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The Future of Energy. Today. 1B L U E R AV E N S O L A R . C O M C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .
All truth passes through three stages:First, it is ridiculed;Second, it is violently opposed; andThird, it is accepted as self-evident.2Arthur Schopenhauer C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .B L U E R AV E N S O L A R . C O M
THE FUTUREOF ENERGY.TODAY.350kW BLUE RAVEN SOLAR INSTALL – ALPINE, UTAH
We are all voyagers on this planet, herefor a short time to be stewards of theenvironment, to leave it in good conditionfor our children and their children.Author UnknownWe do not inherit the Earth from ourancestors, we borrow it from our children.Ancient Indian ProverbB L U E R AV E N S O L A R . C O M4 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .
“The sales rep from Blue Raven told me I wouldincrease the value of my home & build an asset,he told me that I would realize significant savingseach month on my power bill, and he told methat I could do my part in helping our planet. Allof those things he promised me have been true.”Randy S., Blue Raven Customer - Orem, Utah4Blue Raven Solar Customers
I dwell in possibility.Emily DickinsonIf I were to wish for anything, I should not wishfor wealth and power, but for the passionatesense of potential—for the eye which, everyoung and ardent, sees the possible. Pleasuredisappoints; possibility never.Soren Kierkegaard6 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .1 (800) 377-4480
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CEO MessageWe have experienced the fastest growth of any solar company in the past 2 years as we have gone fromunranked to #11* in the nation (out of 3000 ranked solar companies). *as reported by Greentech Media in 2016In just 2 years we have come a long way. Since Januaryof 2015, Blue Raven Solar has grown like crazy and weare officially the fastest growing full-service, end-toend national solar company.In 2016 we completed the long and difficult processof becoming a full-service solar company. We havebrought everything in-house and as a result we nowcontrol everything in the solar sales and installationprocess from A-Z.have instead built our process around our direct salesprogram to give them the most speedy and efficientprocess in the industry.We are proud to be a direct sales company—our primaryemphasis is on serving our sales reps and managersand providing them with a winning environment wherethey can grow their teams as we expand as a company.At Blue Raven we get glass on the roof quickly andwith high quality. Our sales process is second to none.The growth opportunity here at Blue Raven is unrivaled.We are big enough to have full end-to-end in-houseoperations, but still new enough as a company to haveall the growth and opportunity left for aspiring salesUnlike most solar companies that force their directsales reps to conform to their existing processes, wemanagers and regionals. If you want to hear moreabout the growth opportunity here come talk to me.Best Regards,Ryan Lee, CEO / Co-Founder8
CONTENTS10T H E C O M PA N Y27THE PRODUCT38THE SALES PROGRAM63T H E G R OW T H O P P O RT U N I T Y70T H E O P E R AT I O N S81OUR VISION9B L U E R AV E N S O L A R . C O M C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .
THE COMPANY10
This is where it all started.Blue Raven Solar’s first install.AUBURN, CALIFORNIA - AUG 201412
An ancient Chinese proverb statesthat “A journey of 1,000 miles begins with asingle step.” For us it all started with a single doorknocked and our first customer sold 2.5 years ago during ourpilot program the summer of 2014 in Auburn, California. Our founder, Jeff Lee, wasout knocking doors one afternoon with his wife, Jen, and she ended up selling the firsthome that got installed (August 2014). Blue Raven has come a long way since then, as we have hadthousands of customers go solar after this initial house. We cracked the top 20 on the GTM leaderboard list this past year andwe are now operating coast to coast (Oregon to Florida) with no end in sight to our expansion. We have come a long way indeed Commemorative panel from ourfirst install by founding partner,Jeff Lee, and his wife, Jen.12
CORPORATE HEADQUARTERS1220 South 630 East, Suite #430American Fork, Utah 8400314 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .1 (800) 377-4480
National Market Share - Est. Annual*Blue Raven Solar is the fastestgrowing full-service, end-toend national solar company.We have experienced the fastest growth of anysolar company in the past 2 years as we havegone from unranked to #11* in the nation (out of3000 ranked solar companies). *as reported by Greentech Media in 2016Since our founding in 2014, Blue Raven has experienced a 1200%compounded annual growth rate. In the last 2 years we have come a longway and in 2016 we completed the long and difficult process of becominga full-service national solar company. We have brought everything inhouse and as a result we now control everything in the solar sales andinstallation process from A-Z.#CompanyYears in Business1SolarCity112Vivint Solar83Sunrun104Trinity Solar125Sungevity106NRG Home Solar247PetersenDean338Direct Energy99Baker Electric7810Horizon Solar911Blue Raven Solar212Verengo913Semper Solaris514SunPower3215Solar Universe11*as reported by Greentech Media in 2016B L U E R AV E N S O L A R . C O M C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .14
EXECUTIVEBIOSThe 3 founders of Blue Raven Solarhave a combined 50 years ofexperience running successful directsales programs. Direct sales is whatwe do. In our past companies that wehave founded, we have always beensuccessful.We run an amazing sales program atBlue Raven with smooth back-endoperations to help our managers andsales reps reach their full potential.15Ryan Lee / Co-Founder - CEOBen Peterson / COORyan is an established entrepreneur, havingfounded three successful companies before cofounding Blue Raven Solar. Ryan started in directsales in 1996 and is entering his 19th year in theindustry. Ryan was a finalist for the Ernst & YoungEntrepreneur of the Year Award in 2010.Ben joined the team in 2015 and brings a wealthof experience to Blue Raven Solar.Prior to starting Blue Raven, Ryan was the cofounder of Silver Creek Pest Control, a companythat grew to be one of the largest pest controlcompanies in the nation as measured by yearlyvolume (20,000 new accounts per year). SilverCreek was successfully sold to ServiceMaster,a Fortune 500 company. Ryan then foundedAMP Security, one of the leading home securitycompanies in the nation, in 2007. AMP grewrapidly from inception and made the Inc.500/5000 list in both 2012 & 2013. AMP Securityis still operating and continuing to build value forits shareholders.Ryan received his MBA from the BYU MarriottSchool in 2001 with an emphasis in finance. Inhis rare free time, he enjoys travel—especially toEurope with his wife.Prior to joining Blue Raven, Ben worked atMcKinsey & Co., where he focused on helpinglarge federal agencies and blue chip firms becomemore efficient. Prior to McKinsey, Ben workedat McMaster-Carr, a large industrial suppliesdistributor, where he gained valuable operationsand management experience.Ben graduated from Stanford University withhonors, and he earned an MBA from HarvardBusiness School with high distinction as a BakerScholar. He spends any free time with his wife andson, or preparing for his next Ironman.
Ken Saunders / CFOTyson Peschke / Co-Founder - VP of SalesJeff Lee / Co-Founder - VP Sales OpsKen joined Blue Raven Solar in 2016 with extensiveexperience in senior financial management,corporate development, and investmentmanagement. His background and team-orientedleadership style have made him a crucial asset tothe Blue Raven team.Tyson began his career in renewable energyin 2009 when he successfully helped homeautomation giant vivint launch a renewables armcalled vivint.solar. As part of the founding teamat vivint.solar (Tyson was employee number one),he helped the company grow from an idea into amarket leader.Before founding Blue Raven Solar in February of2014, Jeff founded two successful companies. Hestarted in direct sales in 1997 and is entering his21st year in the industry.Ken began his career in banking, first withCitibank in Tokyo, Japan and then with Dillon,Read in New York. He subsequently spent tenyears working for the National Football League insenior financial roles.Ken served as CFO for several companies,including TNS Media Intelligence/CMR and GlobalLogistics Acquisition Corp. in New York and, sincemoving to Utah in 2009, with Solera Networks(sold to Blue Coat in 2013) and most recently atBask Technology.Ken holds a bachelor’s degree from the WhartonSchool at the University of Pennsylvania, andwent on to earn his MBA from Columbia BusinessSchool.Tyson went on to co-found Terawatt, Inc. in 2013(currently doing business as Level Solar) with aninvestment from Sorenson Capital Partners, a Utahbased P.E. firm. Tyson served as Chief OperatingOfficer and helped grow the business to over 50employees with offices in California, Utah, andNew York.Tyson holds a Bachelor of Science in Economicsfrom Brigham Young University as well as an MBAfrom Columbia Business School.Jeff Lee is a key part of the success at Blue RavenSolar. His job is to not only build the sales sideof the business, but also to make sure that salesseamlessly meshes with operations. Jeff is adetailed operations manager with an extensivebackground in sales to help both organizationssuccessfully work together. Jeff’s talent forrecognizing and solving problems early is criticalto Blue Raven’s growth.Jeff studied American Studies at BYU. He lovesspending time with his wife and young childrenboating at Lake Powell, or anywhere they canplay and run free. He also enjoys archery and flyfishing.16
WE’RE BACKED BY MILLIONSBlue Raven Solar is one of the fastest growing solar providersin the nation and is happy to be partnered with one of thepreeminent private equity groups: Peterson Partners. These arethe guys who backed JetBlue, Azul, FranklinCovey Products,EnergySolutions, Bonobos, vivint, vivint.solar and over 100 othercompanies.Peterson Partners is an independent investment firm that isgrowth oriented, flexible, and has a long-term mindset. Over thepast 11 years, Peterson Partners has raised approximately 1 billionand has backed over 100 entrepreneurs.petersonpartners.com17 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .1 (800) 377-4480
Blue Raven Announces Investment from Peterson PartnersAMERICAN FORK, Utah, Oct. 29, 2015demonstrated by Blue Raven Solar,” Clintconsumers about affordable clean energyPRNewswirePeterson, Managing Partner at Petersonsolutions that generate long-term customerPartners stated. “We are excited to have themsavings while preserving the environment.Blue Raven Solar, one of the fastestas a partner, and are confident our investmentgrowing residential solar energywill ensure their continued success andBlue Raven is uniquely known in the residentialproviders, announced today that it hasexpansion.”renewable energy industry for BluePower ,secured a significant investment from Petersonits proprietary solar financing product whichPartners, a Salt Lake City-based investmentTyson Peschke, co-founder of Blue Ravencombines the best aspects of a 3rd party-firm. The funding will enable Blue Raven tostated, “Peterson Partners’ growth capitalowned solar lease (i.e. PPA) with the superiorbuild out infrastructure as it continues its rapidinvestment will help us accelerate our growth.return and flexibility of solar ownership.nationwide growth.We are very pleased with this partnership andthe opportunity to build our infrastructure andAbout Peterson Partners“Blue Raven’s mission is to provide cleanto create better opportunities for growth in thePeterson Partners is an independentenergy solutions to residential customers andresidential solar energy industry.”investment firm that is growth oriented,make it the affordable choice for the averageflexible, and has a long-term mindset. OverU.S. homeowner,” said co-founder and CEOAbout Blue Raven Solarthe past 11 years, Peterson Partners has raisedRyan Lee. “This investment from PetersonBlue Raven Solar (blueravensolar.com)approximately 1 billion and has backed overPartners gives us the capital to expand ourspecializes in providing clean energy solutions100 entrepreneurs.markets and continue to innovate in theto residential customers with no upfront costsindustry.”and guaranteed savings on their power bill.18Blue Raven has developed a large direct sales“We have seen the vision and capabilitiesB L U E R AV E N S O L A R . C O Mnetwork of over 400 sales consultants to teach C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .
OURMISSIONOur mission is to makehomeowners’ lives betterby reducing their energybills, by increasing theirreliance on clean andabundant renewable energy,and by providing a worldclass customer experiencethrough a reliable salesprocess and a speedy,high-quality installation.OURVALUES1Develop aHigh-TrustCulture2A. Keep commitments to homeowners, sales reps,employees, installers, technicians, vendors & investorsB. Close the loop—report back to each otherC. Respect and empower one anotherD. Disagree constructivelyA. Produce results that are worth more than theycost to deliverBeEfficientB. Obsessively reduce cycle times in every areaC. Keep the sales experience simple (even if itmeans adding complexity elsewhere)D. Stay lean—eliminate unnecessary costs (eventhrough periods of rapid growth)3A. Gather data to make decisionsContinuouslyImproveB. Follow the Blue Raven six-step problemsolving approachC. Try new things and fail quicklyD. Be go-getters19 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .1 (800) 377-4480
Your work is going to fill a largepart of your life, and the onlyway to be truly satisfied is to dowhat you believe is great work.And the only way to do greatwork is to love what you do. Ifyou haven’t found it yet, keeplooking. Don’t settle. As with allmatters of the heart, you’ll knowwhen you find it. - Steve Jobs21
WHO WE ARE AS A COMPANYWe are not a solar company that hired out adirect sales force—we are first and foremosta direct sales company that entered the solarspace. That distinction is key because ouremphasis is on creating a world-class salesplatform for our managers to achieve success.We exist to serve our sales managers and repsand to help them reach their full potential. Ouraim is to help our managers hit their personaland financial goals.Our ambition is to build the preeminent solardirect sales program. As such, we focus onthe sales reps first and foremost. Every majordecision we make is filtered through the screenof “how would this affect our sales reps?”We will continue to grow and be successful asa company because we understand the directsales business and we know that if we continueto take care of our sales people, they will takecare of us.The biggest reason for ourrapid growth as a companyover the past 2 years drawsdirectly from the fact that wehaven’t forgotten who ourreal customers are: the salesmanagers and reps.21 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .1 (800) 377-4480
WHO WE ARE AS A COMPANYUnlike many companiesoperating in the solarindustry, Blue RavenSolar is not just a sales& marketing company.We are a full service, end-to-endsolar company.We are obsessive as a company about gettinginstalls done as quickly as possible. We focuson shortening installation timelines to takeaway all obstacles so that we can get glass onthe roof as fast as humanly possible. And whatwe have achieved over the last year in doing sois nothing short of remarkable.We are equally obsessive about getting ourinstalls done with the highest quality possible.We understand that in order to have the fastestinstallation timelines (as well as to maintainhigh quality in our installations) we mustcontrol everything in the sales and installationprocess from A-Z.Because of the preceding point: we don’toutsource anything. We do everything inhouse: design, engineering, permits, installsand electrical work. In short: everything.The more we control the entire process, thefaster we get. The faster we get, the lesscustomer cancellations happen. The lesscustomer cancellations—the happier our salesreps. It is a virtuous cycle.22
GROWTH STRATEGYBlue Raven enters markets with little to no competition15In many of our markets we are literally the first personto talk to a potential customer about solar. This makesthe difficult job of direct sales much easier for our reps.STATESOur Area Expansion StrategyWhen Blue Raven entered the solar space a few years back, 90% of newsolar generation was being done in only 6 states (commonly called “TheBig 6”).We immediately wondered: what about the other 44 states? How comenobody is operating in those states? Why is everyone competing in just 6areas when there are 318 million people spread out across the U.S.?7STATESWe wondered what it would be like to operate in a given state with littleto no competition from others. This soon became one of the central tenets of our company growth strategy. As such, Blue Raven generally onlyenters markets outside The Big 6 with little to no competition.And by the way: our sales reps love this strategy! Nobody wants to hearwhen he or she contacts a prospective customer that they are the 20thcompany that has stopped by this year. Instead, in many of our marketswe are literally the first person to talk to a potential customer about solar.This makes the difficult job of direct sales much easier for our sales reps.23This strategy of opening new states that have little to no competition hassuited us well and will continue to drive our decision-making regardingour new area expansion. Watch for us to continue to open up new stateswhere nobody else is operating. C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .CU R R EN T AREASF UT URE A REAS1 (800) 377-4480
2017 AREASCurrent AreasExpansion AreasB L U E R AV E N S O L A R . C O M24 C O P Y R I G H T 2 0 1 7 B L U E R AV E N S O L A R . A L L R I G H T S R E S E R V E D .
DISTRIBUTION STRATEGYOur Solar Panel Distribution StrategyBlue Raven is the first major solarcompany to use an asset-light approachwith no costly and cumbersomewarehousesWhen Blue Raven entered the solar spaceevery major company was using the warehousemodel for solar panel distribution (andaccording to our knowledge they still operatein this model).At Blue Raven we question everything inorder to make the most streamlined and costeffective solution for both the customer andour sales reps.We wondered what it would be like to usea distribution strategy commonly used inthe home building industry: your generalcontractor doesn’t store the cement, lumber,bricks, etc. in his own warehouse—but ratherhe just simply has it delivered to your homethe day of install from a distribution company.Around a million homes in the constructionindustry are built each year in this manner withno complaints from the customers.25Here at Blue Raven we decided to innovateand create an entirely new approach todistribution for the solar industry and as suchwe are the first and only large solar companythat operates in an asset-light manner for solarAt Blue Raven we created an entirely new approach todistribution for the solar industry. As such, we are the onlylarge company that operates in an asset-light manner fors
CORPORATE HEADQUARTERS. 1220 South 630 East, Suite #430 American Fork, Utah 84003. 1. 4 . SunPower 32: 15 Solar Universe: 11 *as reported by Greentech Media in 2016: We have experienced the fastest growth of any . corpora
