Urban Solar, one of the largest providers of solar electric power projects to residential users in Florida, has entered a strategic partnership with Nexwell, a decarbonization investment platform based in Miami. Through this partnership, Nexwell has made a significant investment into Urban Solar to finance the company's expansion in its core Florida market, as well as facilitate its entry into new markets.

This partnership will enable Urban Solar to scale up operations to meet growing consumer demand for residential and commercial/industrial solar solutions. Urban Solar has built an outstanding reputation for its white-glove customer service, customized system design, and transparent pricing with over 5 thousand installations to date. The company will continue delivering the same exceptional experience to customers across Florida.

"We are excited to partner with Nexwell to accelerate our growth in the rapidly expanding clean energy market, aided by the large government subsidies passed by Congress as part of the Inflation Reduction Act," said Mike Vergona, CEO of Urban Solar. "This investment validates our track record and provides us the fuel to expand our market leadership and accelerate our growth trajectory."

Nexwell is a decarbonization investment platform started by industry veterans with deep expertise in renewable energy project development, operations, and financing. Nexwell's Managing Partners have led some of the largest renewable energy companies and transactions in the world. The firm recently sold a portfolio of over 600 MegaWatts of utility-scale solar projects in Spain to China Three Gorges Corporation through Nexwell Power, one of its investment vehicles.

"Urban Solar is one of the most distinguished solar companies in Florida," declares Andreas Mustad, MD of Nexwell. "Together, we're envisioning not just an important leap for a leading regional solar platform but accelerating climate change solutions in the solar PV power industry. As we unite forces, the combined drive of Nexwell and Urban teams will grow the residential and commercial/industrial US solar market and forge a greener future for upcoming generations."

The partnership structure enables Urban Solar to leverage Nexwell's growth capital and industry expertise while maintaining its entrepreneurial culture. Co-founder and CEO Mike Vergona and the current management team will continue leading the company. Employees across the organization will benefit from new career development and advancement opportunities as Urban Solar enters its next chapter of growth.

The investment will fund the expansion of Urban Solar's operations, hiring of additional talent, expansion of inventory financing, and overall growth both within Florida and in other states. It also provides capital for potential strategic acquisitions. Urban Solar is poised to build on its strong foundation and track record of satisfied customers to accelerate the adoption of residential solar.

About Urban Solar

Urban Solar is one of the largest residential solar providers in Florida, renowned for its quality installation services and exceptional customer experience. Founded in 2008, Urban Solar makes it easy for homeowners to go solar with customized system designs, transparent pricing, and white glove installation. For more information, visit www.urbansolar.com.

About Nexwell

Nexwell is an investment platform committed to decarbonization. Founded in 2019 by industry veterans, Nexwell partners and invests in high-potential companies to accelerate their growth and impact. With extensive operating experience and connections, Nexwell provides capital, strategic guidance, and access to a global network. For more information, visit www.nexwell.com.