Nevo Energy
closedNevo Energy develops, builds, owns, and operates renewable energy projects to deliver electricity to utilities and industrial customers.
| Date | Investors | Amount | Round |
|---|---|---|---|
$4.1m | Series B | ||
| Total Funding | 000k | ||
Nevo Energy, formerly known as Solargen Energy, is a renewable energy project developer based in Cupertino, California. Founded in 2009 by Eric McAfee, the company specializes in developing utility-scale solar projects. Its business model revolves around procuring Environmental Impact Reports, obtaining Conditional Use Permits, and establishing transmission interconnects for solar power plants. Nevo Energy's primary clients are utilities and industrial customers seeking clean electricity.
The company's most notable achievement was the initial development of the Panoche Valley Solar Farm, a large photovoltaic solar project in San Benito County, California. Originally proposed as a 399 MW facility, the project involved significant environmental planning and coordination with federal and state agencies due to the sensitive habitat of species like the San Joaquin Kit Fox and the Golden Eagle. Nevo Energy's strategy includes designing projects with minimal environmental impact, such as using ground-mounted panels without extensive cement foundations to allow for continued land use like sheep grazing. In April 2011, Nevo Energy sold the Panoche Valley project to PV2 Energy, retaining a small equity interest. The project was eventually acquired by Con Edison in 2016 and, after being downsized, began producing power in 2018.
The company's leadership has deep roots in finance and technology. Founder Eric McAfee also founded Aemetis. Adam McAfee, who became CEO in July 2012, previously served as the company's CFO and has an extensive background in financial executive roles, including a significant tenure at Apple Computer and experience in private equity for technology and renewable energy. In 2020, a subsidiary of Nevo Energy was renamed Nevo Motors, indicating a new strategic direction to produce low and zero-emission heavy-duty trucks.
Keywords: renewable energy developer, utility-scale solar, solar project development, Panoche Valley Solar Farm, Solargen Energy, Eric McAfee, Adam McAfee, environmental impact assessment, power purchase agreement, clean electricity, solar farm developer, transmission interconnect, photovoltaic projects, Con Edison, PV2 Energy, renewable energy finance, Nevo Motors, zero-emission trucks, Cupertino, San Benito County