On December 14, 2021, Lumio announced it has raised a $110 million investment led by White Oak with participation by Fiera Comox. White Oak is a San Francisco-based private equity firm (with offices in several cities) specializing in high-growth companies focused on environmental conservation and social responsibility. Founded in 2016, Fiera Comox is a Montreal-based investment firm specializing in private equity, private credit and agriculture. Both White Oak and Fiera Comox are dedicated to investing in companies focused on environmental conservation. Los Angeles-based investment bank Houlihan Lokey served as the deal's placement agent. Note: The company prefers to not to give investment a formal designation, e.g. Series A.

This investment will accelerate Lumio’s mission to provide consumers with the easiest and most user-friendly renewable energy system, as previously covered by TechBuzz when the Lehi-based company merged thriving energy companies—Atlantic Key Energy, DECA, Lift Energy, and Smart Energy Today—to form Lumio.

Lumio believes the time is right for innovative new solar solutions as energy managers and consumers are concerned about country’s over-taxed electrical grid and infrastructure and rising energy costs. Lumio's answer is to "decentralize power, elevate communities, and provide authentic sustainability," says Greg Butterfield, Lumio's founder and CEO. “Lumio is well underway to make power personal, so people can create their own electricity at home, be less taxing on the grid, become better stewards of the Earth, and save money while doing it.” continues Butterfield.  “Our vision of decentralized power enables homeowners to more intelligently control energy production, storage, and usage—so together we can make a bigger impact on sustainability.”

Lumio's market research suggests the U.S. residential solar market will continue growing 15-28% on a year-over-year basis. Lumio has achieved consistently higher revenue growth rates and high profitability. Lumio's revenue growth as of October 2021 as compared with last year is up 275%. The company's revenue run rate this year is over half a billion dollars. With new economies of scale associated with the $110 investment, Lumio will continue to focus on making solar more accessible and mainstream for U.S. households and establish itself as a trusted national brand.

The company produces residential solar energy systems more accessible to residential customers and specializes in speedy installation. With the industry average installation time typically reaching 75 days or more, Lumio claims an installation average time of 35 days. The company says this increase in velocity cuts costs, increases adoption, and makes benefiting from solar easier. In addition, Lumio offers financing options make purchasing easier for most homeowners, again with an emphasis on speed. It can approve financing quickly and offer low interest rates on the financing of energy systems.

“We are excited to partner with a truly exceptional and mission-driven management team, under Greg Butterfield’s leadership, to build one of the leading companies in the sector,” said Jon Patty, a Partner and Managing Director at White Oak. “Beyond its exceptional growth and consistent profitability, Lumio has now built what this sector needs most: a scaled, technology-enabled provider that delights its customers while driving environmental sustainability, local community engagement, and employee ownership and empowerment. As an investment firm deeply committed to impact investing and the highest ESG standards, White Oak is thrilled to have the opportunity to support Lumio now and in the years to come.” 

“Fiera Comox is pleased to partner with White Oak in this investment to support Lumio’s seasoned management team in growing its sustainability mission,” said Mathieu Desforges, Partner at Fiera Comox. “Lumio’s purpose and vision embody our firm’s ESG values and commitment to environmental stewardship.”

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