Perch Energy Announces B Corp Certification, Demonstrating its Commitment to Expanding Renewable Energy Access to All

Perch Energy (“Perch”), a clean energy technology platform and community solar servicer that connects solar developers with consumers, today announces that it has become a Certified B Corporation™ (“B Corp”), demonstrating its commitment to expanding access to renewable energy for renters, homeowners, businesses and governmental entities.

B Corporations are certified by the non-profit organization B Lab, which requires rigorous standards of social and environmental performance, accountability, and transparency. This certification reaffirms Perch’s fundamental commitment to values-driven business practices as it expands and accelerates the shift to clean and renewable energy through the deployment of community solar. Community solar projects are built locally, connected directly to the utility grid, and allow everyone to access the cost-savings of solar power while supporting a carbon-free future.

“We are committed and passionate about accelerating access to renewable energy solutions like community solar that also make it simple and easy for consumers to achieve tangible energy savings,” said Perch CEO and President Bruce Stewart. “Our company takes pride in filling this dual role of clean energy access and electricity bill savings, and holds these values as our North Star. It’s reflected in how we do business—inclusive of our employees, our customers, and our partnerships. Achieving B Corp Certification is a testament to this, and we are proud to stand alongside like-minded organizations who are in the business of being forces for good.”

To gain its B Corp Certification, Perch’s environmental and social practices and policies were assessed in five areas: workers, customers, suppliers, community, and the environment. Perch was awarded an overall impact score of 93.4, far exceeding the 50.9 median score of businesses undergoing the assessment as well as the 80.0 threshold for B Corp Certification.

Perch’s core business focus of accelerating renewable energy adoption and lowering electricity bills for homeowners, renters, businesses, and government entities contributed significantly to its overall impact score. Additionally, Perch achieved the important benchmark of at least 50% of both managerial and non-managerial staff identifying as women—especially noteworthy within the energy industry, with men representing 65% of the workforce of private energy companies.

“At Perch, our strength lies in our people,” said Stewart. “Our diversity in ideas and equity-based work is a reflection of our core values. We’re encouraged to see these values recognized in our B Corp Certification and impact score, and we’re continually driven by the chance to align as a team to place our customers and our planet first.”

Another driving force in its B Corp score was Perch’s advocacy and participation in legislative and regulatory proceedings to support the expansion of clean energy options, like community solar, for consumers of all economic backgrounds. Perch’s efforts extend to maximizing social and economic benefits for low- and moderate-income consumers and residents of disadvantaged communities. Perch’s robust employee benefits, significant equity options and opportunities for career growth have all been reflected in the overall impact score, in addition to the thousands of dollars and ample time spent volunteering and contributing to charitable causes.

As of January 2024, Perch provides acquisition and management services for more than 150 active community solar projects owned by developers and asset owners throughout the Northeast, Mid-Atlantic, and Midwest. Prior to its B Corp Certification, Perch raised $30 million from Nuveen in its Series B round of fundraising in October 2023. Following its launch as an independent company in 2021, Perch has more than doubled the number of clients and markets it serves while rapidly expanding its mission to make clean energy options more accessible and equitable for all.

About Perch Energy

Boston-based Perch Energy (Perch) is an industry-leading community solar servicer that has helped renters, homeowners, and businesses save more than $26M cumulatively in total energy discounts since its founding in 2021. Recognized as a finalist in 2022 “Company of the Year” in the Cleanie Awards®, Perch’s clean energy technology platform makes it easy to sign up for community solar and save, while offering a suite of services to solar farm developers and asset owners to maximize ROI, from customer acquisition, onboarding, lifecycle management, and billing, to regulatory and policy expertise for navigating program rules. Perch is the largest pure play community solar service in the U.S. and, to date, has provided services for solar projects which have generated or will generate over one billion kilowatt-hours (kWh) of power across Maine, Maryland, Massachusetts, Minnesota, New Jersey, New York, and Washington D.C., with expansion plans into California, Delaware, Illinois, and Virginia.

Perch launched as an independent company from solar developer BlueWave in early 2021, followed by a $7.2M Series A funding and the appointment of President and CEO Bruce Stewart in 2022 as well as other key executive roles, and most recently finalized a $30 million Series B round from Nuveen’s Private Equity Impact team in 2023.

Source link:

Newsletter Updates

Enter your email address below and subscribe to our newsletter