HOUSTON, July 29, 2014 /PRNewswire/ -- Direct Energy, one of North America's largest energy and energy-related services companies, has acquired Astrum Solar, a leading full-service residential solar installer, for $54 million.
The acquisition of Astrum Solar launches Direct Energy's entry into the U.S. residential solar market and expands Direct Energy's product offerings to new and existing residential customers. To date, Astrum Solar has installed approximately 4,000 residential solar systems in the Northeast U.S. and California.
Direct Energy President and CEO Badar Khan said: "We are excited at the potential of the Astrum Solar business in a rapidly growing market and we are delighted to be adding solar power to the range of energy options we already offer our customers. This acquisition fully aligns with our vision of using new technology and innovation to help our customers gain greater control over their energy use."
"Direct Energy will look to leverage Astrum Solar's expertise in residential solar power installation to its customers, using new technology and accelerating customer growth across the United States," said Scott Boose, president, Direct Energy Services. "We believe the combination of Astrum's proven capabilities in residential solar together with Direct Energy's deep relationships with over 6 million residential customers will be a winning combination in the growing U.S. residential solar market."Astrum Solar, one of the fastest-growing residential solar energy companies, was founded in 2008. Astrum Solar serves homeowners and small businesses in the Northeast, California, and Arizona. The company was listed #2 by Inc. Magazine's "America's 10 Fastest Growing Private Companies" in 2012 and also their "500 Fastest Growing Companies" list in 2013. "Direct Energy has a very successful track record of using its expertise in energy, acquisition and home services to propel companies forward. I want to thank all our hardworking Astrum employees for their numerous contributions to our success and I look forward to all of us working with Direct Energy for our future growth," said Vadim Polikov co-founder and President of Astrum Solar.