RGS Energy closes sale of catalog arm, to focus on solar activities

(SeeNews) - Dec 8, 2014 - US firm RGS Energy (NASDAQ:RGSE) said on Monday it has finalised the disposal of its retail and catalog activities in a bid to focus on its residential and small commercial solar installation operations.

The solar systems integrator, officially called Real Goods Solar Inc, sold the particular activities to board member John Schaeffer, who actually founded the Real Goods business in 1978. The agreed payable consideration is USD 1 million (EUR 814,000).

"The divestiture also allows us to focus RGS Energy's resources, including the funds from this sale, on our residential and small commercial solar installation businesses," said Dennis Lacey, RGS Energy’s CEO. At the very end of September, RGS said it planned to exits its large commercial operations and concentrate on developing solar projects of below 200 kW in size.

The divested business includes real estate, inventory, retail and online operations located in Hopland, California.

(USD 1.0 = EUR 0.813)

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