Versiris Energy
Versiris Energy is an Annapolis, Maryland-based C&I solar developer and wholly-owned ALLETE (NYSE: ALE) subsidiary. It develops, finances, and operates distributed solar assets—primarily via long-term power purchase agreements—for enterprise customers across 25+ U.S. states with over 600 MW deployed.
- Company typePrivate
- Founded2024
- HeadquartersAnnapolis, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Versiris Energy does
Versiris Energy is a commercial and industrial (C&I) solar developer, financier, owner, and operator headquartered in Annapolis, Maryland, and a wholly-owned subsidiary of ALLETE, Inc. (NYSE: ALE), a publicly traded energy holding company. The company was rebranded from New Energy Equity in October 2024, tracing its lineage further back to Impact Power Solutions. Versiris has developed more than 600 MW of distributed solar capacity across 25+ U.S. states, serving enterprise customers with on-site and community solar solutions.
The company's commercial offering is structured around three primary vehicles: long-term Power Purchase Agreements (PPAs) that deliver fixed-rate electricity to customers without upfront capital outlay; direct ownership purchases for clients preferring on-balance-sheet assets; and asset management services for third-party-owned portfolios. A community solar subscription business, executed in partnership with Common Energy and Arcadia, extends the model to off-site distributed generation. Versiris runs in-house development, financing, construction oversight, and operations and maintenance teams, enabling it to manage the full project lifecycle from origination through long-term asset stewardship.
Versiris generates revenue through recurring PPA subscription income, one-time direct-sale project margins, ongoing asset management fees, and community solar subscription revenue. Its customer base spans self-storage operators (Public Storage, Extra Space Storage—its flagship vertical), retail and consumer goods companies (Boscov's, Graco, Coloplast, Tattersall Distilling), manufacturers (Protolabs, Design Ready Controls, Specialty Manufacturing Co., Amerilab), logistics and commercial real estate (Prologis, Vomela, Schafer Richardson), and institutional buyers (Kihei Charter School). The organization operates with a lean team of approximately 9–14 professionals, supported by the parent balance sheet of ALLETE.
Versiris Energy firmographics
Firmographics- Name
- Versiris Energy
- Legal name
- Versiris Energy LLC
- Website
- https://versirisenergy.com
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Versiris Energy is an Annapolis, Maryland-based C&I solar developer and wholly-owned ALLETE (NYSE: ALE) subsidiary. It develops, finances, and operates distributed solar assets—primarily via long-term power purchase agreements—for enterprise customers across 25+ U.S. states with over 600 MW deployed.
- Ownership category
- akta.pro rank
Versiris Energy industry classification
Industry- Product category
- Commercial Solar Energy Services
- NAICS
- Solar Electric Power Generation (221114)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Distributed & Commercial Renewable O&M (Rooftop Solar, C&I Wind, Small Hydro) (EUAMAGAB)
- akta.pro secondary industries
- Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA) (EUACAGAH), C&I Onsite/Behind-the-Meter Energy Supply (Solar, CHP, Microgrids) (EUAGACAJ)
Keywords
Where Versiris Energy is headquartered
LocationHeadquarters
- HQ city
- Annapolis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Versiris Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D
Revenue model
- Power Purchase Agreement (PPA): Versiris Energy handles the entire cost of solar installation. The client purchases electricity generated by the system at a predetermined rate, typically lower than current utility rates, for 15-25 year agreement periods. Versiris retains responsibility for system operation and maintenance.
- Direct Purchase: Clients pay upfront for full ownership of solar energy systems, benefiting from all energy savings, tax credits, and incentives including federal and state tax incentives and depreciation benefits.
- Asset Management Services: Ongoing asset management services for solar portfolios, handling operations, monitoring, and maintenance of installed systems.
- Community Solar Subscriptions: Community solar garden subscriptions allowing residents and businesses to offset electricity usage with solar credits applied to their monthly energy bills, providing approximately 10% savings on electricity costs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Power Purchase Agreement (PPA) - No upfront costs with predictable energy rates |
| One time/ perpetual license | Multi-year contract | Direct Purchase - Full ownership with maximum savings potential |
| Subscription | Annual | Community Solar Subscription - No cost to participate, 10% electricity savings |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Versiris Energy product offering
Product offeringCore offering
Versiris Energy provides end-to-end commercial and industrial (C&I) solar development, financing, and asset management for Fortune 1000 companies and multi-site businesses across 25+ U.S. states. Services include site assessment, system design, construction, and long-term operations for rooftop, ground-mount, and community solar garden installations. Financing options include Power Purchase Agreements (PPAs) and Direct Purchase, alongside community solar subscriptions for residents and businesses.
Product overview
Versiris Energy offers a unified commercial solar platform comprising end-to-end C&I solar development, financing (PPA and Direct Purchase), and asset management services. The company also provides Community Solar Garden Subscriptions for those unable to install onsite solar. Together, these offerings enable Fortune 1000 companies to deploy solar across multiple states with financing flexibility, while community subscribers access clean energy through third-party billing portals (Common Energy and Arcadia).
Differentiator
Problem solved
Functional benefit
Brands
- New Energy Equity: Community solar subscription program operated by Versiris Energy, enabling residents and businesses to subscribe to off-site solar arrays for bill savings.
Quantifiable outcome
- Payback periods as short as 6 years for self-storage facilities
- +4 more outcomes
Companies that use Versiris Energy
Customer profileNamed customers16 records
Segments9 records
Ideal customer profiles2 records
Versiris Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
Feature4 records
Versiris Energy partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor.
- American ForestsminorPartnership for tree planting where Versiris assists in planting one tree for each kW of solar included in select projects. Applied to projects including Design Ready Controls (614 trees), Coloplast (221 trees), Feldmann Imports (277 trees), Tattersall Distilling (405 trees), and Schafer Richardson.
- Common EnergyminorOnline portal provider for community solar garden subscriptions, handling subscriber billing and Xcel Energy account management for community solar participants.
- ArcadiaminorOnline portal provider for community solar garden subscriptions, handling subscriber billing and account management alongside Common Energy.
Scale indicators6 records
Recent moves7 records
Expansion highlights4 records
Versiris Energy competitors and assessment
Company assessmentEmerging players
- IGS Solar: Commercial and residential solar installer with growing C&I exposure. Comparable in service offering though smaller in C&I multi-state portfolio scale than Versiris.
Direct peers
- Solect Energy: Massachusetts-based C&I solar developer and asset manager serving commercial and industrial customers with PPA and direct ownership options. Closely matches Versiris in customer type and integrated service offering.
- Pivot Energy: C&I and community solar developer building multi-state portfolios with PPA and subscription models. Highly comparable to Versiris in customer mix, geographic approach and project finance structure.
- Nautilus Solar Energy: Solar developer and asset manager building C&I and community solar portfolios across multiple states. Comparable in scale, multi-state footprint and customer segment focus.
- RENEW Energy Partners: C&I solar and storage developer focused on PPA-based financing for commercial customers. Directly comparable to Versiris's PPA-led C&I solar business and recurring revenue model.
- ForeFront Power (Clearway Distributed Solar): C&I and community solar developer acquired by Clearway Energy, executing multi-state PPA portfolios for enterprise and municipal customers. Directly comparable business model and customer type.
- GreenSpark Solar: Rooftop and ground-mount C&I solar developer serving commercial and industrial customers across multiple states. Comparable in offering scope and enterprise customer focus.
- Borrego Solar: Established commercial and industrial solar developer offering design, financing (PPA), construction and asset management services across multiple U.S. states. Closely mirrors Versiris's end-to-end C&I model and multi-state portfolio execution.
Broad incumbents
- Luminace (formerly ENGIE Distributed Solar): Large-scale C&I and distributed solar developer backed by global energy major ENGIE. Overlaps Versiris's C&I solar development and asset management offering with broader portfolio and balance sheet.
- Strata Clean Energy: Diversified renewable energy developer with C&I solar, utility-scale solar and storage offerings. Comparable in C&I solar development services while operating at a broader, more diversified scale.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights6 records
Customer concentration
Versiris Energy social profiles
Digital presenceVersiris Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Versiris Energy leadership team
Management profileNumber of profiles
Profiles14 records
Versiris Energy funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Versiris Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Versiris Energy
What does Versiris Energy do?
Versiris Energy provides end-to-end commercial and industrial (C&I) solar development, financing, and asset management for Fortune 1000 companies and multi-site businesses across 25+ U.S. states. Services include site assessment, system design, construction, and long-term operations for rooftop, ground-mount, and community solar garden installations. Financing options include Power Purchase Agreements (PPAs) and Direct Purchase, alongside community solar subscriptions for residents and businesses.
Is Versiris Energy a public or private company?
Versiris Energy is a private company. It is classified as corporate owned and is currently operating.
When was Versiris Energy founded?
Versiris Energy was founded in 2024. It employs 1 to 10 people.
Where is Versiris Energy based?
Versiris Energy is headquartered in Annapolis, United States, in the North America region.
How does Versiris Energy make money?
Four revenue lines are on record. Power Purchase Agreement (PPA) is the primary driver. The others are direct Purchase, asset Management Services and community Solar Subscriptions.
Who are Versiris Energy's main competitors?
IGS Solar is listed as an emerging player. Direct peers are Solect Energy, Pivot Energy, Nautilus Solar Energy, RENEW Energy Partners, ForeFront Power (Clearway Distributed Solar), GreenSpark Solar and Borrego Solar. Broad incumbents are Luminace (formerly ENGIE Distributed Solar) and Strata Clean Energy.
Does Versiris Energy have an API?
No public API is recorded for Versiris Energy.
What industry is Versiris Energy in?
Versiris Energy's product category is Commercial Solar Energy Services. Its primary akta.pro industry code is EUAMAGAB, Distributed & Commercial Renewable O&M (Rooftop Solar, C&I Wind, Small Hydro), with a secondary code of EUAEAMAB, Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal). Its NAICS code is 221114 and its SIC code is 4991.