Sungevity now has a strong geographical presence in high-growth states and is best positioned to lead the consolidated residential solar power industry
Sungevity, one of the nation's leading residential solar system providers, today announced a definitive agreement to concurrently acquire EGear and Hawaii Energy Connection, leaders in Hawaii's advanced solar, storage and grid services market. Founded in Hawaii in 2007, Hawaii Energy Connection has established itself as a strong leader in both residential and commercial renewable energy contracting. Sungevity will now be among the largest providers of residential and commercial solar systems in Hawaii, adding to its existing presence in high-growth states throughout the West, Northeast and Southwest.
As the consequences of climate change become more pronounced, US consumers and policy makers are looking to the solar power industry to provide more advanced solutions. Historically, the US residential solar power industry has been fragmented, lacking the resources needed to deliver solutions at scale. This transaction with EGear and Hawaii Energy Connection serves as a catalytic point in the evolution of the residential solar power industry from subscale to scale, from under-resourced to well capitalized, and from promise to delivery.
"Sungevity is well placed to lead a consolidated and more technologically advanced residential solar power industry," said Scott Honour, Managing Partner of Northern Pacific Group, the lead shareholder of Sungevity. "The acquisition of Hawaii Energy Connection builds on Sungevity's strong capabilities, momentum and national market share gains. The addition of EGear's innovative technologies will enable us to offer even more compelling value propositions and services to more consumers."
"We're excited to announce the acquisitions of EGear and Hawaii Energy Connection, which will provide our customers with more exposure to integrated solar solutions with best-in-class storage and energy management," said Tom Holland, Chairman of Sungevity. "With 2018 shaping up to be the hottest year on record, and the consequences of that becoming increasingly clear, these acquisitions position Sungevity to provide the important environmental and financial solutions that US consumers are seeking."
"Sungevity fits so naturally with our business model and we're excited to become part of a company that is committed to leading the transition to a low carbon economy," said Chris DeBone, Co-Founder and Managing Partner of EGear and Hawaii Energy Connection. "Joining the Sungevity team enables us to offer our advanced energy solutions across the United States while at the same time providing more resources and capabilities as we expand services to our customers here in Hawaii," said Steve Godmere, Co-Founder and Managing Partner of EGear and Hawaii Energy Connection.
Sungevity provides technology-driven solar energy solutions to residential and select commercial customers. Sungevity branded companies offer a complete solution to customers including configuration, financing and installation of photovoltaic solar systems, battery storage and energy management control systems. This focus is enabled by a strong, scalable network of in-house and third-party providers for the provision of hardware, installation services and financing. Sungevity's competitive model delivers greater value directly to customers. For more information, please visit www.sungevity.com.
About Hawaii Energy Connection
Fueled by the passion to accelerate the adoption of renewable energy in Hawaii, locally owned and managed Hawaii Energy Connection has experienced stunning growth to become a nationally recognized solar integration company dedicated to affordable energy solutions. For the homeowner, Hawaii Energy Connection offers the incredibly popular KumuKit™ packages, uniquely engineered to achieve peak energy production, maximize available tax credits, and ultimately shrink your electric bill. KumuKit™ packages are complete and always include installation. For more information, please visit: www.hawaiienergyconnection.com.
E-GEAR™, LLC is a renewable energy innovation company offering proprietary patented and patent pending edge-of-grid energy management and storage solutions that offer intelligent real-time adaptive control, flexibility, visibility, predictability and support to energy consumers, energy service companies (ESCOs) and Utilities. For more information, please visit: www.e-gear.us.
About Northern Pacific Group
Northern Pacific Group is a Wayzata, MN-based private equity firm investing in rapidly growing technology-enabled service enterprises to build market leading businesses. Northern Pacific Group seeks to drive collaborative and sustainable achievement at portfolio companies, in partnership with ownership groups and management teams, through scale, technological transformation and a strong focus on human capital, its communities and conservation. For more information, please visit www.northernpacificgroup.com.