Apricus Generation Announces Close of Series A Funding Round to Accelerate Solar and Battery Development.
Apricus Generation, a rapidly growing holding company focused on building a national distributed solar and battery development platform and Independent Power Producer (IPP), today announced the closing of its Series A funding round led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund. With this closing, Apricus has already raised the majority of Series A capital and is over-committed towards its $100 million corporate equity capital raise goal. The Apricus platform enables consumers and businesses to participate in the energy transition by providing solar and battery storage developers with management expertise and capital to advance their project pipeline to generation.
Peter Kirsch, Founder and Managing Partner of Blue Marlin Partners, said:
We have been exploring entry into the solar and battery energy distributed generation market for some time now.
“With Apricus, led by industry veterans Gautam Chandra and Ravi Thuraisingham, we have found the right mix of an innovative business plan, founders with a proven execution track record with successful exits, and the perfect timing,”
Ethan Assal, Founder and Managing Partner of CYwP Fund, said:
CYwP Fund IV benefited recently from a highly successful exit with one of the Apricus founder’s previous ventures, and we are extremely pleased that CYwP Fund VII and CYWP Solar Energy I have the opportunity to participate again with the founders in their new venture in the exciting and fast-growing solar and battery storage sector.
Gautam Chandra, Executive Chairman and Co-Founder of Apricus Generation, said:
We are excited to have Blue Marlin and CYwP Fund as the lead investors in our Series A round. Having previously worked with CywP Fund, we greatly value their continued confidence and partnership, and we are equally excited to welcome Blue Marlin as they venture into this space.
“In addition to our institutional partners, dozens of loyal past investors also participated in this financing round. We are humbled and grateful for the strong interest in Apricus and our business model, highlighted by this very successful capital raise and the trust that both new and returning investors have in our vision.”
The funds will be used to accelerate Apricus’ business plan and support the growth of its recent acquisition of a controlling interest in Nexus Renewables, Inc., a Toronto-based developer of US solar and energy storage projects. This capital raise will also fuel additional acquisitions and the buildout of solar and battery energy systems, advancing the company’s strategic goals.
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Apricus Generation Announces Close of Series A Funding Round to Accelerate Solar and Battery Development. source
