Hexagon Energy

What Hexagon Energy does

Hexagon Energy, founded in 2015 and headquartered in Charlottesville, Virginia, is an independent renewable energy development firm that develops utility-scale and community solar, energy storage, geothermal, wind, wave, and biomass projects across multiple U.S. markets. The company operates a technology-agnostic development platform targeting investor-owned utilities, independent power producers (IPPs), electric cooperatives, and local governments; named offtakers and acquirers include Dominion Energy, Duke Energy, Tennessee Valley Authority, TerraForm Power, Cypress Creek Renewables, C2 Energy Capital, and Long Island Power Authority. Its principals have collectively developed and financed over 6,500 MW of energy representing over $1 billion USD in invested capital across 13 years.

The product surface spans six technology areas (solar, energy storage, geothermal, wind, wave, and biomass), though commercial activity is concentrated in solar and energy storage. Project development services span the full lifecycle from market analysis, GIS-based site selection, permitting, interconnection, and PPA negotiation through to ready-to-build asset transfer. The firm maintains in-house GIS analysis capability, dedicated transmission planning staff covering PJM, MISO, ERCOT, and NYISO markets, and direct landowner and community engagement processes. Notable assets include the 1.56 GW Steward Creek Solar (sold to TerraForm Power for two-phase build-out through 2030), 80 MW Piney Creek Solar (sold to and operating with Dominion Energy), 2.7 MWdc Somerville Solar (Tennessee's largest landfill solar facility), and a 5.3 GW aggregate pipeline including a 3.4 GW PJM interconnection portfolio and a 2 GW ERCOT BESS portfolio.

The revenue model combines development fees from sale of ready-to-build project rights, long-term PPAs with utility offtakers, and royalty streams from project performance. External capital consists of $75 million in non-dilutive royalty and credit financing from Great Bay Renewables (an Altius Renewable Royalties subsidiary) across two tranches ($45M in June 2023 covering solar and storage projects across 12 states; $30M in December 2024 supporting PJM interconnection deposits). With approximately 30 employees and founder-led ownership retained by co-founders Matt Hantzmon (CEO) and Drew Price (President & Chief Development Officer), the firm runs a lean delivery model relative to its multi-gigawatt pipeline and 11+ state geographic reach.

Name

Hexagon Energy

Legal name

Hexagon Energy, LLC

Website

https://hexagon-energy.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Hexagon Energy is an independent renewable energy developer based in Charlottesville, Virginia. It develops utility-scale solar, storage, geothermal, wind, wave, and biomass projects, selling completed assets to operators like TerraForm Power or via PPAs with utilities such as Dominion Energy.

Ownership category

akta.pro rank

Product category

Renewable Energy Project Development

NAICS

Solar Electric Power Generation (221114), Geothermal Electric Power Generation (221116)

akta.pro primary industry

Development-Stage M&A & Portfolio Acquisition (Early-Stage/Ready-to-Build) (EUAMAAAF)

Keywords

• Renewable energy development
• Utility-scale solar projects
• Battery energy storage
• Geothermal project development
• Power purchase agreements

Headquarters

HQ city

Charlottesville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Project Development and Sale: Hexagon develops renewable energy projects from greenfield through permitting and sells completed projects to operators or sells project rights to utilities. Revenue is generated through project sales, with the company having developed and sold over 2.5 GW of projects.
2. Power Purchase Agreements: Developers enter into long-term PPAs with utilities, providing stable revenue over the project lifespan. Projects like Somerville Solar use PPAs with TVA, Bay Branch Solar with Duke Energy.
3. Royalty Financing: Hexagon receives upfront investment capital in exchange for royalty payments on solar and storage projects, as demonstrated by the $45M Great Bay Renewables agreement.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Hexagon Energy is an independent renewable energy project development firm that originates, permits, and delivers utility-scale and community solar, battery energy storage, geothermal, wind, wave, and biomass projects across U.S. wholesale power markets. The company performs end-to-end development services—including GIS-based site selection, permitting, interconnection negotiation, and PPA structuring—and either sells completed, ready-to-build projects to operators or retains them under long-term offtake agreements with utilities.

Product overview

Hexagon Energy is an independent energy development firm offering a diversified portfolio of renewable energy development services across six energy solutions: solar, wind, energy storage, geothermal, wave, and biomass. The company provides full-cycle project development from concept through ready-to-build status, including site selection, permitting, interconnection, and PPA negotiation. Their core product offerings include Solar Energy Development (utility-scale and community solar), Energy Storage Development (standalone and integrated BESS), and Geothermal Energy Development, complemented by wind, wave, and biomass development services. Notable projects include Steward Creek Solar (1.56 GW, acquired by TerraForm Power), Piney Creek Solar (80 MWac), and the Old Frontier III community solar plus storage project (2 MWAC/1 MW/2 MWh). The company operates across PJM, MISO, ERCOT, and other U.S. markets with a documented development pipeline exceeding 5 GW.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Energy Development End-to-end utility-scale and community solar project development services covering site selection, permitting, interconnection, and PPA negotiation. Delivered for utilities, IPPs, cooperatives, and landowners across U.S. wholesale markets. Hexagon has developed more than 650 MW of solar energy.
• Energy Storage Development Development of battery energy storage system (BESS) projects, both integrated with solar and standalone. Includes a 2 GW standalone storage portfolio in ERCOT (Texas) and integrated storage co-located with solar projects such as Stokestown (30 MW storage paired with 80 MW solar).
• Geothermal Energy Development Geothermal project development across western U.S. locations, leveraging enhanced geothermal systems (EGS), superhot rock (SHR) technologies, and conventional hydrothermal resources. Targets consistent base load power with a small physical footprint.
• Wind Energy Development Wind energy project development services for emerging technologies, sites, and approaches designed for higher production at lower cost. The Hexagon team has developed over 6,000 MW of wind energy.
• Wave Energy Development Early-stage wave energy project development leveraging government incentives and geographic constraints to deliver renewable base load power.
• Biomass Energy Development Biomass (biopower) generation project development services, exploring new opportunities driven by advances in conversion technologies.
• Project Development Services Full-cycle project development services for renewable energy assets, spanning market analysis, GIS-based site selection, permitting, interconnection negotiation, PPA negotiation, and project finance support. Offered to utilities, IPPs, cooperatives, and landowners across U.S. wholesale power markets.

Quantifiable outcome

• Developed and financed over 6,500 MW of energy representing over $1B USD in invested capital
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and major.

• TerraForm PowercoreStrategic or Co-development Partner · 2 February 2026TerraForm Power acquired the 1.56 GW Steward Creek Solar project from Hexagon Energy. This represents a flagship project for Hexagon and positions TerraForm as a major developer in the nation's renewable energy objectives.
• Chickasaw Electric CooperativemajorStrategic or Co-development Partner · 4 June 2019Partnership for Somerville Solar development in Fayette County, Tennessee. Hexagon partnered with the cooperative along with Fayette County and the Town of Somerville to develop the solar PV project.
• C2 Energy CapitalmajorStrategic or Co-development Partner · 4 June 2019C2 Energy Capital owns and operates the Somerville Solar facility after development by Hexagon Energy.
• Cypress Creek RenewablesmajorStrategic or Co-development Partner · 27 March 2019Hexagon and Cypress Creek Renewables celebrated the commissioning of Bay Branch Solar facility in Beaufort County, North Carolina. Hexagon was responsible for development while Cypress Creek took operational role.

Scale indicators13 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Lightsource bp: Global utility-scale solar developer with growing US operations, focused on greenfield-to-ready-to-build project development and sale to operators/PPAs. Closely comparable in technology focus (solar and storage) and project scale to Hexagon.
• Invenergy: Large independent power producer developing utility-scale wind, solar, and storage in the US; one of Hexagon's transmission planning engineers previously worked at Invenergy. Comparable in project mix and the sale/operate model.
• Apex Clean Energy: Charlottesville, VA-based independent developer of utility-scale wind, solar, and storage projects with a multi-gigawatt pipeline and similar project-sale model. Apex is the closest geographic and operational analog to Hexagon, and several Hexagon team members previously worked at or interned with Apex.
• C2 Energy Capital: Independent solar developer and operator that partnered with Hexagon on Somerville Solar in Tennessee. Similar-sized project developer focused on distributed and community-scale solar, with a comparable origination-to-sale or own-operate strategy.
• Cypress Creek Renewables: Independent utility-scale solar developer and operator; partnered with Hexagon on Bay Branch Solar development in North Carolina. Comparable business model of greenfield development with sale to operators or PPAs to utilities.
• Urban Grid Solar: Utility-scale solar developer with a multi-gigawatt US pipeline. Hexagon's Senior Project Manager previously led operational excellence on Urban Grid's multi-billion-dollar portfolio, indicating direct operational and strategic overlap.

Broad incumbents

• EDF Renewables North America: North American subsidiary of EDF developing utility-scale wind, solar, and storage. Operates as a broad incumbent across the same geographies and ISO markets Hexagon targets, but with a much larger capital base and integrated ownership model.
• Ørsted Onshore (formerly Coronal Energy): Onshore renewables arm of Ørsted, which acquired Coronal Energy (where multiple Hexagon team members previously worked). Major incumbent developer/operator of utility-scale solar and storage in the US, with broader portfolio and capital resources.
• Clearway Energy Group: One of the largest US renewable energy owners/operators, with utility-scale solar and wind generation. Comparable as a buyer of development-stage projects (similar buyer profile to Hexagon's TerraForm/Dominion customers) and as a competitor for pipeline.
• Engie North America: Global energy major with significant US utility-scale wind, solar, and storage development. Operates across the same geographies and ISO markets as Hexagon, competing both for project origination and for off-take agreements.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

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 Hexagon Energy