Chaberton Energy today was ranked No. 34 on this year’s Inc. 5000, the most prestigious ranking of America’s fastest growing privately held companies. This is the company’s first time being named to the list.
The Maryland-based national solar developer achieved profitability in its second year of operations and has seen 73x revenue growth since its founding in February 2020. Chaberton is the second-fastest growing company in Maryland on this year’s Inc. 5000 list and is the nation’s third-highest ranked energy company. Chaberton is also the fastest growing community solar company on the list.
“We are so humbled by the recognition from Inc. Magazine, and while we have only been in business for less than five years, this award validates all the hard work and thoughtfulness that our entire team has put into fulfilling a vision we had from the beginning,” said Stefano Ratti, Chaberton’s CEO and founder. “Our company values of creativity, excellence, and humanity formed the building blocks to this amazing growth story, and they will continue to fuel our growth well into the future.”
The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate is 1,637%. In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.
Chaberton develops solar projects for businesses and for communities. These projects save money, provide access to clean energy for communities and residents who may not be able to have their own solar arrays, and support economic growth and environmental justice. The company is active in Maryland, Delaware, Virginia, New Jersey, Ohio, Illinois, New Mexico and California, among others, focusing on states with supportive solar and clean energy policies.
This year the company announced that it was developing solar projects at more than 100 sites. It has gone from zero project pipeline in 2020 to 740 megawatts of electric generating capacity in just four years. That’s enough to power roughly 128,000 homes and eliminate 770,000 tons of carbon emissions each year.
Chaberton’s top-two ranking in Maryland highlights the company’s position as a leading community solar developer in its home state. As of this July, Chaberton has over 60 megawatts of community solar generating capacity completed or under development in the state.
“Chaberton is demonstrating how states with strong community solar policies can develop impactful clean energy projects that support the transition to renewables while directly helping residents,” said Erica Brinker, Chaberton’s Chief Commercial and Sustainability Officer “As the world makes the necessary transition to affordable, economy-building clean energy sources, Chaberton will be here to help. We can’t wait to see what tomorrow holds.”
As a public benefit corporation, Chaberton has achieved its impressive growth while doing good for the communities it serves. Chaberton builds on this commitment with Chaberton Cares. Through this program, Chaberton provides direct funding to nonprofit organizations local to its solar projects. For every megawatt of new community solar capacity Chaberton develops, the company provides $5,000 per megawatt in funding to local organizations.
In 2020, Chaberton received a corporate-level investment from Greenbacker’s Development Opportunities Fund (GDEV), which makes corporate investments in sustainable infrastructure development companies. Managing director and group head of GDEV, Ben Baker shares, “We are proud to be a part of Chaberton’s story and look forward to their continued success. The discipline that led to this growth, further enabled by GDEV’s catalytic capital, is something we all should be proud of.”
About Chaberton Energy
Headquartered in Maryland, Chaberton Energy is a public benefit corporation focused on developing sustainable infrastructure and renewable energy projects. Chaberton’s work ranges from site conception to full operations, emphasizing distributed energy, community solar, and commercial and industrial initiatives.
Chaberton deeply values the communities it serves, including employees, landowners, neighbors, customers, regulators, development partners and investors. Rooted in creativity, excellence and humanity, the Chaberton team is dedicated to creating sustainable renewable energy solutions. These projects not only support the transition to clean energy and reduce pollution, but they also benefit residents and businesses economically. Learn more at chaberton.com.
More about the Inc. 5000
Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.
