Advantage Capital invests in US residential solar company Momentum Solar

Solar industry news : Advantage Capital will invest $4.1 million in US residential solar company Momentum Solar which provides solar design, engineering and installation services in New York, New Jersey and five other states.

The investment will be made by Advantage Capital through the Grow NJ program which will supports the expansion plans and growth strategy of Momentum Solar, including its recent move into a new headquarters building located in South Plainfield, New Jersey.

Commenting on the investment in Momentum Solar, Jim O’Rourke – managing director at Advantage Capital, said: “Momentum’s growth trajectory and commitment to its community is impressive.

“Like our other investments through the Grow NJ program, this investment will create a considerable impact, strengthening the local economy through continued job growth and economic development, and pushing the state towards national leadership in the development of clean energy technologies.”

US residential solar company Momentum Solar secures investment from Advantage Capital. Photo courtesy of visual_k/Freeimages.com

In January 2018, Momentum Solar secured a performance-based Grow New Jersey tax credit from the New Jersey Economic Development Authority (EDA) of up to $7.2 million over 10 years.

The new headquarters in South Plainfield of the US residential solar company is said to be four times larger than its previous location, which enables it to maintain its operations in New Jersey while retaining hundreds of jobs that could have otherwise moved out of the state.

Momentum Solar is also expected to create 150 jobs in the coming three years in New Jersey.

Arthur Souritzidis – CEO and co-founder of Momentum Solar, said: “Our tremendous growth is a direct reflection of the work our employees put in every day. We began this company with a simple mission: to enable homeowners to generate cleaner, price-protected power, while bettering the environment.

“That remains our focus today and we couldn’t do it without the support of our 1000-plus employees and our loyal customers. We are thankful for them, as well as our financing partners who share our commitment to creating true impact within the solar community and our home state of New Jersey.”