Creating an American Solar Manufacturing Renaissance

Funding Goal: $800,000

26%

A junior loan of $154,900 has been funded by the borrower's network to be subordinate to the $600,000 senior loan currently being raised on LENDonate.

CHERP’s Mission:
1) Achieve massive greenhouse gas reductions to address global warming.
2) Create living-wage green-sector jobs for those with workforce barriers.
3) Stimulate local economic development in our country’s most economically disadvantaged communities.
4) Pursue environmental & social justice by providing free renewable energy to low-income families.

Investment Summary

Investment Notice

Starfish Commentary

LENDonate Marketplace borrowers generally have over 3 years of operating history. While CHERP was founded in 2015 and received $2.1M seed money from the State of CA, their focus has been to develop innovative solar technology and build the Pomona assembly plant that serves as their prototype for building future assembly plants. At this stage, revenue will begin to be generated once they receive their ETL certification and they move into production mode.

Download the Starfish Commentary for more details.

Who They Are: CHERP

CHERP was founded in 2015 with the goal of forming collaborative partnerships with community organizations, contractors and cities to promote sustainable building practices and the reduction of fossil fuel use in buildings throughout California. Between 2015-19, CHERP retrofitted over 400 homes, helped homeowners obtain more than $1 million in rebates, and mitigate over 600 metric tons of carbon.

Today, CHERP is leading an American Solar Manufacturing Renaissance. In 2019, they received $2.1 million from the State of California. With this funding, they’ve established the world’s first nonprofit solar module assembly factory in Pomona, California that will produce the world’s most advanced solar modules using idealPV™ patented technology.

They are also launching the Locally Grown Power™ network of nonprofit solar panel assembly factories across the U.S, a cooperative, resilient, nimble, and rapidly scalable network of nonprofit solar factories located throughout the country in our nation’s most economically disadvantaged communities to create broad economic, social, and environmental impact where it’s needed most.

Use of Proceeds & Repayment

The loan proceeds will enable CHERP to upgrade its manufacturing line, expand their production staff, and purchase key materials needed to produce their cutting-edge solar modules. Their BrilliantPV™ modules deliver 24% more electricity production over time than conventional solar panels available today.

The loan will be repaid with solar module and energy sales revenue, Manufacturing Production Tax Credits,
charitable contributions, and Locally Grown Power™ network development fees.

Why Support this Program

This start-up funding will enable CHERP to initiate the solar module production at their Pomona assembly factory, which ultimately will employ 70 people and produce 100,000 modules per year at full capacity — enough for 6,000 households per year, mitigating 26,700 metric tons of CO₂ annually. Effectively manufacturing and delivering these modules allows them to deliver on social, economic, and environmental commitments.

Are you interested in supporting CHERP's mission?

To learn more about this investment and the organization’s financials, login or register to see this campaign on our marketplace.

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