Omnidian, described as, "the only nationwide provider of residential and C&I solar system protection plans and performance guarantees," announced a $15 million capital raise.

The round was led by IA Capital, a New York-based insurtech venture capital firm. Additional investors in the round include the venture arms of major utilities Evergy, National Grid (National Grid Partners) and Avista Corp, as well as investments from Blue Bear Capital, Congruent Ventures and City Light Capital.

"With this injection of capital, Omnidian will continue to support its multiple Fortune 1000 clients’ residential lease portfolios and grow its Elite Dealer Program, which allows residential solar dealers to include Omnidian’s comprehensive system protection and cash-back performance guarantees for all cash and loan customers for just $300 for the first year. By bundling this service, Elite Dealers can differentiate themselves in the market and offer customers cash-in-hand protection for any unexpected dips in annual system performance. Homeowners are able to renew their subscription to the program for under $13 per month," Omnidian said

The capital infusion will propel Omnidian into new geographies across the country, including New York and California, and expand the company’s reach to dealers representing over 75 percent of the U.S. solar market.

"At National Grid, we strive to stay a step ahead of emerging trends in distributed generation expansion and information technology, and we see the opportunity for management solutions like Omnidian’s to contribute to a more well-balanced and efficient grid in the long-term," said Dillon McDonald, Vice President of Incubation at National Grid Partners

Tags:
M&A   Solar   Finance   National Grid  

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