King Energy Secures $10 Million in Funding Led by ArcTern Ventures to Scale Solar Solutions for Multi-Tenant Commercial Properties

DURANGO, Colo., Oct. 16, 2024 /PRNewswire/ -- King Energy, a pioneering provider of solar energy solutions for multi-tenant commercial properties, announced today the successful close of a $10 million funding round led by ArcTern Ventures with $7 million and an additional $3 million from existing investors Blackhorn Ventures, Active Impact Investments, and Next Frontier Capital, underscoring the continued confidence in King Energy's mission and market leadership.

The investment will fuel King Energy's expansion of its innovative solar financing and billing platform that brings renewable energy to multi-tenant commercial buildings, providing economic value to both tenants and property owners alike. The additional capital will support scaling of operations, hiring, and technology enhancements, furthering King Energy's reach across North America.

John Witchel is the CEO of King Energy with a strong record of building and scaling successful companies. He co-founded Prosper Marketplace, a pioneer in peer-to-peer lending, served as Senior Technical Architect at SolarCity during its rapid growth, President of GitPrime leading to its successful acquisition by Pluralsight. He currently serves on the board of Wunder Capital, La Plata Electric, and recently on the board of Colorado Solar and Storage Association. Witchel's experience in finance, renewable energy enabled him to build an exceptional leadership team of seasoned industry experts to lead King Energy's expansion.

John Witchel, CEO of King Energy, expressed genuine gratitude for the ArcTern partnership. "We are incredibly honored by ArcTern's investment, which stands as a strong endorsement of our mission to transform how commercial properties benefit from renewable energy."

ArcTern Ventures is a global venture capital firm dedicated to backing companies that address critical sustainability challenges. With a proven history of supporting transformative technologies across energy, transportation, and food systems, ArcTern's investment in King Energy highlights its commitment to advancing impactful clean-tech innovation. As part of this partnership, ArcTern Partner Mira Inbar will join King Energy's board, bringing valuable insight and expertise to the team from her time in the C&I renewable sector.

"King Energy brings a much-needed renewable solution to the multi-tenant commercial real estate, an enormous and underserved market," said Mira Inbar, Partner at ArcTern Ventures. "Sustainability progress happens when it makes economic sense, and King Energy has cracked the split incentive problem so that everyone wins. We look forward to supporting their next phase of growth as they create real value for building owners and tenants eager for energy efficiency and cost savings."

About King Energy

King Energy manages nearly 200 energy programs at multi-tenant commercial properties, serving more than 25 million square feet of tenant space. Their vision is to bring solar to every commercial rooftop by providing clear financial value to both property owners and their tenants. With their innovative OneBill software platform, King Energy optimizes the allocation and billing of energy to a commercial property's tenants. By combining OneBill with project financing, solar program installation, and long-term management, King Energy serves as a single source solar partner that adds material financial value to commercial properties. This turnkey approach allows businesses to easily adopt clean energy, reducing both operational costs and carbon footprints without the upfront expenses or complexities typically associated with solar power.

King Energy is committed to making solar energy accessible, reliable, and profitable for all stakeholders, paving the way for a more sustainable future. Discover how King Energy is transforming commercial rooftops into valuable energy assets at www.kingenergy.com.

About ArcTern Ventures

ArcTern Ventures is a venture capital firm committed to addressing the climate crisis and advancing sustainability. Headquartered in Toronto, with offices in Oslo and San Francisco, ArcTern invests globally in innovative technology companies focused on climate action and sustainability—what we call Earthtech. The firm was founded on the premise that accelerating the transition to a carbon-neutral economy can disrupt industries and present an unprecedented opportunity for outsized financial returns, benefiting companies, investors, and the planet. ArcTern's latest fund, Fund III, closed in January 2024 with US$337M from leading institutional investors, with a focus on Series A and B startups. Visit www.arcternventures.com to learn more.

For further inquiries, please contact:

King Energy

Tori Moon

1-800-781-1765

media@kingenergy.com

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SOURCE King Energy