COMPANY PROFILE

Nautilus Solar Energy

Nautilus is making solar possible by developing, funding, executing & managing DG & grid tied solar electric systems throughout the US & Canada.

Summit, United StatesFounded 2006Energy

Headcount 100–500 Current team size

Total funding $50–100M Disclosed equity funding

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About Nautilus Solar Energy

Nautilus Solar Energy operates as a comprehensive developer and asset manager in the community solar sector, handling projects from inception to long-term operation. The company was founded in December 2006 by Jim Rice and Laura E. Stern, who reportedly conceptualized their business plan on the back of a napkin. The name 'Nautilus' is a nod to co-founder Jim Rice's background as a U.S. Navy Submarine Veteran. His extensive experience includes over 30 years in the energy industry, with roles in private equity and at major financial institutions. Co-founder Laura Stern brought over 25 years of experience in finance and the power industry, having structured and executed billions in energy and infrastructure investments. She began her career advising the Philippine government on the privatization of its power and water sectors.

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The company's business model centers on the community solar concept, which allows residential and commercial customers to subscribe to a portion of a local solar farm and receive credits on their utility bills, thereby accessing solar energy without installing panels on their properties. Nautilus develops, finances, constructs, owns, and operates these solar projects, managing them throughout their entire lifecycle. Revenue is generated through long-term power purchase agreements with end-users and by monetizing state and federal incentives, such as renewable energy certificates and tax credits.

A significant milestone occurred in 2019 when Nautilus was acquired by Power Sustainable, a subsidiary of Power Corporation of Canada, providing substantial capital for expansion. This acquisition followed an earlier investment from Virgo Investment Group in 2015. In 2022, founders Jim Rice and Laura Stern transitioned to advisory roles, appointing Jeffrey Cheng as the new CEO to lead the next phase of growth. As of early 2025, the company operates 146 solar farms across 12 states, serving over 40,000 subscribers and managing an operating capacity of 477 MW. The firm actively acquires projects to expand its portfolio, with notable acquisitions in Illinois and New York.

Source: Dealroom company data