A Durham company is making multimillion dollar bets on solar energy – and investors are buying into the business model.
Modern Energy recently closed on the $55.6 million Faro Energy Fund, securities filings show. And the financing is targeted at a portfolio company, Faro Energy of Brazil.
Yousef Abugarbieh, COO of Modern Energy, said the fund “is the financing to support [Faro’s] next phase of growth.”
“Modern really focuses on partnering with the developers of clean energy assets…