Solarity is a distributed generation company that uses solar panels to sell energy to industrial and commercial clients at 10% lower cost than traditional energy companies. The startup was founded by the ex-director of Start-Up Chile, Horacio Melo, just two years ago, but it was acquired last year by Americas Energy Fund II, for around US$7.5M.
The company had depended heavily on investment, since Solarity assumes the costs of installing the solar panels.
They originally raised US$1M from five investors, including a family office and Carlos Valdivieso, an ex-partner of IM Trust. They then closed a deal with SCL Energía Activa, connected to the private capital arm of finance company LarrainVial, which allowed them to grow without needing to raise more capital, according to Melo.
Solarity was in the process of exploring an expansion to the Colombian market, while maintaining a focus on Chile.
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