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Able Energy

ableenergy.com

Founded Year

1989

Stage

Unattributed VC | Alive

Total Raised

$2.5M

Last Raised

$2.5M | 18 yrs ago

About Able Energy

Able Energy is a Energy & Utilities/Oil & Gas Storage & Transport company based in Rockaway, New Jersey. Able Energy's investors include Highbridge Capital Management, Downsview Capital, Crestview Capital Funds and Iroquois Capital.

Headquarters Location

198 Green Pond Road

Rockaway, New Jersey, 07866,

United States

973-625-1012

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Latest Able Energy News

Solar installer sentenced to six months for swindling dozens of clients

Sep 6, 2022

Michael Harvey, owner of Able Energy, must also repay customers at least $750,000. September 6, 2022 — 3:50pm Michael J. Harvey, who pleaded guilty in July to swindling dozens of customers out of hundreds of thousands of dollars for solar systems he never installed, was sentenced Tuesday to six months in a work house and ordered to pay restitution of at least $750,000. The sentence was a significant break for Harvey, who faced as much as 20 years in prison under the original charges filed by Hennepin County Attorney Mike Freeman. Harvey was the owner and president of Able Energy, an Oakdale company that shut down in 2018 after the Minnesota Department of Labor and Industry revoked Harvey's electrician's license and obtained a court order requiring him to repay $1.5 million to unhappy customers. In July, Harvey pleaded guilty to theft by swindle, a felony that typically results in no more than a year of jail time. But Freeman sought an upward sentencing departure, saying in 2021 that Harvey deserved a hefty penalty for masterminding a large criminal enterprise. Harvey also faced a maximum fine of $100,000, but instead was ordered to pay court costs of just $78. "I'm a little disappointed," said Jeff Hall, a retired social worker from Carlton, Minn. who spent $14,000 for a solar project that was never installed. "I've heard about guys getting a year for shooting a dear out of season, so this seems light to me." Defense attorney Eric Nelson asked that Harvey be allowed to serve his six-month sentence at home while under electronic surveillance. Hennepin County Judge Julie Allyn said that would be too lenient, noting a 180-day sentence equates to just "five days per victim." "This was a major economic offense and it impacted multiple victims over a very lengthy period of time," Allyn said. Harvey sought bankruptcy protection in 2018, but the case was dismissed after the U.S. trustee filed a lengthy objection to the proceedings, accusing Harvey of lying under oath about his finances and misusing corporate funds. Allyn ordered Harvey to repay his victims $200 to $500 per month, depending on his income level. At that rate, it could take more than 300 years for all of Harvey's victims to recover their money. "We are never going to get a dime," said Duluth resident Judy Gibbs, who lost $8,000. "The idea that he is going to get work release is just appalling. He is living in a multimillion-dollar home that he built with our money." During the hearing, Harvey offered a brief apology to his victims, saying he hoped they "someday find peace." Harvey said he exhausted his savings trying to save Able Energy. In seeking a lesser sentence for Harvey, Nelson argued that Able's problems were largely the fault of others, including a former employee who allegedly embezzled $250,000. Nelson also blamed an unnamed former partner in the business who allegedly formed his own solar company using some of Able's former employees and business assets. Nelson said Harvey panicked when he realized he didn't have the resources he needed to complete dozens of overdue projects. "Able Energy had over 400 successful installations of solar panels, so there are literally hundreds of satisfied customers of the company," Nelson said. "Mr. Harvey's efforts... were complicated when he lost his license." Several of Harvey's former customers rejected Nelson's characterization of Harvey. They said Harvey and his employees repeatedly lied to them about the status of their jobs in an effort to squeeze more money out of them after already making down payments equal to as much as 50% of estimated project costs. "Over the past several years, his words and actions show that he doesn't take any responsibility," said Kristina Bergstad, whose real estate company lost $77,000 after hiring Able for apartment projects in Monticello and Cannon Falls. "It was always someone else's fault." Nelson said Harvey hopes to pay his victims back through a new venture that offers services to beekeepers. Harvey is currently earning about $1,600 a month from the bee business, which operates out of his home in River Falls. One firm, Kinnickinnic Bees, sells honey while the other, Hyper Hyve, is trying to raise money for a new synthetic beehive system that depends on smartphone technology. As part of his sentence, Harvey was forbidden from personally engaging in fundraising on behalf of the business or selling the devices. "You are not to have any fiduciary responsibilities," Allyn said. Jeffrey Meitrodt is an investigative reporter for the Star Tribune who specializes in stories involving the collision of business and government regulation.

Able Energy Frequently Asked Questions (FAQ)

  • When was Able Energy founded?

    Able Energy was founded in 1989.

  • Where is Able Energy's headquarters?

    Able Energy's headquarters is located at 198 Green Pond Road, Rockaway.

  • What is Able Energy's latest funding round?

    Able Energy's latest funding round is Unattributed VC.

  • How much did Able Energy raise?

    Able Energy raised a total of $2.5M.

  • Who are the investors of Able Energy?

    Investors of Able Energy include Iroquois Capital Group, Highbridge Capital Management, Downsview Capital and Crestview Capital Funds.

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