Co-Founders Laura Stern and Jim Rice transition leadership of fast-growing Nautilus Solar Energy to Nautilus President Jeffrey Cheng.

SUMMIT, NJ (August 23, 2022) -- Nautilus Solar Energy, LLC ("Nautilus"), a leading owner-operator of solar projects serving the community solar market and corporate customers throughout the United States, announces that Jim Rice and Laura Stern will be transitioning leadership of the company to Jeffrey Cheng, who will take over daily management responsibilities as Chief Executive Officer beginning September 30, 2022. Co-Founders Laura Stern and Jim Rice will transition to advisory roles and continue to hold their board positions at Nautilus.

"Now is the time for the next chapter in the Nautilus story. The company is growing, the executive leadership and board are strong, and we have sightlines to continue our rapid growth in the future. We're so proud of the company we started and now it’s time to step into an advisory role, letting our skilled executive team take it to the next level. I've always believed in Ralph Waldo Emerson's quote, 'To leave the world a bit better… that is to have succeeded,' and I think that's what we've done at Nautilus," says Jim Rice, Co-Founder & Co-CEO.

Laura Stern, Co-Founder & Co-CEO states, "When we founded the company sixteen years ago with the vision of delivering clean, affordable power to consumers, the solar industry was in its infancy. With the support of the relationships that Nautilus developed over the years and the expertise of our talented team of nearly 85 professionals, Nautilus has become an established leader in the industry. In addition to the MWs built and customers served, I couldn't be prouder of founding this pioneering solar energy company with a concerted commitment to diversity, equity, and justice."

Nautilus, founded in 2006, develops, manages, and operates solar farms in more than ten states, with more than 500 MW operating or under development. Since its founding, Nautilus has invested more than $1.3B across more than 250 projects. Its primary growth is focused on Community Solar, with projects in six states, serving more than 20,000 subscribers.

Jeffrey Cheng notes, "This appointment is both an honor and a humbling moment. I am grateful to Jim and Laura for their partnership over the last six years and their confidence in me. I am also excited to be surrounded by the remarkable business leadership team that we have built and all our teammates across the country. We will continue working together, driving the company to reach achievements that change the way communities power their world. We aspire to be the largest community solar company in the nation and continue to scale towards that goal."

Community Solar is one of the fastest-growing sectors within the solar industry. In states that support community solar, anyone who pays an electric bill can subscribe to a solar project in their area and actively participate in the transition to clean energy without the need for installing solar on their own property. Under Mr. Cheng's leadership, Nautilus will continue growing its community solar portfolio, owning, financing, and operating projects in each state it enters. 

Nautilus's affiliate, Power Sustainable, is excited to support Nautilus Solar as it continues to expand. Pierre-Olivier Perras, Power Sustainable Managing Partner, and Nautilus Solar Energy Board Chairman notes, "We have great confidence in Jeffrey and the entire Nautilus team. We thank Jim and Laura for pioneering the foundation of a thriving organization. This leadership transition positions Nautilus on a growth trajectory that will enable the company to serve new communities across the United States."

About Nautilus Solar Energy, LLC

Nautilus Solar Energy, LLC is a leading owner-operator of solar projects serving the community solar market and corporate customers throughout the United States. A pioneer in solar energy since 2006, Nautilus is committed to creating a clean, sustainable future by offering an equitable and affordable renewable energy choice. Through its Community Solar initiative, Nautilus is making solar energy available to a broader marketplace, including low-to-moderate income (LMI) households and unrated businesses that wish to reduce their carbon footprint and utility bills.

Nautilus Solar Energy is wholly owned by Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. Nautilus owns solar projects throughout their entire lifecycle enabling Nautilus, along with entrusted local partners, to fulfill its promise of creating a better world by powering communities with clean energy for the long term.

For more information on Nautilus Solar Energy visit https://nautilussolar.com/. Join Nautilus on LinkedIn, Facebook, Instagram, and Twitter.

Media Contact:

Melissa Hanson – Executive Director, Marketing
Nautilus Solar
mhanson@nautilussolar.com