Real Goods Solar and Alteris Renewables to Merge
Real Goods Solar, Inc. (NASDAQ: RSOL) and Alteris Renewables, Inc. have announced that they have entered into a definitive merger agreement to combine two leaders in the solar industry, each pioneers with more than 30 years of experience in their respective markets. The combined company will retain the Real Goods Solar name.
Combining a premier commercial customer base, widely recognized and reputable consumer brand, a strong array of financing solutions and unparalleled in-house engineering expertise, this merger will create “A” leading national renewable energy integrator. Real Goods Solar will be well poised to capitalize on strong solar installation growth with more than a dozen offices and national installation capabilities.
The companies estimate that together they account for roughly 11 percent of all residential solar electric installations in the U.S., and have installed more than 30 megawatts of commercial solar. With the U.S. solar market projected to grow fivefold from 2010-2015*, the company has plenty of opportunity ahead of it.
“Together, we are a much stronger company with a better ability to compete in the market that we established when we sold the very first solar panel to the public in 1978,” said John Schaeffer, president and founder of Real Goods Solar. “We can leverage our complementary expertise and geographies to accelerate the adoption of clean energy across the country. By giving homeowners and businesses a choice over the source of their power and providing financing options that allow them to go solar for no money down, our customers are more empowered than ever before.”
Real Goods Solar also announced that Bill Yearsley has joined the Company as CEO and has been elected to the board of directors. In his career Yearsley was Chairman and CEO of the Contracting and Construction Materials Division of Redland PLC, a $4.2 billion revenue company traded on the London Stock Exchange. He was also an executive director at Redland. His residence, located in Colorado, produces most of its electricity from a hybrid system comprised of wind generation and photovoltaics.
“I am excited to join Real Goods Solar, the pioneering solar company in the United States,” commented Bill Yearsley the new CEO. “Our ability to execute projects successfully is highly dependent on human resources, our most important asset. Having the opportunity to bring together two very seasoned management teams positions our organization well for the future. The organization we are building will now be capable of providing integrated national project delivery. This is an industry that is built around constant change and I look forward to a program of well planned profitable growth both organically and through acquisitions.”
Reporting to Bill Yearsley will be Real Goods Solar Founder and President, John Schaeffer, who will become President of Residential; Alteris’ Head of Commercial, Ron French, who will become President of Commercial; and CFO, Erik Zech.