Real Goods Solar completes acquisition of Mercury Solar
Mercury Solar Systems is PV integrator with a presence on the U.S. East Coast. Image: Mercury Solar Systems
Mercury Solar Systems is PV integrator with a presence on the U.S. East Coast. Image: Mercury Solar Systems
Real Goods Solar Inc. (Louisville, Colorado, U.S.) has completed its acquisition of solar integrator Mercury Solar Systems (Port Chester, New York, U.S.) in exchange for roughly 8.3 million shares of stock.
In addition to physical assets, operational systems and its customer base, Mercury brings USD 12 million in working capital and more than 50 employees to Real Goods. Three of Mercury's executives will take VP positions in Real Goods and its commercial and utility division RGS Energy.
“The addition of Mercury significantly increases the overall depth and breadth of our capabilities,” said Real Goods Solar CEO Kam Mofid. “In August of last year, we acquired Syndicated Solar to strengthen our residential business and it produced a significant increase in our homeowner engagements.”
“Following Mercury's integration over the next few weeks, we expect to likewise accelerate our growth in the commercial sector. Our increased size and scale strengthens our commercial and residential sales capabilities in key solar markets, and reinforces our ability to bring to our customers more comprehensive end-to-end solutions, including attractive project finance options.”
Real Goods has appointed Mercury Co-Founder and President Jared Haines as VP of sales at RGS Energy. Additionally, Co-Founder Anthony Coshigano will be appointed VP of RGS Energy's Northeast operations, and Andrew Zaref will become VP of project finance at Real Goods Solar.
Purchase brings USD 10 million in cash, no debt
Mercury brings USD 12 million in working capital to Real Goods, including more than USD 10 million in cash, and no debt. Real Goods plans to use these funds to grow its presence in key U.S. state markets.
2014-01-17 | Courtesy: Real Goods Solar; Image: Mercury Solar Systems | solarserver.com © Heindl Server GmbH
Mercury Solar Systems is PV integrator with a presence on the U.S. East Coast. Image: Mercury Solar Systems
Mercury Solar Systems is PV integrator with a presence on the U.S. East Coast. Image: Mercury Solar Systems
Real Goods Solar Inc. (Louisville, Colorado, U.S.) has completed its acquisition of solar integrator Mercury Solar Systems (Port Chester, New York, U.S.) in exchange for roughly 8.3 million shares of stock.
In addition to physical assets, operational systems and its customer base, Mercury brings USD 12 million in working capital and more than 50 employees to Real Goods. Three of Mercury's executives will take VP positions in Real Goods and its commercial and utility division RGS Energy.
“The addition of Mercury significantly increases the overall depth and breadth of our capabilities,” said Real Goods Solar CEO Kam Mofid. “In August of last year, we acquired Syndicated Solar to strengthen our residential business and it produced a significant increase in our homeowner engagements.”
“Following Mercury's integration over the next few weeks, we expect to likewise accelerate our growth in the commercial sector. Our increased size and scale strengthens our commercial and residential sales capabilities in key solar markets, and reinforces our ability to bring to our customers more comprehensive end-to-end solutions, including attractive project finance options.”
Real Goods has appointed Mercury Co-Founder and President Jared Haines as VP of sales at RGS Energy. Additionally, Co-Founder Anthony Coshigano will be appointed VP of RGS Energy's Northeast operations, and Andrew Zaref will become VP of project finance at Real Goods Solar.
Purchase brings USD 10 million in cash, no debt
Mercury brings USD 12 million in working capital to Real Goods, including more than USD 10 million in cash, and no debt. Real Goods plans to use these funds to grow its presence in key U.S. state markets.
2014-01-17 | Courtesy: Real Goods Solar; Image: Mercury Solar Systems | solarserver.com © Heindl Server GmbH