Commenting on the acquisition, Christopher Hopper, co-founder of Aurora Solar, said, “Aurora Solar and Folsom Labs share a common mission to build a future of solar energy for all. We built our business to help the solar industry scale through technology, and adding the Folsom Labs team puts us in an even better position to drive the digital transformation of the solar industry.”
Through the acquisition, Aurora intends to accelerate providing tools for solar companies, from residential to large-scale commercial solar, and all teams within an organization. The company also aims to fast-track the adoption of rooftop solar.
“Today is a big day for solar. As a result of this acquisition, solar professionals from the residential and commercial sectors can look forward to faster product innovation and an unparalleled customer experience. I’m delighted to welcome the Folsom Labs team to Aurora,” said Samuel Adeyemo, co-founder of Aurora Solar.
Folsom Labs develops HelioScope, a software platform for designing commercial solar systems. The company maintains that it has thousands of customers in over 100 countries. HelioScope has been used to design over 1,200 GW of solar projects worldwide.
“Our shared vision and values have made it clear that joining forces will enable us to maximize our impact on the industry,” said Paul Grana, co-founder of Folsom Labs.
Paul Gibbs, another co-founder of Folsom Labs, added, “As a part of Aurora Solar, we’ll be able to provide the comprehensive solution the solar industry has been waiting for since we both started our parallel journeys.”
In December 2020, Aurora Solar announced that it raised $50 million in Series B funding led by ICONIQ Capital. Earlier this year, the company closed a $250 million Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures, and Fifth Wall. In just over two years, Aurora Solar has raised more than $320 million.
According to Mercom Capital Group’s 1H and Q2 2021 Solar Funding and M&A Report, in the first half of 2021, global VC funding – including venture capital, private equity, and corporate venture capital in the solar sector increased around 680% to $1.6 billion in 26 deals compared to $210 million in 14 deals in the same period the year before.
Arjun Joshi is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. More articles from Arjun Joshi.