Sigora Solar was ranked 376 on the 34th annual Inc. 500 list as one of America’s fastest growing companies, which was released today in Inc. magazine’s September 2015 issue. This ranking, which places Sigora Solar as 8th among companies in the energy sector, also named the company as “The Cleanest” of those businesses that work in the field. As an Inc. 500 honoree, Sigora Solar shares a pedigree with companies such as Patagonia, Microsoft, GoPro, Clif Bar, and Oracle.
“Our mission at Sigora is to provide the world with access to clean, reliable energy at a fair price,” says Andy Bindea, CEO. “And our strategy for accomplishing this is to exceed customer expectations, invest in our employees, and reduce carbon emissions. While making the prestigious Inc. 500 list is an incredible honor, what’s especially gratifying to those of us at Sigora is that our strategy is working. We’re making progress in our effort to get people to take responsibility for the energy they consume.”
Sigora was founded in 2011 with $4,000 and a staff of three people working out of the back of a Honda Civic. Three years later, the staff has grown to 36 people, and revenue has increased from $237,000 to $3.2M in 2014. This growth reflects Bindea’s belief that a company can make money providing customers with solar energy while having a positive impact on the environment.
“We consider ourselves social entrepreneurs, and that means our mission extends beyond our local markets. That’s why,” Bindea says, “we launched Sigora Haiti in April 2015 and opened an office there. We have a ten-year plan to bring affordable, renewable energy to 2 million people who lack reliable electricity. We’re starting with a 50-year power supply agreement with the commune of Mole-Saint Nicholas to install prepaid meters. For the cost of one candle, our grid can supply 10 hours of energy.”
The Haiti pilot project in Môle Saint-Nicolas is costing Sigora $2M, and the company still needs to raise $1.3M from investors. As the company continues to pursue its vision for Haiti, it will continue to increase business in its existing markets. Sigora plans to double its revenue to $7M for this fiscal year and open three more offices in Virginia. The company recently opened an office in Washington, D.C.
“I care about the people I serve, the people I work with, and the environment that’s home to us all,” Bindea says. “Moving forward, the secret to our growth will stay the same: keep sales volume up and profit margins thin . . . and continue to make the world a better place to live.”
View the article on Inc. 5000.