One of Hawaii's existing solar power plants. Author: Official US Navy Page. License: Creative Commons: Attribution 2.0 Generic
US residential solar company Sungevity announced today it has agreed to acquire Hawaii firms EGear and Hawaii Energy Connection, becoming one of the largest providers of residential and commercial solar systems in Hawaii.
The company said the acquisition adds to its existing presence in high-growth states throughout the West, Northeast and Southwest.
The news comes a day after Sungevity announced the appointment of a chief financial officer and Scott Honour, managing partner of its lead shareholder -- Northern Pacific Group, said it is intent on leading the consolidation of the residential solar power industry.
According to Sungevity, the US residential solar sector has historically been fragmented and the deal with EGear and Hawaii Energy Connection is a catalytic point in the sector's evolution from subscale to scale.
EGear deals in edge-of-grid energy management and storage solutions. Sungevity chairman Tom Holland said the deal will provide the company's customers with more exposure to integrated solar solutions with storage and energy management.
"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," said Steve Godmere, co-founder and managing partner of EGear and Hawaii Energy Connection.