Funding round
Summit Ridge Energy Growth
Reported as "Growth Equity"
Summit Ridge Energy, which works in commercial solar asset development in Arlington, raised $175M in a Growth round announced on 13 Jul 2022, led by Apollo. 1 firm took part.
$175M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Summit Ridge Energy did not disclose a valuation in this round. It is Summit Ridge Energy's first venture round on record, 5 years after it was founded in 2017. No later venture round is on record for Summit Ridge Energy.
Summit Ridge Energy's funding rounds
This is the only venture round on record for Summit Ridge Energy.
- Growth this round 13 Jul 2022, led by Apollo $175M
- Debt not a venture round 6 Aug 2024 $309M
- Debt not a venture round 13 Jan 2026 $290M
Investors
Who put money in
Apollo led the round.
Lead investor
- Apollo backs 41 venture-backed companies new investor
Joined the board: Corinne Still (Apollo Funds) and Wilson Handler (Apollo Funds).
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion and scaling operations.
- Geographic expansion
- Scaling operations
Comparable rounds
How it compares
19 Growth rounds in Solar Energy Company within a year either side disclosed an amount; the median was $100M, and this round was 1.8 times the median. The closest in time, other companies' Growth rounds in Solar Energy Company:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Solar Energy Company | 31 Aug 2022 | $9.8M | not disclosed | not named |
| Solar Energy Company | 26 Sep 2022 | $73M | not disclosed | not named |
| Sunly Solar Energy Company | 1 Oct 2022 | $195M | not disclosed | not named |
| Solar Energy Company | 28 Apr 2022 | undisclosed | not disclosed | not named |
| Solar Energy Company | 24 Feb 2022 | $120M | not disclosed | Ultra Capital and Redball Power |
| Solar Energy Company | 13 Dec 2022 | $100M | not disclosed | Manulife Investment Management |
| Solar Energy Company | 22 Feb 2022 | $34M | not disclosed | Axel Johnson AB |
| Silicon Ranch Solar Energy Company | 5 Jan 2023 | $600M | not disclosed | Manulife Investment Management and TD Asset Management Inc. |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Summit Ridge Energy raise in its Growth round?
Summit Ridge Energy raised $175M in its Growth round, announced in Jul 2022.
Who led Summit Ridge Energy's Growth round?
Apollo led it.
What was Summit Ridge Energy's valuation at the Growth round?
It was not disclosed.
How does it compare with other Growth rounds in Solar Energy Company?
19 Growth rounds in Solar Energy Company within a year either side disclosed an amount; the median was $100M, and this round was 1.8 times the median.