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Solar installer scores $81 million in venture capital

SolarCity's momentum continues as the company seeks to drive more marketing and fund potential acquisitions.
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Written by Heather Clancy, Contributor on

Fast-growing residential solar development company SolarCity, based in San Mateo, Calif., has snagged $81 million in venture funding from several different sources. The development is just the latest in positive business developments for the innovative installer.

The round was led by Silver Lake Kraftwerk and Valor Equity Partners (one of the companies behind Tesla Motors). SolarCity expects to put the money toward marketing and operations, technology development and potential acquisitions. "This investment providers SolarCity the resources to explore new products and services and identify new geographies and potential acquisitions as we seek to deliver better energy choices to more consumers," said SolarCity CEO Lyndon Rive in a statement.

The development comes on the heels of SolarCity's latest state expansion into New Jersey. The company currently encompasses 23 operations centers covering Arizona, California, Colorado, Connecticut, Hawaii, Maryland, Massachusetts, New Jersey, New York, Oregon, Pennsylvania, Texas and Washington, D.C.

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