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Closing the Gap on Energy Efficiency

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Holding the all-time record for most career assists, Basketball Hall of Famer Magic Johnson is assisting on another record-breaking goal.  Earvin ‘Magic’ Johnson has officially joined Uncharted Power’s Board of Directors. The award-winning power company’s mission is to provide universal access to low-cost, clean power.  Mr. Johnson brings years of experience to the smart energy and data infrastructure tech company. Since his basketball career he has become a leader in urban community investments.  Through partnerships and business ventures Mr. Johnson has created redevelopment opportunities in underserved areas across the nation.  He hopes to expand Uncharted Power’s U.S. programs to bring smart energy solutions to lower income communities. Together, they are striving to provide energy efficiency for all. “Many of America's urban, multicultural communities are being left behind when it comes to basic human rights such as feeling safe in the community, providing for family, getting an education and, quite literally, keeping the lights on," said Johnson. Eager to join the team, Johnson continued, "Working with proven innovators like Uncharted Power's Founder and CEO Jessica O. Matthews gives me hope for our future and reinvigorates my commitment to serve these communities by creating infrastructure that improves their quality of life. I'm thrilled to serve on Uncharted Power's Board of Directors and join their movement to provide smarter, more affordable power access to communities who need it most.” 

Uncharted Power is developing resilient hardware and software to transform the current, traditional infrastructure into a smart, sustainable and accessible power network.  Founder and CEO of Uncharted Power, Jessica O. Matthews commented, "The future of IoT-driven smart cities and 5G is exciting, but many communities in the U.S. and worldwide will struggle to realize this future if we do not address the devastating infrastructure crisis that limits access to reliable and cost-effective power.”  She continued, ”Fortunately, smart, decentralized power solutions will address current infrastructure gaps today while also laying the foundation to meet the power needs of tomorrow. We've made it our mission to develop technology that not only levels the playing field for underserved areas, but also inspires other innovators to join us in revitalizing these communities. We are honored to have Magic as a mentor, advocate, advisor and friend to help us power and empower the world.”  Matthews inspired the largest Series A funding round ever for a black female founder in 2016 and to date, the company has raised $12.5 million. 

Headquartered in New Orleans, LA, PosiGen wants to provide low and middle income families access to affordable solar and energy efficiency to dramatically cut their energy costs and improve their lives. In connection with Ares Infrastructure and Power team, Ares-managed funds and accounts, and the Connecticut Green Bank, PosiGen announced a new $100-million facility to provide solar systems and energy efficiency upgrades to low-to-moderate income homeowners in Connecticut and New Jersey. "This new facility will allow PosiGen to help even more families by making solar available to households traditionally unable to access its benefits," says Thomas Neyhart, CEO of PosiGen.  "PosiGen is leading the way for energy affordability across America and we are pleased that our integrated team was able to provide a flexible and creative financing solution for their continued growth," added Keith Derman, Partner and Co-Head of Ares Infrastructure and Power.

Closing the gap in access to energy efficiency requires funding but innovation, determination and leadership are what will pave the way toward efficiency for all.  

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Thank Nevelyn for the Post!

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Matt Chester's picture
Matt Chester on Mar 6, 2020 1:22 pm GMT

"PosiGen is leading the way for energy affordability across America and we are pleased that our integrated team was able to provide a flexible and creative financing solution for their continued growth," added Keith Derman, Partner and Co-Head of Ares Infrastructure and Power.

Programs like this should really be a no brainer. When the upgrades provide the equivalent of printing money for the owners in cost savings, applying on-bill financing and low/no costs upfront is a winning proposal for all. 

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