Dec 6 2012
Next Step Living, Inc., a leader in residential energy efficiency and renewable energy, has raised $18.2 million in a Series C financing.
New investor VantagePoint Capital Partners led the round. Existing investors, including Black Coral Capital and Mass Green Energy Fund, also participated in the round, which remains open.
The financing allows Next Step Living to expand its geographic base and thus serve homeowners in Connecticut, Maryland, and other states on the Atlantic Coast. To date, Next Step Living has primarily conducted its operations in Massachusetts.
Next Step Living helps people make their homes and communities more energy efficient and clean. Homes account for 22 percent of all of the energy consumed in the U.S., according to Department of Energy, and a substantial portion gets lost through under-insulated homes and inefficient heating and cooling systems. Through data-driven energy audits, complimentary upgrades like new light bulbs, insulation offerings, installation of solar technology and advanced heating and cooling systems, Next Step Living can reduce utility bills by 20-40 percent or more, as well as make individual homes more comfortable and livable.
The company's Home Energy Advisors also help customers better understand how their homes operate and qualify for energy efficiency incentives. The company works hand in hand with partners such as the Mass Save Program to bring customers all available benefits.
"At our core, we help communities and residents redirect the money they spend every day on energy back into their families and communities," said CEO Geoff Chapin. "By implementing efficiency measures, homeowners can cut their bills and make their homes more comfortable. Reduced energy consumption also means more predictable energy bills, cleaner air, and lower demand for fossil fuels. Additionally, it means more employment for local contractors, electricians and other tradespeople who work with Next Step Living as partners. Through energy efficiency, you really are helping change the world one home at a time."
Next Step Living also collaborates with community groups, cities, and nonprofit agencies to help spread the word about the benefit of residential energy efficiency and renewables. In partnership with the City of Boston and the Mass Save program, for instance, Next Step Living helped upgrade over 6,000 homes in the city under the Renew Boston initiative.
Founded with five employees right before the housing crash of 2008, the company now employs over 400 Home Energy Advisors, technicians, customer service specialists and other employees. It has upgraded over 25,000 homes and visits more than 2,000 homes a month. Next Step Living also invests in back-end software systems to collect data and more effectively target homes that can benefit from efficiency upgrades and solar energy the most.
"Next Step Living has established an important record of accomplishment in just a few short years," said Lee Burrows, Managing Director at VantagePoint Capital Partners. "As consumers and businesses start to fully appreciate the economics of energy efficiency, we believe that the industry, and this company, holds the potential for impressive growth."
"We've been glad to be a part of how Next Step Living is reinventing some of the rules of cleantech investing. With this growth capital and the addition of a top-notch partner like VantagePoint, we're excited about the next steps for this visionary company," added Rob Day, a general partner at Black Coral Capital.