Sungevity has agreed to acquire EGear and Hawaii Energy Connection, which are major players 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.
The lead shareholder of Sungevity, Northern Pacific Group managing partner Scott Honour said: “Sungevity is well placed to lead a consolidated and more technologically advanced residential solar power industry.
“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.”
Sungevity chairman Tom Holland said: “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.
“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.”
EGear and Hawaii Energy Connection co-founder and managing partner Chris DeBone said: “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.”
EGear and Hawaii Energy Connection co-founder and managing partner Steve Godmere said: “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.”
Source: Company Press Release