Acro Energy Technologies acquires Energy Efficiency Solar

4 November 2009

US solar integrator Acro Energy Technologies has signed a stock purchase agreement with California-based Energy Efficiency Solar and its sole shareholder William Korthof to acquire all of the companies issued and outstanding shares.

Under the purchase agreement, Acro Energy will acquire all of EE Solar’s shares for a purchase price of $1.5m consisting of $0.25m cash, a promissory note in the amount of $0.75m, and $0.5m of common stock issued from the treasury of the company at CAN$0.24 per share. The company will also enter into an employment agreement with EE Solar’s president Korthof, who will join the Acro Energy team as part of the move.

Harry Fleming, CEO of Acro Energy, said, ‘We are excited to sign EE Solar as our third acquisition in the past eight months. Bill Korthof and his team in Pomona have done an exceptional job in building EE Solar.

‘Their team will be pivotal in Acro Energy’s plans to expand into the southern California market,’ Fleming added.

EE Solar is a full-service solar energy company that has installed residential and commercial solar systems in Los Angeles, Orange, and San Bernardino Counties since 1989. The company has generated approximately $4.2m in revenue in 2008, servicing customers from its offices in Pomona and Orange.

Acro Energy Technologies focuses on the consolidation and growth of renewable energy companies in the US residential solar energy installation market. The company continues to evaluate suitable acquisition candidates across North America.

Nat Kreamer, president of Acro Energy, said, ‘Bill and the EE Solar team give Acro a strong platform for helping more southern Californians – who pay among the highest rates for electricity in the Country – save with solar.’

The closing of the acquisition is subject to any necessary approval of the transaction by the appropriate authorities at the TSX Venture Exchange.

Acro also recently received TSX Venture Exchange approval to close the $0.185 non-brokered private placement, raising gross proceeds of $436,792 from the sale of 2,361,038 units at a price of CAN$0.185 per unit.

The company also recently named its former COO Steve Vella as director of business development.

Copyright © 2009 NewNet

Tags: solar

This story was published on Wednesday, November 4th, 2009 at 6:26 pm and is filed under North America, deals, solar. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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