Inovateus Solar of South Bend has a new investment partner.
The company announced it received a significant investment from private equity firm Middleburg Capital Development of Virginia, which now has an ownership stake in the green-energy firm. The investment allows Inovateus to expand its solar development operations beyond the Midwest and expanded services and project financing options.
Timothy Sutherland, CEO of MCD, was appointed as chairman of the Inovateus board of directors. Inovateus co-founder TJ Kanczuzewski will remain company CEO.
“Since the beginning of his engagement with Inovateus, Tim has brought unbounded energy, commitment and experience to Inovateus as we commence deploying a more scalable and sustainable business strategy in solar development and project financing, while contributing to our ethic of global sustainability,” said TJ Kanczuzewski, co-founder of Inovateus.
MCD was founded in 2012 with investments in technology and data businesses, manufacturing and distribution.
Inovateus said it will scale its operations, offer customers more project financing options, and increase its ownership in the solar and energy storage assets, which it develops. Inovateus has led the installation and financing of more than 453 megawatts of utility, commercial, educational, and municipal solar projects in the Midwest, mid-Atlantic, and the Southeastern U.S.
Sutherland said the experience Inovateus has positions it well for future growth.
“I am grateful for the opportunity to work with this dedicated group of innovative and talented people as we take a leadership role in ensuring solar energy continues to be recognized as a clean, reliable and affordable source of energy for our country,” he said.
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