Nokomis Energy

What Nokomis Energy does

Nokomis Energy is a Minneapolis-based clean energy developer founded in 2017 that develops MW-scale distributed generation solar and storage projects (1-20 MW) on the distribution grid for utilities, municipalities, schools, manufacturers, and other large energy users in the Upper Midwest and nationally. The company's three interconnected offerings are: (1) partnership-based distributed solar project development for offtakers, (2) community solar garden programs with fixed-savings subscriptions for individuals and organizations, and (3) land lease arrangements with landowners who host solar installations, with Nokomis maintaining sites for the project lifecycle.

Nokomis's business model blends one-time development fees on MW-scale projects with recurring revenue from community solar subscriptions and long-tail land lease payments. The company monetizes its development pipeline through royalty financing—most notably a June 2024 agreement with Great Bay Renewables (subsidiary of Altius Renewable Royalties Corporation) for up to $30 million in royalty financing covering 77 projects across seven U.S. states, with $6 million initially deployed and up to $15 million tied to project milestones. The go-to-market motion is sales-led and relationship-driven, leveraging a dedicated landowner outreach team, utility/industrial partnerships, and a self-serve subscriber portal.

Since inception, Nokomis has fully developed more than 50 MW-scale solar projects (over 100 MW of capacity), most concentrated in Minnesota and the broader Upper Midwest (MN, WI, IA) with national project experience. The team of approximately 20-25 employees is led by President Joe Stofega and includes experienced VPs overseeing operations, origination, strategic development, and finance. Headquartered at 2836 Lyndale Avenue S in Minneapolis, the company positions itself as a community-focused developer accelerating clean energy deployment through equitable partnerships.

Name

Nokomis Energy

Legal name

Nokomis Energy

Website

https://nokomisenergy.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Nokomis Energy is a Minneapolis-based distributed generation solar developer founded in 2017 that develops 1-20 MW solar and storage projects for utilities, municipalities, schools, and large energy users, while also operating community solar subscriptions and land lease programs for landowners across the Upper Midwest and seven additional U.S. states.

Ownership category

akta.pro rank

Product category

Solar Energy Project Development

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Distributed Generation (DG) Solar & Small Wind (EUAMAJAD)

akta.pro secondary industries

Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ), Microgrid Development, EPC & Integration (EUAMAJAB), Community Solar Development & Subscription Management (EUAMAJAA), Distributed Storage (Behind-the-Meter Batteries) (EUAMAJAE)

Keywords

• Distributed solar development
• Community solar gardens
• Solar storage projects
• Renewable energy developer
• Clean energy development

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Solar Project Development: Nokomis develops MW-scale distributed generation solar projects (1-20 MW) for utilities and large energy users, generating development fees and project revenue. Projects are developed on the distribution grid and serve community energy needs.
2. Royalty Financing: In June 2024, Nokomis Energy entered into a $30 million royalty investment agreement with Great Bay Renewables, receiving upfront capital in exchange for royalty payments based on project revenues from their portfolio of 77 projects across seven U.S. states.
3. Community Solar Subscriptions: Nokomis Energy offers community solar garden subscriptions to individuals and organizations, providing fixed savings rates and enabling subscribers to support sustainable energy while reducing operating costs.
4. Land Lease Arrangements: Nokomis partners with landowners to lease land for solar installations, providing landowners with healthy returns while Nokomis maintains the site for the project lifecycle.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Nokomis Energy develops MW-scale distributed generation solar and storage projects, primarily across the Upper Midwest. The company partners with utilities on utility-scale solar, develops on-site generation for large energy users, operates community solar garden subscriptions, and leases land from private landowners to host solar arrays.

Product overview

Nokomis Energy is a Minnesota-based MW-scale distributed generation solar and storage developer offering three interconnected core offerings: distributed solar project development for utilities and large energy users (1-20 MW range on the distribution grid), community solar garden programs enabling landowners to host solar farms and subscribers to access credits, and land leasing services for landowners. The company operates primarily in the upper Midwest (Minnesota, Wisconsin, Iowa) with projects coast-to-coast, having fully developed over 50 solar projects since founding in 2017.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• $65,000 annual savings for Faribault Public Schools community solar agreement

Named customers4 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor.

• MnDOT (Minnesota Department of Transportation)minorOthersPartner organization supporting or collaborating on clean energy initiatives.
• Faribault Public SchoolsminorOthersEducational institution partner subscribing to community solar with projected $65,000 annual savings.
• City of FarmingtonminorOthersMunicipal partner subscribing to community solar for fixed energy savings.
• Frandsen Bank & TrustminorOthersFinancial institution partner subscribing to community solar to support sustainable energy while reducing costs.

Scale indicators6 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Pivot Energy: Pivot Energy is a national community solar and distributed generation developer with a similar subscriber- and landowner-focused model, developing mid-MW-scale community solar gardens across multiple U.S. states. It is the closest comparable in business model and target customer (municipalities, schools, businesses, subscribers).
• Nautilus Solar Energy: Nautilus Solar is one of the largest community solar developers in the U.S., focused on developing, owning, and operating community solar gardens in the 1-5 MW range. Direct overlap with Nokomis on project size, customer type (subscribers and large energy users), and multi-state community solar development model.
• U.S. Light Energy: U.S. Light Energy is a New York-based distributed solar developer with operations across multiple U.S. states, developing community solar and small utility-scale projects. Comparable in project size range and customer segments, including utilities, municipalities, and commercial subscribers.
• Cypress Creek Renewables: Cypress Creek is a large U.S. solar developer focused on community solar, C&I solar, and small utility-scale projects across many states. Comparable in core distributed solar development and community solar subscription model, though at significantly greater scale.
• Borrego Solar: Borrego Solar is a U.S. solar developer and EPC serving C&I, public sector, and community solar customers. Comparable in offering MW-scale distributed generation solar and storage projects, and in selling subscription-based community solar to municipalities and schools.
• Clean Energy Collective (Clearway Community Solar): Clearway Community Solar (acquiring Clean Energy Collective's legacy portfolio) develops and operates community solar gardens with a subscription model. Direct overlap with Nokomis on community solar subscriber business and project size range.

Regional players

• Sunrise Energy Ventures: Sunrise Energy is a Minnesota-based solar development and EPC firm that has historically developed community solar gardens in the Upper Midwest. Highly comparable on geography and project type, though it operates as a regional player with primary focus on Minnesota versus Nokomis's expanding multi-state footprint.

Broad incumbents

• Forefront Power (AES Distributed Energy): Forefront Power, now part of AES, develops community solar, C&I solar, and storage projects across the U.S. with a similar subscriber- and offtaker-focused model. Operates as a broader incumbent with access to AES's balance sheet and EPC capabilities.
• Engie Distributed Solar: Engie Distributed Solar (formerly Solectria + ENGIE's distributed business) develops commercial, industrial, and community solar projects across the U.S. Comparable in MW-scale distributed generation focus, but operates as a broad incumbent within a global utility's portfolio.

Others

• Excelsior Energy Capital: Excelsior Energy Capital is a financial partner (cited on Nokomis's website) that invests in renewable energy projects and partners with developers like Nokomis. Included as an ecosystem/financial partner rather than direct competitor, useful for understanding the developer-investor financing stack Nokomis operates within.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/nokomis-energy

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nokomis Energy