructure development across the energy sector. The Greenbelt investment team recently spun out of Trilantic North America and continues to serve as advisors to Trilantic North America and its managed funds. The senior team at Greenbelt has committed approximately $4.6 billion of equity capital to multiple portfolio companies and consummated more than $58 billion of M&A and financings in over 210 transactions across the portfolio. For more information, visit www.greenbeltcapital.com.
About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a growth-focused middle-market private equity firm focused on control and significant minority investments in North America. Trilantic North America focuses on investments in the business services and consumer sectors. Trilantic North America has managed six private equity fund families with aggregate capital commitments of $9.7 billion.
About Blackstone Credit
Blackstone Credit is the credit division of Blackstone, one of the world’s leading investment firms. Blackstone Credit is one of the largest credit-focused asset managers, with $243 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone’s Sustainable Resources Credit Platform is focused on investing in and lending to renewable energy companies and those supporting the energy transition and climate change solutions, and has committed over $10 billion in these markets since 2019.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable energy future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance the net-zero carbon economy. With over $2 billion in assets under management, EIP invests globally across venture, growth, credit and infrastructure – and has a team of more than 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.