Investment bolsters Momentum Solar growth
Advantage Capital announced this week a $4.1 million investment in Momentum Solar, supporting the company’s expansion plans, which include moving to a new headquarters building in South Plainfield, New Jersey.
Momentum Solar is a residential solar company offering solar design, engineering and installation services across New Jersey, New York, and five other states. The investment was made through the Grow NJ program.
“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,” Assemblywoman Nancy Pinkin, a sponsor of the clean energy legislation signed into state law earliest this year.
Momentum Solar began as a four-person, garage-based business in 2009 and has become one of the fastest growing, privately held companies in the nation, officials said, noting the company landed at 58 out of 5,000 growing businesses, according to Inc. Magazine.
“Our tremendous growth is a direct reflection of the work our employees put in every day,” Arthur Souritzidis, CEO and co-founder of Momentum Solar, said. “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.”
Advantage Capital Managing Director Jim O’Rourke said Momentum’s growth trajectory and community commitment 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,” O’Rourke said.
