With this new corporate financing, our current development capital facility, and the newly passed Inflation Reduction Act and the tax credits it increases and extends, we are well positioned to capitalize on this massive moment in history to the benefit of everyone we work with and serve."Īfter less than two years in business, Morpho's customers already include six of the largest REITs in the nation, further validating the strength of its approach and the value it delivers to building owners and their tenants. "The opportunity and our approach to capturing it have been strongly validated this past year. we see as idle real estate assets," said Conrad Chase, CEO of Morpho Energy. "We brought together an all-star team, which we're now expanding, to unlock the nearly 90 billion square feet of C&I rooftops in the U.S.
Morpho was founded by prominent energy industry executives with over 3 gigawatts (GW) of solar project development experience, decades of guiding the success of Fortune 500 and other large corporations, and expertise commercializing innovative technologies that reduce greenhouse gas (GHG) emissions in the built environment. The investment will also support Morpho's strategies for scaling its market approach and unique onsite Energy as a Service offering, which enables large REITs with portfolios of properties to capitalize on the clean energy transition more quickly and economically.
Proceeds from Forest Road will accelerate development of Morpho's rapidly growing portfolio of C&I rooftop and carport solar projects including dozens of iconic buildings in metro centers.
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