PowerSecure International, Inc. (Nasdaq: POWR) announced it has acquired a distributed solar energy business to add this increasingly cost effective technology to its distributed generation system platform. The Company’s new capabilities were acquired through the purchase of the utility, commercial, and industrial solar energy business of Southern Energy Management, Inc., one of the leading solar energy companies in the Southeast. PowerSecure will begin offering utilities and their large commercial and industrial customers solar energy systems immediately, and will take over the installation of several large projects Southern Energy Management has in process, including a 4.5 megawatt system.
The Company’s decision to offer solar technology comes after a thorough evaluation of the industry and of the new, significantly improved economics of distributed solar energy systems. The precipitous decrease in the cost of solar panels, and corresponding increases in their energy efficiency, in conjunction with the Company’s highly efficient distributed generation systems, provides the Company with a sustainable market opportunity to participate in the downstream segment of the solar business, and bring solar energy projects to its customers and utility partners.
Sidney Hinton, CEO of PowerSecure, said, "We are excited to announce the addition of solar energy capabilities to our distributed generation system platform. For over a decade we have been patient and disciplined in our approach to adding alternative energy sources to our distributed generation offerings, given our guiding business philosophy that our products must deliver strong economic and business benefits to our utility partners and customers. We have been watching and studying the evolution and ‘shake out’ in the solar energy market, and have determined that this is the right time to add this capability to our portfolio. Southern Energy Management’s strong capabilities are the right fit for our business. The Southern Energy Management team has earned a strong reputation as a gold standard provider of solar energy systems – with a blue chip list of utility partners and customers. We are thrilled to have them join the PowerSecure team.”