February 28, 2018

Solar-development leader Verogy receives pre-seed equity from Stonehenge Growth Capital

HARTFORD, Conn. — Verogy, a solar-development company, announced today it has raised $5 million in pre-seed equity capital from Stonehenge Growth Capital, a provider of venture capital, private equity and mezzanine debt.

Stonehenge invests in companies led by experienced management teams with a passion for innovation and the pursuit of high-growth opportunities.

“We are thrilled to be able to invest in a company like Verogy,” said Charles E. Haberkorn, managing director at Stonehenge and the firm’s investment team leader. “They have the vision and talent necessary to execute a smart and growth-oriented business strategy. Stonehenge is completely confident in Verogy’s ability to repeat the impressive successes they have already achieved, and we look forward to supporting their business growth for years to come.”

A newcomer to the industry, Verogy was founded by the former executive team of Greenskies Renewable Energy LLC, a leading vertically integrated solar company in the United States. While at Greenskies, the team focused on developing commercial and industrial, municipal and small utility segments of the solar industry, successfully deploying projects for big-box stores and Fortune 50 retailer sites nationwide, as well as for municipalities and utilities across the Northeast.

They were responsible for more than 100 percent year-over-year growth in both megawatts and projects deployed, completing over 250 solar installations that accounted for more than 110 megawatts of nameplate capacity. The executive team was also instrumental in the sale of Greenskies to Clean Focus Corporation in mid-2017.

“The pre-seed equity gives Verogy the flexibility needed to take advantage of opportunities that would otherwise be unavailable,” said William Herchel, Verogy co-founder and CEO. “In today’s dynamic solar market, it’s necessary to be able to have available capital to grow in a deliberate and calculated manner. We are incredibly appreciative to Charlie Haberkorn and the Stonehenge team to grow our business, and we look forward to continuing to work with them.”