Advantage Capital has invested $4.1m in Momentum Solar, a residential solar company that provides solar design, engineering and installation services across New Jersey, New York and five other states in the US.
The investment, through the Grow NJ program, supports the company’s expansion plans and growth strategy, including the recent move into a new headquarters building in South Plainfield, New Jersey.
The move to the new facility, four times the size of its previous location, enables Momentum to maintain its operations in New Jersey and retain hundreds of jobs that may have been relocated outside of the state.
The company also plans to create 150 high quality, accessible jobs over the next three years, boosting the state’s economy and contributing to New Jersey’s focus on clean energy expansion and job creation – a priority for New Jersey Governor Phil Murphy, who signed an expansive clean energy bill earlier this year.
Assemblywoman Nancy Pinkin said: “I’m thrilled to see the growth in Momentum Solar, which has created hundreds of high quality jobs that strengthen our economy and our state’s commitment to adopting clean, renewable energy.
“As we continue to take steps to improve and expand New Jersey’s renewable energy programs, businesses like Momentum are helping to build a stronger, cleaner and healthier tomorrow for all New Jersey families.”
Momentum CEO and co-founder Arthur Souritzidis has led the company’s transformation from a four-person, garage-based business in 2009 to one of the fastest growing, privately held companies in the US The company landed at #58 out of 5,000 growing businesses, according to Inc., and was also recognized as the #2 energy company nationwide and the top company in New Jersey. It also recently ranked #25 in Deloitte’s TechFast500 list. Momentum ended 2017 with 650 employees and expects to end this year with 1,200.
Souritzidis 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.”
Momentum Solar’s impact is a bright spot for New Jersey’s clean energy economy. Many of the company’s anticipated new jobs will be available to those with a high school degree or equivalent, with the majority offering training, an important component in helping to build a larger, stronger clean energy labor force. The company’s critical technology and sheer presence are vital to New Jersey’s return to prominence in the space.
The investment in Momentum was made in connection with the Grow NJ program, a powerful job creation and retention incentive program that strengthens New Jersey’s competitive edge in the increasingly global marketplace.
Advantage Capital managing director Jim O’Rourke 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.”
Source: Company Press Release