PowerSecure Acquires Distributed Solar Energy System Business
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.
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