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Solar Mosaic Picks Up $2M from DOE for Crowdfunding

Jun 15, 2012
(PV Magazine)

California-based Solar Mosaic have moved a step towards rolling out its "crowdfunded" photovoltaic model, picking up a grant from the Department of Energy (DOE), as a part of its SunShot program.

Last week, solar finance startup Solar Mosaic announced that it had raised US$2.5 million in venture capital (VC) funding to develop further its crowdfunded photovoltaic platform. In an apparent official stamp of approval, the DOE has further supported the young company by providing it with a US$2 million grant.

Solar Mosaic plan to allow people in the U.S. to make small investments into photovoltaic installations, and reap the financial rewards as the array pumps power back into the electricity grid. By opening up investment opportunities to micro-investors, Solar Mosaic hopes also to drive down the cost of installation in the country by delivering economies of scale.