Verengo Solar

Verengo Solar
Industry Residential solar energy
Founded 2008
Founder Ken Button and Randy Bishop
Headquarters Torrance, California
Number of locations
 2, California & Arizona
Area served
 USA
Key people
 Anders Dahl, CEO
Services Solar Sales, Solar Installation
Website www.verengosolar.com

Verengo Solar was a solar-energy company based in Torrance, California.

Company overview

In 2008, Verengo was founded by Ken Button and Randy Bishop. It subsequently opened offices in Anaheim, Concord, California and White Plains, New York.[1] Silicon Valley Business Journal described the company as a "residential solar installation company provid[ing] financing, design and solar installation services".[2] The firm received $9.7 million in venture capital in 2011 and an additional $12.5 million in 2013.[3] In 2011 the company moved its headquarters to Torrance, California.[4] By 2012, the company was one of the eight hundred fastest growing companies in the United States according to Inc. Magazine, with a revenue of over one hundred million dollars that year and more than seven hundred employees.[5] The company has been called one of the top competitors in the US solar panel industry.[6][7][8] GTM Research named Verengo Solar the number three installer in the U.S. residential solar market in 2013.[9]

Business

In November 2013 the company installed their 10,000th residential solar power system.[10] The company was covered in Inc. Magazine for their lead turnover techniques and ability to cement new customers.[11] It sells and leases systems to homeowners, with leased systems transferred between homeowners upon the sale of a home.[12][13][14] Inc. Magazine ranked Verengo as one of the top forty job creating companies in the US during 2013.[15] It was also named the number one solar-installation only energy company in the US in 2013.[16]

It was announced in early 2015 that NRG Energy had acquired the New York market of Verengo Solar.[17] The move allows Verengo to re-direct its focus back into its core California market.

References

  1. ↑ "Verengo company overview". BusinessWeek. Retrieved January 29, 2014.
  2. ↑ Lisa Sibley (November 10, 2011). "Verengo Solar Plus expanding, hiring in Silicon Valley". Silicon Valley Business Journal. Retrieved January 30, 2014.
  3. ↑ "Verengo Solar". CrunchBase. Retrieved January 29, 2014.
  4. ↑ David Thoreau (April 15, 2013). "Verengo Solar receives City of Torrance Advantage Award for "Enriching the Community"". PV Magazine.
  5. ↑ "Inc. 5000: Verengo Solar". Inc Magazine. Retrieved January 29, 2014.
  6. ↑ Cassandra Sweet (December 13, 2012). "After The IPO: What Lies Ahead For Solar City". Wall Street Journal. Retrieved January 29, 2014.
  7. ↑ Ucilia Wang (January 29, 2014). "A Plan To Take On SolarCity Through Software, Service and Forming Alliances". Forbes Magazine. Retrieved January 30, 2014.
  8. ↑ Ucilia Wang (January 15, 2014). "What SolarCity Wants: Raising Money From Investors It Couldn't Reach Before". Forbes Magazine. Retrieved January 30, 2014.
  9. ↑ http://www.greentechmedia.com/articles/read/is-the-solarcity-model-the-only-way-to-scale-residential-solar
  10. ↑ "Verengo Solar Installs 10,000th Residential System". Solar Industry Magazine. November 18, 2013. Retrieved January 29, 2014.
  11. ↑ Ilan Mochari (January 28, 2014). "How to Nail Customer Acquisition". Inc. Magazine. Retrieved January 30, 2014.
  12. ↑ "CNN Spotlight: Verengo". CNN. Retrieved January 30, 2014.
  13. ↑ "Fight the Power! People Fight Back Against High Power Costs!". CBS. Retrieved January 30, 2014.
  14. ↑ "Solar Industry Offer Exciting Potential for Jobs, Economic Growth". CNBC. Retrieved January 30, 2014.
  15. ↑ "Meet the Job Creators". Inc. Magazine. Retrieved February 4, 2014.
  16. ↑ "2013 Top 250 Solar Contractors". Solar Power World. Retrieved February 4, 2014.
  17. ↑ http://www.greentechmedia.com/articles/read/nrg-acquires-verengo-solars-northeast-sales-and-operations-teams.[] Retrieved February 3, 2015.

On 9/26/2016 Verengo files chapter 11, bankruptcy. Selling its more than 20,000 customer base to Cruis energy.

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