Never heard of this company? We at GTM Research underestimated American Solar Direct until a closer examination of historical data revealed that the company is one of the few top-20 installers that has experienced consistent positive quarter-over-quarter growth since it began installing PV systems in 2010. The company, founded in 2009, began in Los Angeles and expanded to San Diego and Northern California in 2012. ASD’s strategy is unique in that the company raised its own project funds rather than partnering with a financier such as Sunrun or SunPower. It received two rounds of equity investment, as well as $50 million to support its lease program from WGL Holdings, parent company of the utility Washington Gas. Co-Founder and CFO Ravi Thuraisingham has said that ASD plans to expand to other states as well as Ontario, Canada. For now, the company will focus on maintaining its status as the top residential installer solely active in California.
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