Companies · Climate / Cleantech

Toledo Solar Holdings, Inc.

PERRYSBURG · Climate / Cleantech · refined from filed group “Other

Diligence memoA one-page analyst read on Toledo Solar Holdings, Inc. — recommendation, valuation, rhythm, risks.
$15.6M
Total raised · real
2
Rounds
1.0×
Latest step-up
Top 20%
Sector rank · raised
Series A
Latest stage · inferred · Thu Nov 09 2023 00:00:00 GMT+0000 (Coordinated Universal Time)

Toledo Solar Holdings, Inc. looks under-valued against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the climate/enviro sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.20× the median modeled value of Series A Climate / Cleantech companies in 2022–2024 (15 peers) — value vs value, same stage and era.
At-risk
  • Last raise 2.6 yr ago; this sector typically re-raises about every 9 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.

Procedural diagnosis est. — rule-based common-sense checks over the filing pattern, issuer name, activity cadence, and surfaced operating evidence.

Issuer-vehicle patternmedium confidence

Toledo Solar Holdings, Inc. behaves more like a recurring private-offering issuer than a conventional venture-backed operating company.

Issuer structure
Company-like
No recurring-offering pattern strong enough to override normal financing interpretation.
Lifecycle
3.9 yr record
Peak capital year was 2022 with $13.6M across 1 filings.
Market position
ahead of 81% of Climate / Cleantech peers
Capital scale is ahead of 81% of Climate / Cleantech peers; modeled value is above 59% of peers by modeled value. Large capital with mid-pack modeled value can signal an issuer/program profile rather than operating-company growth.
Valuation reliability
Normal applicability
Stage/dilution valuation models are weakest when the issuer is broad-sector, recurring, or vehicle-like.
Operating evidence
Sparse
No clear CEO/founder/principal role is surfaced, so operating-company confidence is lower.
Data quality
Needs review
Row-level filing totals differ from canonical totals, so amendment/superseded filtering should be checked.
What triggered this
  • Legal name looks like an issuer vehicle rather than a product company.
  • No clearly named CEO/founder/principal role in the public records surfaced here.
  • No verified homepage on the profile yet.
  • Capital program peaked in 2022: $13.6M across 1 filings.
  • Largest single filing was $13.6M on 2022-08-25.
  • Filing rows sum to $19.6M, while canonical raised total is $15.6M; likely amendments/superseded rows are mixed into the detail view.
How to read the page
  • Read this less like a startup funding journey and more like a capital-raising program.
  • Stage-based valuation and peer labels have lower applicability for this pattern.
  • Canonical filtering should be tightened before using row-level totals for diligence.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Climate / Cleantech

Toledo Solar Holdings, Inc. is one of 207 Climate / Cleantech companies tracked from PERRYSBURG. By capital raised it ranks in the upper tier (ahead of 81% of sector peers), and mid-pack by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

climate/cleantech

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
3
Investors (latest)
2022
Year incorporated
2023-11-09
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$50M$100M$150M$200MSeries A · 2022-08-25 Raised $14M (real) Modeled valuation $133M (est)$14M$133MSeries A2022Seed · 2023-11-09 Raised $2.0M (real) Modeled valuation $12M (est)$2.0M$12MSeed2023Series A · 2023-11-09 Raised $2.0M (real) Modeled valuation $13M (est)$2.0M$13MSeries A2023Seed · 2023-11-09 Raised $2.0M (real) Modeled valuation $12M (est)$2.0M$12MSeed2023+$2.0M+$2.0M+$2.0MCumulative $20M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$13.6M · 2022
Bridge · Series A-stage$2.0M · 2023smaller follow-on
Series A extension$2.0M · 2023
Bridge · Series A-stage$2.0M · 2023smaller follow-on

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 67%.

Modeled valuation trajectory
$12.6M
Base estimate est.
$2.5M
Conservative case
$31.6M
Upside case
$9.2M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Aa $4.0M–$15M round). Valuation is modeled from stage benchmarks scaled by the climate/enviro sector profile. Directional, not a quoted figure.

Series A · modeled $133.4M · 2022-08-252022Seed · modeled $12.1M · 2023-11-09Series A · modeled $12.6M · 2023-11-09Seed · modeled $12.1M · 2023-11-092023
Model inputs · modeled:benchmark-stage-stepup-v1
22%
Dilution assumption
Implied ownership sold in the financing.
51%
Survival probability
28% low · 69% high
1.46×/yr
Annual markup
1.84×/yr upside case
2.6 yr
Elapsed time used
2.6 yr actual, capped for stale marks
climate/enviro
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
5 mo
Avg between rounds
$12.9M/yr
Capital velocity
3.9 yr
On record since
2022
First round
4
Rounds on file
How it compares to the market

Benchmarked against 207 companies in Climate / Cleantech. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 1.9× above median
This company$15.6M
Sector median$8.1M
Latest round — vs other Series A rounds in sector (real $, this stage) 0.3× of median
This company$2.0M
Sector median$7.5M
Modeled value — vs sector median (estimate, all stages) 0.2× of median
This company$12.6M
Sector median$59.8M

Raised more than 81% of sector peers (real $). Modeled value above 59% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series A) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #15 of 15.

This companyCohort peer
$10.0M$100.0M$1.0B$1.0M$10.0M$100.0MCapital raised (log)Trion Battery Technologies Inc. · Series A Raised $11.1M · modeled $125.4M (est)Climate Club Holdings Pbc · Series A Raised $9.6M · modeled $95.9M (est)WATT · Series A Raised $13.0M · modeled $84.0M (est)Climate Action Reserve LLC · Series A Raised $8.8M · modeled $82.5M (est)Wren Climate, PBC · Series A Raised $6.6M · modeled $81.3M (est)GreenCharge · Series A Raised $15.0M · modeled $78.4M (est)ES Solar Holdings, LLC · Series A Raised $9.7M · modeled $70.2M (est)Prieto Battery, Inc. · Series A Raised $31.8M · modeled $64.0M (est)SoundBoks, Inc. · Series A Raised $8.6M · modeled $63.0M (est)Smart Green Solar Inc. · Series A Raised $10.0M · modeled $56.5M (est)Trillium Renewable Chemicals, Inc. · Series A Raised $18.3M · modeled $47.9M (est)autarc Inc. · Series A Raised $8.8M · modeled $36.4M (est)Toledo Solar Holdings, Inc. (this company) Raised $15.6M · modeled $12.6M (est)Toledo Solar Holdings, Inc.
CompanyStageRaised · realValue · estvs peer med.
Trion Battery Technologies Inc.Series A$11.1M$125.4M1.96×
Climate Club Holdings PbcSeries A$9.6M$95.9M1.50×
WATTSeries A$13.0M$84.0M1.31×
Climate Action Reserve LLCSeries A$8.8M$82.5M1.29×
Wren Climate, PBCSeries A$6.6M$81.3M1.27×
GreenChargeSeries A$15.0M$78.4M1.23×
ES Solar Holdings, LLCSeries A$9.7M$70.2M1.10×
Prieto Battery, Inc.Series A$31.8M$64.0M1.00×
SoundBoks, Inc.Series A$8.6M$63.0M0.99×
Smart Green Solar Inc.Series A$10.0M$56.5M0.88×
Trillium Renewable Chemicals, Inc.Series A$18.3M$47.9M0.75×
autarc Inc.Series A$8.8M$36.4M0.57×
Toledo Solar Holdings, Inc. this companySeries A$15.6M$12.6M0.20×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$13.6M2022-08-25$61.7M$133.4M90%
Seed$2.0M2023-11-09$10.0M$12.1M90%
Series A$2.0M2023-11-09$9.2M$12.6M90%
Seed$2.0M2023-11-09$10.0M$12.1M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$13.6M2022-08-25
    • First recorded raise — entered as Series A.
    • 5 investors on this round.
  2. Seed$2.0M2023-11-09
    • Raised again after 14 mo — slower than the ~9 mo sector norm.
    • Round 6.8× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  3. Series A$2.0M2023-11-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 43 investors on this round.
  4. Seed$2.0M2023-11-09
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 3 investors on this round.
Intelligence
2024 ~Q2
Modeled next raise · ~5mo cadence
$2.0M
Modeled next size est.range $2.0M$3.2M
1.0×
Last step-up
$12.9M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Aaron Bates1 other2022-08
Charles A. Ebetino Jr.1 other2023-11
John Appold1 other2023-11
Mark Hartel1 other2022-08
Sean Fontenot1 other2023-11
Aaron Ratner2023-11
Jonn Appold2022-08
Tom A. Ebetino, Jr.2023-11
Tom Pratt2023-11
Registry & provenance

Toledo Solar Holdings, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1966860
SEC CIK
2022
Incorporated
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Toledo Solar, Inc.Climate / CleantechSeries A$8.8M$45.6Mnetwork3 shared operators · same sector · same stage
GreenChargeClimate / CleantechSeries A$15.0M$78.4Msame sector · same stage
Zitara Technologies, Inc.Climate / CleantechSeries A$16.4M$193.7Msame sector · same stage
SunCultureClimate / CleantechSeries A$14.0M$262.4Msame sector · same stage
Trillium Renewable Chemicals, Inc.Climate / CleantechSeries A$18.3M$47.9Msame sector · same stage
DodaiClimate / CleantechSeries A$13.0M$31.5Msame sector · same stage
WATTClimate / CleantechSeries A$13.0M$84.0Msame sector · same stage
FenixClimate / CleantechSeries A$12.6M$278.4Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Toledo Solar, Inc.Climate / CleantechSeries A$45.6M97%
ES Solar Holdings, LLCClimate / CleantechSeries A$70.2M91%
Target Solar, LLCClimate / CleantechPre-Seed$10.1M86%
Solar Holdco, Inc.Climate / CleantechGrowth/Late$18.0B85%
Complete Solar, Inc.Climate / CleantechSeries A$244.6M85%
Global Clean Energy Holdings, Inc.Other EnergySeries A$43.4M85%
Solar Tech Energy Systems, Inc.Other EnergySeed$4.0M85%
Ispow Solar Energy CorpOther EnergySeries A$82.7M84%
Frequently asked
How much funding has Toledo Solar Holdings, Inc. raised?
Toledo Solar Holdings, Inc. has raised approximately $15.6M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is Toledo Solar Holdings, Inc.'s estimated valuation?
Provath's modeled valuation for Toledo Solar Holdings, Inc. is approximately $12.6M (modeled range $2.5M–$31.6M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Toledo Solar Holdings, Inc. at?
Toledo Solar Holdings, Inc.'s latest modeled financing stage is Series A. Its most recent recorded round closed around Thu Nov 09.
What does Toledo Solar Holdings, Inc. do and where is it based?
Toledo Solar Holdings, Inc. operates in the Climate / Cleantech sector, based in PERRYSBURG.
Explore related

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