Democratizing Solar Power: A Conversation with Allume CFO Jack Stooke
Solar power has long been the domain of property owners. Homeowners, business owners, and those with the means and space to install panels. As the world transitions toward a greener future, how can we make solar energy accessible to everyone, like those living in multi-tenant buildings? That’s the question Allume is set on answering.
Allume is transforming the landscape of solar accessibility. Jack Stooke, CFO at Allume, is helping to lead this transformative change, “Allume is solving a major issue: how to make solar accessible to everyone, not just homeowners.” We sat down with Jack to explore his journey and how Allume is shaping the future of solar energy.
Jack Stooke and Allume
Jack Stooke has had a dynamic career–one that has seen him ascend through the ranks of some major corporations. With a background in finance, Jack brings a wealth of experience to the table. His previous roles included Director in Deal Advisory at KPMG and Senior Manager of Strategic Finance and Analytics at Sunrun. This role acted as a nice stepping stone to his current ventures.
Now, as the CFO of Allume, Jack’s responsibilities extend beyond managing the company's financial health. “I look after finance across all our regions—we have a global presence in the UK, the US, Australia, and have begun expansion into Europe more broadly,” he explains, “My job is really focused on the finance side: reporting, forecasting, budgeting, and making sure we’re spending money efficiently. I also lead our fundraising efforts, including looking at non-dilutive funding opportunities. And naturally, I play a role in the commercial space, including pricing and entering new markets with strategies for scaling and continuous growth.” Jack plays an important role in driving operational efficiencies and ensuring Allume’s strategy aligns with its mission of expanding solar access to untapped markets and underserved communities.
The Vision Behind Allume
What sets Allume apart is its commitment to serving multi-tenant buildings–an often overlooked segment of the solar market. Traditional solar models are designed for single-family homes, where the homeowner directly benefits from the energy savings. As Jack explains, "Single-family rooftop solar is fairly well-penetrated, but apartments have been left out, and that's left a whole sector of the market behind. So, when we say we want to provide clean, affordable energy to everyone, we mean that—and that really plays out in our goal of scale."
However, in multi-tenant properties, where both landlords and tenants are involved, a problem emerges; the split incentive. Landlords typically have no financial incentive to invest in solar since they don’t benefit from the energy savings; tenants, on the other hand, are not able to install the solar panels themselves as they don’t own the building. “The split incentive is key, right? That’s why you just don’t see solar being provided to tenants,” Jack explains.
This split incentive has created a major opportunity for Allume Energy, one that differentiates them from others in the renewables market. And their answer to that opportunity is SolShare™.
SolShare: Pioneering Shared Solar Solutions
Allume’s groundbreaking technology, SolShare, solves the split incentive issue by enabling solar energy to be shared across multiple units in a building. It’s a game-changer for multi-family asset owners and managers, one that allows landlords to create ongoing revenue streams and tenants to benefit from clean & affordable solar energy, even if they don’t own the property. It creates a win-win scenario for both parties.
Jack highlights the importance of SolShare in transforming solar accessibility. “SolShare is a solution that maximizes on-site usage of solar energy,” he explains. “It’s really about that competitive edge versus utility-led solutions. We’re touching the surface of what’s possible.” By integrating with other technologies, such as battery storage and electric vehicle (EV) charging, SolShare aims to enhance the financial return of installing solar.
Jack also emphasizes SolShare's potential to remain competitive in the evolving energy market. “A solar solution which maximizes on-site usage will always be very hard to compete with,” he notes, “Financially, while you can have more renewables on the grid that might be low-cost, there is still a cost attached to that. Particularly if we continue to refine our technology and integrate with other technologies—like storage and EV charging—and reduce product costs, develop models like our hardware-as-a-service model, and smart ways of installing and distributing SolShare, I think we'll always be very competitive.”
Jack remains confident Allume’s technology not only acts as a key differentiator now but will continue to best serve tenants in the years ahead. “If you look at the history of single-family solar, it’s not really slowing down, and there are more renewables on the grid today than 20 years ago when it started,” he says, “We have a lot of differentiations that will be pretty desirable behind the meter. It’s about maintaining freedom for residents in what they want to do with their utility. So, it’s really that competitive edge with us versus utility-led solutions. I’m confident that we’ll be a pretty compelling solution in the long term." His confidence in the technology’s future reflects Allume’s commitment to innovation and its strategic focus on behind-the-meter solutions that offer greater flexibility and freedom for users.
Financial and Strategic Innovation at Allume
As CFO, Jack understands that Allume’s success isn’t just about technological innovations–it’s also about financial ingenuity. To this end, Jack and the team at Allume Energy have developed an innovative leasing program that makes it easier for property owners to adopt solar without the usual financial burdens.
As Jack explains, “We offer landlords a compelling solution where they don't have to deal with the capital investment or administrative burdens of financing, and we can do this at scale across a portfolio.” Allume’s leasing model allows landlords to install solar panels without any upfront costs, while tenants enjoy the benefits of lower energy bills. This approach, combined with Allume’s world-first SolShare technology, positions the company as a leader in the clean energy market.
This strategic mindset is key to driving Allume Energy’s growth. By aligning financial structuring with the company’s mission, Jack’s work is helping to create a model that can be replicated and scaled globally. “This ecosystem being built around multi-tenant buildings is going to be the next big thing in the solar business,” Jack says, highlighting the broader potential of Allume’s approach to transforming solar accessibility.
The Role of Partnerships in Scaling Solar Energy
Allume’s internal innovation is impressive. But when it comes to scaling a business, particularly one in the niche realm of solar energy, complex challenges arise. Regulatory barriers, lack of capital, market saturation, and logistics issues–just to name a few. In order to tackle these challenges, Allume has built strategic partnerships with key players like Perl Street. Jack is quick to highlight the importance of these external partnerships in scaling their business. “Perl Street has been very helpful in getting our heads around this new business model,” Jack notes.
These partnerships are vital for navigating regulatory hurdles, raising capital, and building the ecosystem needed to make solar widely accessible. "We've built a really strong network of smart, supportive partners, and we have a great network of professional contacts, including our investor base and board.”
Challenges in the Solar Energy Market
While Allume’s innovations are game-changing, expanding solar access in the multi-tenant market comes with its own set of challenges. One of the biggest is the split incentive between landlords and tenants, where landlords traditionally don’t benefit from installing solar panels while tenants lack the means to do so.
Jack acknowledges these challenges but sees Allume’s technology as a clear solution. “Without hardware and software solutions, it's really hard to scale solar for multi-tenant buildings. None of the current options can optimize energy consumption in the way we can,” he says. “We can consume up to 55% more energy than if you had an individualized system, because SolShare sends solar to your neighbor when you're not home, and then back to you when you are. That ability to allocate energy fairly makes a huge difference.”
Expanding into New Markets
Allume’s success in Australia and the UK is only the beginning. As the company looks to expand into the U.S. market, Jack is keen to highlight the opportunities and challenges that come with such a move. “We have a lot of projects in Australia and the UK, and are early in our expansion journey in the U.S.,” he shares.
Entering new markets requires a nuanced approach, particularly when navigating diverse regulatory environments and customer needs. Jack emphasizes the importance of customization to meet the unique demands of each region. By leveraging local expertise, Allume is committed to adapting its solutions effectively and ensuring they resonate with local markets. This dedication to understanding regional differences is crucial for successful expansion.
Jack’s Leadership Style and Philosophy
Jack’s leadership at Allume Energy is deeply influenced by his diverse experience in finance and renewable energy. Having worked at KPMG and Sunrun, he brings a wealth of knowledge and a practical approach to his role. At Allume, Jack’s focus goes beyond just the financials; it’s about making a meaningful impact. His leadership style is all about collaboration and leveraging the strengths of others. This approach helps Allume stay innovative and effective.
“We’re not just focused on the financials. It’s about creating a sustainable, scalable business that opens up solar to everyone,” Jack says. His commitment to both social and financial goals helps shape Allume’s direction. “We’ve built a really good network of really strong partners,” he notes.
Looking Ahead: The Future of Allume Energy and the Solar Industry
Jack is enthusiastic about what’s next for Allume. Looking ahead, he highlights the importance of the next few years. “In the short term, the main challenge is navigating the current capital market environment,” he explains. “We have plans to raise a Series B in 2025, and my job is to ensure we have enough runway to approach it from a strong position.” Achieving key milestones, like rolling out their leasing model in the US and becoming a key partner for GGRF funds, will be crucial in setting up for this next funding round.
Jack’s vision extends beyond immediate goals. He is focused on scaling Allume’s operations, aiming to install SolShares on a large scale across multiple markets. “The short-term developments will greatly influence our long-term strategy,” he says. “If we can leverage funding programs and government grants effectively, we might aggressively pursue new markets or focus on fortifying our current position.” This forward-thinking approach highlights Jack’s commitment to not just navigating the current landscape but shaping the future of the solar industry.
With renewable energy poised to play an increasingly critical role in combating climate change, Jack believes that Allume is at the forefront of this transformation. “We’re just at the beginning,” he concludes. “There’s so much more to come.”
Conclusion: Jack Stooke’s Impact and Legacy
Jack Stooke’s work at Allume is already making an impact in the solar industry. Allume is democratizing solar energy and Jack’s contributions to the company are shaping a future that makes clean energy available to the masses, including those in multi-tenant properties.
Combining his financial expertise with a clear vision for making solar energy available to everyone, Jack and Allume are carving a path toward becoming a major player in the renewable energy space. His leadership ensures the company’s growth is both sustainable and impactful.
Jack’s vision and leadership are laying the groundwork for a future powered by renewable energy. As Allume Energy continues to grow and expand, his influence will be felt not just within the company–but in the energy sector as a whole.