North America-based utility, Guzman Energy, has secured $130 million in funding to expand its efforts to deliver cheaper and greener energy to consumers.
The funding is coming from energy investors Vision Ridge Partners and ZOMA Capital.
Representatives from the investors will join the Guzman Energy Board of Directors.
The funding comes at a time when stakeholders in the US are changing the business models of the country’s energy industry towards digitisation, renewable resources and distributed energy.
CEO Leo Guzman, said the two investor companies’ “Strategic insights, deep relationships & significant resources will play an important role in Guzman Energy reaching its full potential.”
The news follows a February 2017 partnership between the wholesale energy provider and Kit Carson Electric Cooperative, to enable the northern New Mexico counties of Taos, Colfax and Rio Arriba to achieve summer solar energy independence by 2022.
Guzman Energy has plans to generate 100% of its energy from renewables to save between $50 million and $100 million in energy costs for its 30,000 co-op members in the next 10 years.