Wednesday, January 15, 2014
SolarCity Buys LA's Common Assets For Crowd Powered Solar Financing
In another boost to the reputation of Los Angeles for financial technology startups, Common Assets LLC, a financial technology startup focused on investment platforms for individual investment in solar power technology, has been acquired by SolarCity. Financial terms of the buy were not disclosed. Common Assets is headed by Tim Newell and John Witchel, who are joining SolarCity as part of the buy. Common Asset was backed by Los Angeles private equity investor U.S. Renewables Group. Jim McDermott--a longtime serial entrepreneur and investor in Southern California--was Chairman of Common Assets up until the purchase. SolarCity said it will use the acquisition as part of an effort to allow individual and institutions to directly participate in solar investments--an area which was until recently been the domain only of very large financial institutions.