ION Solar Secures Investment Led by Greenbelt, Blackstone Credit and EIP

ION Solar, LLC announced an investment led by the investment team at Greenbelt Capital Partners. Investors in the transaction included Trilantic Energy Partners II North America, Blackstone Credit and Energy Impact Partners.

The Greenbelt team, Blackstone Credit and EIP have worked together in the energy transition sector previously. Matthew Rasmussen, David Rasmussen and Jeremy Call, the founders of ION, will continue to own a majority equity stake in the business and will lead the Company through its next phase of growth.

Since its founding in 2013, ION has built a market-leading residential solar company with operations in eight states across the U.S. (UT, NV, CO, NM, TX, NC, VA, OR). Headquartered in Provo, Utah, ION has installed over 200 MW across more than 30,000 households. ION has grown to be a top 10 residential rooftop solar contractor¹ in the U.S. by delivering customers a premium solar experience from sale through installation.

“We are incredibly proud of the business we have built alongside our extremely talented sales leadership and operations teams. By providing our customers with premium solar products and a white glove experience from sales through installation, we have been able to rapidly scale ION into the premier provider of residential solar,” said Matthew Rasmussen, CEO of ION.

Jeremy Call, President of Sales for ION, added, “The investment is not only a reflection of what ION has become, but more importantly, speaks to the tremendous opportunity in the residential solar industry. We are very excited for our next chapter of growth.”

“The ION executive team has built an industry-leading platform through their relentless focus on customer service and by selectively expanding into high growth geographies. Their strategic go-to-market approach is unique within the industry and delivers exceptional value to their customers,” said Chris Murphy, Partner at Greenbelt.

“The residential energy landscape is rapidly evolving as homeowners rethink patterns of consumption and the desire for energy independence,” said Zach Levenson, Vice President at Greenbelt. “We believe the ION team is uniquely positioned to capitalize on changing consumer preferences by driving the continued adoption of rooftop solar and introducing incremental products such as residential storage and EV chargers.”