Introduction
In a world increasingly conscious about clean energy and the beauty of homes, not all solar solutions are created equal. Robert Allen, the driving force behind Luma Solar, integrates aesthetics with function, crafting solar roofs that homeowners can be proud of. Stemming from a family legacy in roofing, Robert brings a unique blend of expertise, innovation, and a vision to redefine the solar industry. Dive in as we explore Luma Solar’s journey, its stand against giants like Tesla, and the future that Robert envisions for this company.
Funding Round Details
- Company: LUMA Solar
- Security Type: Equity - Common
- Valuation: $16,000,000
- Min Investment: $1,000
- Platform: Cultivate Capital
- Deadline: Oct 6, 2023
In your own words, how would you describe your company?
Luma Solar is a USA-based manufacturer of architecturally attractive, efficient solar roofs.
What inspired you to take the leap and start this company?
Our family has a long history as premier roofers in Michigan. We could see that an attractive roofing system that included solar in its design would be a natural fit for the luxury home market and that would expand into the less expensive home markets as the price of solar panels dropped as they became more mainstream—our years of experience with metal roofs inspired us to design the Luma Solar roofing system.
Who is on your team and how did you come together?
The Luma Solar team came primarily from our family-owned roofing business, Allen Brothers, Inc.. My brother Gary is the designer of the Luma Solar roofing system and is in charge of the manufacturing side of the business. I am responsible for the sales and marketing side of the business and running the day-to-day business activities. We have also built an installation training team comprising Allen Brothers’ installers with years of experience installing Luma Solar roofs throughout the USA
Who are your typical customers?
Our customers are primarily homeowners who value their homes’ aesthetics and just don’t want to put ugly solar panels in the middle of their roofs. Most of these homeowners are doing a roof replacement or are building a new home. However, we also have customers such as Universities, Schools, Resorts, and some commercial buildings, who all value their roofs’ appearance.
How do you compete against Tesla?
We believe we are very competitive with Tesla. We are thankful that Tesla has raised awareness of fully integrated solar roofs, which has driven many people to our website when they look for alternatives to Tesla. In our opinion, the Luma Solar roof is better looking than the Tesla roof; it’s equal or better in performance, and our latest solar shingle can be swapped out for repair or replacement without disturbing any surrounding shingles. That is truly a unique feature.
How do you intend to use the money you raise this round to scale the business?
The money raised will be used primarily to add the staff needed and to purchase the machinery and tools needed to roughly triple our production in the next 12 months to handle the backlog of orders and continued growth in demand for the Luma Solar roof.
As you think about the business 5-10 years down the road, what do you see exit opportunities looking like? Have you set any future goals for the company?
A sale of the company could likely occur in the next 5 to 10 years. Our projected growth would position us as an attractive acquisition candidate, or we could consider a public offering at that point. We aim to build the best fully integrated solar roof in the market, and the rewards for doing that will follow.
LUMA Solar is currently raising on Cultivate Capital
