The $4.1 million investment in Momentum Solar, in connection with the Grow NJ program, preserves the company’s HQ in the Garden State, supports an additional 150 local jobs, and backs the promise of clean energy.
NEW YORK—Advantage Capital today announced a $4.1 million investment in Momentum Solar, a residential solar company offering solar design, engineering and installation services across New Jersey, New York and five other states. The investment, though the Grow NJ program, supports the company’s expansion plans and growth strategy, including the recent move into a new headquarters building in South Plainfield, New Jersey.
The move to the new facility, four times the size of its previous location, enables Momentum to maintain its operations in New Jersey and retain hundreds of jobs that may have been relocated outside of the state. The company also plans to create 150 high quality, accessible jobs over the next three years, boosting the state’s economy and contributing to New Jersey’s focus on clean energy expansion and job creation – a priority for New Jersey Governor Phil Murphy, who signed an expansive clean energy bill earlier this year.
“I’m thrilled to see the growth in Momentum Solar, which has created hundreds of high quality jobs that strengthen our economy and our state’s commitment to adopting clean, renewable energy,” said Assemblywoman Nancy Pinkin, a sponsor of the clean energy legislation. “As we continue to take steps to improve and expand New Jersey’s renewable energy programs, businesses like Momentum are helping to build a stronger, cleaner and healthier tomorrow for all New Jersey families.”
Momentum CEO and co-founder Arthur Souritzidis has led the company’s transformation from a four-person, garage-based business in 2009 to one of the fastest growing, privately held companies in the U.S. The company landed at #58 out of 5000 growing businesses, according to Inc., and was also recognized as the #2 energy company nationwide and the top company in New Jersey. It also recently ranked #25 in Deloitte’s TechFast500 list. Momentum ended 2017 with 650 employees and expects to end this year with 1,200.
“Our tremendous growth is a direct reflection of the work our employees put in every day,” said Souritzidis. “We began this company with a simple mission: to enable homeowners to generate cleaner, price-protected power, while bettering the environment. That remains our focus today and we couldn’t do it without the support of our 1000-plus employees and our loyal customers. We are thankful for them, as well as our financing partners who share our commitment to creating true impact within the solar community and our home state of New Jersey.”
Momentum Solar’s impact is a bright spot for New Jersey’s clean energy economy. Many of the company’s anticipated new jobs will be available to those with a high school degree or equivalent, with the majority offering training, an important component in helping to build a larger, stronger clean energy labor force. The company’s critical technology and sheer presence are vital to New Jersey’s return to prominence in the space.
The investment in Momentum was made in connection with the Grow NJ program, a powerful job creation and retention incentive program that strengthens New Jersey’s competitive edge in the increasingly global marketplace.
“Momentum’s growth trajectory and commitment to its community is impressive,” said Jim O’Rourke, managing director at Advantage Capital. “Like our other investments through the Grow NJ program, this investment will create a considerable impact, strengthening the local economy through continued job growth and economic development, and pushing the state towards national leadership in the development of clean energy technologies.”
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $2.6 billion in companies from a diverse array of industry sectors and has helped support more than 48,000 jobs. Learn more at www.advantagecap.com, or via Twitter or LinkedIn.
About Momentum Solar
Momentum Solar is a top residential solar contractor and Inc. 500 fastest-growing private company that employs over 1,000 people nationwide and with operations in New Jersey, New York, California, Florida, Texas, Connecticut and Pennsylvania. The owner-operated business is committed to providing savings for their customers and helping the environment by providing clean, affordable electricity to qualified homeowners. Momentum Solar manages the entire customer life cycle from enrollment through customized design, engineering, permitting, installation and activation of each system to make the process simple. Learn more at momentumsolar.com.
Advantage Capital is an investment adviser registered under the Investment Advisers Act of 1940. Registration does not imply a certain level of skill or training. The information in this release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type.
The investments and portfolio companies referenced in this release represent only a sample of companies that have received investment capital from Advantage Capital-related entities. For a complete list of such companies, please see our website at advantagecap.com. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities highlighted herein or contained in any other information provided by Advantage Capital. Past performance is no guarantee of future results.
Donya Hengehold, Director of Communications