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- GameChange Solar
GameChange Solar Funding, Investors & Competitors
GameChange Solar has raised $152M across 2 funding rounds, most recently a $2M Series A in February 2023.
Last GameChange Solar funding round
$2M
Series A · Feb 2023
Cumulative funding GameChange Solar raised
$152M
across 2 funding rounds
Key investors in GameChange Solar
Northern Star Partners
Koch Strategic Platforms
About GameChange Solar
GameChange Solar is a provider of racking and tracker systems for utility-scale solar power plants, offering mounting solutions, trackers, and software to renewable energy developers and engineering, procurement, and construction firms. Founded in 2012, the company grew from a regional fixed-tilt racking provider into a global player, ranked as the third-largest solar tracker company in the United States and sixth-largest globally in 2020 according to Wood Mackenzie.
Founded
2012
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
GameChange Solar Funding History
GameChange Solar has raised a total of $152M across 2 funding rounds.
GameChange Solar's first fundraising round was a $150M undisclosed-stage round in December 2021. The most recent completed round was a $2M Series A in February 2023.
GameChange Solar funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2023 | Series A | Northern Star Partners (lead) | $2M | - |
| Dec 2021 | Undisclosed stage | Koch Strategic Platforms (lead) | $150M | GameChange Solar Holdings Corp. is a leading provider of racking and tracker systems for utility-scale solar power plants, offering comprehensive mounting solutions, trackers, and software to renewable developers and engineering, procurement, and construction firms. Founded in 2012, the company has grown from a regional fixed-tilt racking provider to a global player, ranked as the third largest solar tracker company in the U.S. and sixth globally in 2020 by Wood Mackenzie. On December 16, 2021, Koch Strategic Platforms (KSP), a subsidiary of Koch Investments Group and the sole lead investor, made a $150 million preferred stock investment in GameChange Solar, described as representing a minority stake if converted. The investment followed extensive due diligence on the company's solar mounting solutions, tracking, software, historical performance, and project pipeline. Citi served as sole placement agent and strategic advisor to GameChange, with Goodwin Procter as legal counsel, while Jones Day advised Koch. The net proceeds are designated to support strategic development goals, including expanding U.S. and global market share, accelerating R&D for margin-enhancing balance-of-system solutions such as a new 2P tracker technology, fixed-tilt systems, and advanced tracker software, growing the customer base, and increasing international deployment and manufacturing presence. In addition to capital, the investment enables exploration of synergies with Koch Industries subsidiaries like KBX for supply chain management, Koch Engineered Solutions for energy management software, and other areas to enhance visibility into alternative energy markets. KSP focuses on energy transformation investments in market-disrupting companies with strong tailwinds, including recent bets on the battery value chain, energy storage, and infrastructure. GameChange's CFO Mark Gibbens highlighted the validation from a major energy transformation investor, while KSP's Jeremy Bezdek praised the company's advantaged solar solutions poised to disrupt the industry. This marks a shift for Koch Industries, historically tied to fossil fuels, toward renewables due to the cost-competitiveness of unsubsidized utility-scale solar. No financial metrics such as post-money valuation, revenue, ARR, EBITDA, or valuation multiples were disclosed in announcements or related coverage of the round. |
Who has invested in GameChange Solar?
2 investors have backed GameChange Solar across its funding rounds, including Northern Star Partners and Koch Strategic Platforms.
Lead investors include Northern Star Partners and Koch Strategic Platforms.
GameChange Solar Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 GameChange Solar investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialGameChange Solar Competitors
GameChange Solar competitors include listed companies like GE Vernova, Vestas, First Solar and Hyosung Heavy Industries, and private ones like Adani New Industries and Enpal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $38B | $3.2B | $246B | 5.4x | ||
| Private | - | - | $50B | - | ||
| Publicly listed | $22B | $2.6B | $32B | 1.3x | ||
| Publicly listed | $5.2B | $2.1B | $22B | 4.0x | ||
| Publicly listed | $4.3B | $533M | $19B | 4.0x | ||
| Private | $1B | $24M | $2.5B | - |
GameChange Solar Public Comps
GameChange Solar is still privately-owned, but its public comps include GE Vernova, Iberdrola, Siemens Energy, China Yangtze Power, Constellation Energy, Bloom Energy, SLB, Baker Hughes, Vistra and Sandvik.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $45B | $4.5B | 2.7x | 2.4x | 27.3x | 16.1x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $2B | ($14M) | 40.9x | 23.7x | (5906.9x) | 112.5x | |||
| $36B | $7B | 2.4x | 2.4x | 12.5x | 10.6x | |||
| $28B | $4.3B | 2.0x | 2.0x | 13.3x | 11.3x | |||
This data is available for Pro users. Sign up to see all GameChange Solar competitors and their valuation data. Start Free Trial | ||||||||
Common questions about GameChange Solar
| When was GameChange Solar founded? | GameChange Solar was founded in 2012. |
| Where is GameChange Solar headquartered? | GameChange Solar is headquartered in New York City, NY, United States. |
| Is GameChange Solar publicly listed? | No, GameChange Solar is a private, VC-backed company. |
| How much funding has GameChange Solar raised? | GameChange Solar has raised $152M across 2 funding rounds. |
| What was GameChange Solar's last funding round? | GameChange Solar's last funding round was a $2M Series A in February 2023, led by Northern Star Partners. |
| Who are GameChange Solar's investors? | GameChange Solar's investors include Koch Strategic Platforms and Northern Star Partners. |
| Which companies are comparable to GameChange Solar? | Companies comparable to GameChange Solar include GE Vernova, Adani New Industries, Vestas, First Solar, Hyosung Heavy Industries and Enpal. |
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