From the Mosaic press release:
OAKLAND, CA — (April 8, 2013) Mosaic, an online marketplace that connects investors to high-quality solar projects, just received approval from securities regulators to offer $100 Million worth of solar investments to residents of California. …
‘California has always been a leader in solar energy. We’re thrilled that now any resident of California can invest directly into solar energy for as little as $25,’ said Billy Parish, President & Co-founder of Mosaic. …
In January, Mosaic launched their first return on investment solar projects to the public, selling out all three in less than 24 hours with over $300,000 invested.
Last week saw the one-year anniversary of the U.S. JOBS Act; Title III of the Act would allow companies to crowdfund from non-accredited investors. While the Securities and Exchange Commission has yet to issue regulations on Title III (or other parts of the Act), legal commentators William Carleton and Joe Wallin both find it flawed as currently written.
Here’s hoping the California / Mosaic experiment lights the way. (See the offering memorandum pdf, from Mosaic Solar Investments LLC.) Washington State legislators have introduced a crowdfunding bill as well.
My post of last summer: Four dimensions of crowdfunding.
(Misspelling in “Securities” corrected after posting.)
