Annapolis Junction, MD (June 27, 2011) — Astrum Solar announced that it has secured an equity investment from Constellation Energy (NYSE: CEG) to support future growth and expansion efforts as it continues its mission to spread solar power to rooftops across America. Building on the belief that simplifying the process of going solar will lead to its widespread adoption, Astrum Solar provides the industry’s premier customer experience to help homeowners share in the personal rewards of going from energy consumers to clean energy producers.
“Constellation Energy’s commitment affirms Astrum Solar’s position as a leading player in the residential solar market,” said Astrum Solar President Vadim Polikov, PhD. “We remain focused on providing the absolute best customer experience and Constellation’s financial power and traditional energy expertise will accelerate our planned geographic expansion. An investment from a highly respected Fortune 500 energy company such as Constellation also signals the beginning of a new understanding of residential solar as a stable, mature, and fast-growing market whose time has come.”
“Residential continues to be a fast growing segment of the solar industry,” said Andrew Good, senior vice president of corporate strategy and development for Constellation Energy. “Astrum’s business model aligns with Constellation’s strategy of bringing more innovative solutions to customers and complements our commercial solar business, as well as our residential solar offerings through BGE Home.”
Specific terms of the Astrum Solar funding agreement were not disclosed.
About Constellation Energy
Constellation Energy (www.constellation.com) is a leading competitive supplier of power, natural gas and energy products and services for homes and businesses across the continental United States. It owns a diversified fleet of generating units, totaling approximately 12,000 megawatts of generating capacity, and is a leading advocate for clean, environmentally sustainable energy sources, such as solar power and nuclear energy. The company delivers electricity and natural gas through the Baltimore Gas and Electric Company (BGE), its regulated utility in Central Maryland. A FORTUNE 500 company headquartered in Baltimore, Constellation Energy had revenues of $14.3 billion in 2010.
About Astrum Solar
Astrum Solar – the leading full-service residential solar provider headquartered in the Eastern United States – was founded with the mission to spread solar power to the rooftops across America. The company provides a premier customer experience by offering flexible purchase options and facilitating every aspect of a customer’s seamless transition to solar electricity. Customers get the most out of their solar panels by personalizing their system and start tailoring their investment with the company’s online Solar Calculator which provides a real price quote in minutes. Astrum Solar’s five operations centers serve homeowners and small businesses in Delaware, Maryland, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Virginia, Washington, D.C. and West Virginia.