Nelnet Inc. and Skyview Ventures Lead $4 Million Investment in New Sun Road P.B.C.

LINCOLN, Neb., May 23, 2023 ‐‐ New Sun Road, a leading provider of sustainable energy solutions, announced the successful closure of its $4 million Series A funding round. The investment was led by Nelnet, Inc. (NYSE: NNI) and Skyview Ventures, with significant participation from Microsoft’s Climate Innovation Fund. The funding will be used to fuel the company’s commercialization efforts and further strengthen its operations and AI applications to drive revenue growth and market development.

Since 2018, Nelnet Inc. has facilitated the construction and operation of nearly $1 billion in solar projects across the U.S. The organization applies that expertise by deploying resources aimed at helping early-stage companies develop their clean tech and climate tech solutions or – like in the case of New Sun Road – accelerate their go-to-market strategy and strengthen their presence in key markets such as utility power, telecommunications, and microgrid development.

New Sun Road is a California Public Benefit Corporation whose mission is to accelerate the global transition to clean energy by delivering sustainable and cost-effective electricity to rural and underserved communities worldwide. The company’s innovative technology and proprietary algorithms optimize the efficiency and performance of solar energy systems to maximize output and reduce downtime. By integrating advanced analytics and remote monitoring capabilities, New Sun Road provides real-time insights and predictive maintenance solutions to manage fleets of systems.

“We are thrilled to have closed our Series A funding round with the support of Nelnet Inc., Skyview Ventures, and Microsoft’s Climate Innovation Fund,” said Adrienne Pierce, CEO of New Sun Road. “This investment not only validates our vision and technology but also enables us to scale our operations, expand our customer base, and make a lasting contribution toward building a clean energy future.”

New Sun Road helps improve reliability, decrease costs, increase renewable energy access, and reduce wildfire risk with over 900 stand-alone power systems globally that are remotely operated by the company’s technology.

“Like our company, our investment thesis is driven by innovation and a commitment to sustainability and social impact,” said Chad Riley, Director of Innovation and Strategic Partnerships at Nelnet Renewable Energy. “We believe New Sun Road shares those values – and that their innovative renewable energy infrastructure solutions are critical to advancing the renewable energy landscape. Nelnet Renewable Energy entered this space to help contribute to the growth of organizations like New Sun Road – and it’s exciting to support a mission of increasing access to reliable clean energy for underserved communities.”

About Nelnet, Inc. and Nelnet Renewable Energy: Nelnet, Inc. (NYSE: NNI) is a publicly traded diversified financial services and technology company focused on offering educational services, technology solutions, professional services, telecommunications, and asset management. As a brand of Nelnet, Nelnet Renewable Energy serves others by financing, developing, deploying, and operating clean energy solutions that create sustainable value. Nelnet Renewable Energy offers a vast portfolio of solutions to help support residents, commercial and small utility-scale customers, landowners, developers, investors, municipalities, CleanTech innovators, and educational institutions in meeting their renewable energy goals. As a leading tax equity investor, the organization developed a unique co-investment platform that provides its syndication partners the opportunity to make low-risk, impact investments and achieve competitive returns. Nelnet Renewable Energy’s engineering, procurement, and construction firm handles turnkey design, installation, and maintenance of solar energy systems in house – and adds unique capabilities with strong financial backing and vertical integration of solar asset origination, development, financing, and asset management. Rooted in innovation, the organization’s venture capital team is able to bring enterprise-level resources required by early ventures focused on climate, resilience, and sustainability. For more information, visit NelnetEnergy.com.

Nothing herein should be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. Investments in investment products managed by Nelnet Renewable Energy are available only to “accredited investors,” as such term is defined under federal securities laws. Investments are offered only via definitive transaction documents, and any potential investor should read such documents carefully, including all the risk factors relating to the investment, before investing.