Acro Energy Technologies acquires solar company Energy Efficiency Solar

17 August 2009

Acro Energy Technologies, a solar installation company, is to acquire solar company Energy Efficiency Solar of California.

Under the terms of the agreement, Acro Energy would acquire all of the issued and outstanding common shares of EE Solar for a purchase price of $1,950,000 consisting of a combination of cash, a promissory note, common stock in Acro Energy, and assumption of EE Solar debt. In addition, Bill Korthof, the president of EE Solar, will join the Acro Energy team.

EE Solar generated approximately $4.2m in revenue in 2008, servicing customers across the state.

‘We are excited about adding Bill Korthof and EE Solar to Acro Energy,’ said Harry Fleming, CEO at Acro Energy. ‘The acquisition of EE Solar is the first step in Acro Energy’s movement into Southern California. We believe that EE Solar and Acro Energy will build on each other’s strengths. This transaction is consistent with Acro Energy’s strategy of acquisition of leading independent solar installation companies, in addition to organic growth.’

Nat Kreamer, president of Acro Energy, added, ‘Southern California promises to be a strong growth market for us. Together, Bill Korthof and the team at EE Solar have a solid foundation for profitably delivering our high level of service to consumers planning to save money by going solar in the Los Angeles metro region.’

Copyright © 2009 NewNet

Tags: solar

This story was published on Monday, August 17th, 2009 at 3:06 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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