Lehi Tech News
Lumio residential solar company announces $110m investment
Lehi, Utah – December 14, 2021 – Lumio, the preeminent leader in Home Experience, today announced the completion of a $110 million investment led by White Oak with participation by Fiera Comox. Houlihan Lokey served as exclusive placement agent. Dentons serves as legal counsel to Lumio.
This funding accelerates Lumio’s mission and the demand the company is driving for renewable energy solutions. At a time when officials are focused on the country’s over-taxed electrical grid and infrastructure, Lumio is already delivering solutions that decentralize power, elevate communities, and provide authentic sustainability.
“Lumio is well underway on our mission to make power personal, so people can create their own electricity at home, be less taxing on the grid, become better stewards of the Earth, and save money while doing it,” said Greg Butterfield, founder and CEO of Lumio. “Our vision of decentralized power enables homeowners to more intelligently control energy production, storage, and usage—so together we can make a bigger impact on sustainability.”
While leading market research firms estimate the U.S. residential solar market to grow 15-28% on a year-over-year basis, Lumio has achieved consistently higher revenue growth rates along with attractive levels of profitability. With new economies of scale associated with this funding, Lumio will continue its focus on making solar more accessible and mainstream for U.S. households, while crafting a trusted national brand.
Lumio makes solar energy systems more accessible with faster, more reliable installation, and easier financing. With the industry average installation time typically reaching 75 days or more, Lumio’s average is 35 days, helping to drive high customer satisfaction. This increase in velocity cuts costs, increases adoption, and makes benefiting from solar easier. Lumio’s financing options make purchasing easier for most homeowners with instant approvals at better rates than ever before. In today’s reality of climate change, commitments like these will help turn the tide of the environmental crisis.
“We are excited to partner with a truly exceptional and mission-driven management team, under Greg Butterfield’s leadership, to build one of the leading companies in the sector,” said Jon Patty, a Partner and Managing Director at White Oak. “Beyond its exceptional growth and consistent profitability, Lumio has now built what this sector needs most: a scaled, technology-enabled provider that delights its customers while driving environmental sustainability, local community engagement, and employee ownership and empowerment. As an investment firm deeply committed to impact investing and the highest ESG standards, White Oak is thrilled to have the opportunity to support Lumionow and in the years to come.”
“Fiera Comox is pleased to partner with White Oak in this investment to support Lumio’s seasoned management team in growing its sustainability mission,” said Mathieu Desforges, Partner at Fiera Comox. “Lumio’s purpose and vision embody our firm’s ESG values and commitment to environmental stewardship.”