After the acquisition occurs, Elemental will maintain its current management team and brand as a wholly-owned division of RGS Energy. More than 90 to Elemental Energy employees will be retained.
Sunetric chief executive officer Alex Tiller believes his company’s “years of industry experience in originating, designing and installing solar systems of varying complexity and size for commercial, residential, and utility-scale customers throughout all the islands” is very complementary with RGS Energy.
Tiller adds: “We’re looking forward to applying the resources that RGS Energy provides in order to increase our project development capabilities and financing options for our customers. We are excited to become part of one of the largest and true pioneers in the solar industry. Our cultures mesh very well, so we look forward to propelling our combined business to a dominant position in the industry.”
Founded in 2004, Sunetric has to date installed more than 3,500 solar projects in Hawaii, representing more than 65MW of installations. In 2013, Sunetric reported revenue of $38 million. The company maintains a backlog and pipeline of commercial and residential projects.