Direct Energy Enters US Residential Solar Market Through Acquisition Of Astrum
Gives Leading Electric Retail Provider Residential Solar Sales and
HOUSTON, July 29, 2014
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.
Direct Energy Logo.
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
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.
About Direct Energy
Direct Energy is one of North America's largest energy and energy-related
services providers with over seven million residential and commercial customer
relationships. Direct Energy provides customers with choice and support in
managing their energy costs through a portfolio of innovative products and
services. A subsidiary of Centrica plc (LSE: CNA), one of the world's leading
integrated energy companies, Direct Energy operates in 46 states plus DC and
10 provinces in Canada. To learn more about Direct Energy, please visit
About Astrum Solar
Astrum Solar (www.astrumsolar.com) is a leading national full-service
residential solar provider, serving homeowners and small businesses in
Connecticut, Delaware, New Hampshire, Maryland, Massachusetts, New Jersey, New
York, Ohio, Pennsylvania, Virginia, Washington, DC, West Virginia, California,
and Arizona. Astrum Solar's mission is to spread solar power to the rooftops
of America and to ensure that its customers get the most out of their solar
panels: the most energy generated, the most electricity savings, the most
beneficial environmental impact, and the most joy each time they see a sunny
day. Astrum Solar was on the Inc. 500 Fastest Growing Companies List in 2012
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SOURCE Direct Energy
Contact: Micah Hirschfield, Direct Energy, Micah.firstname.lastname@example.org,
713-877-3805; Monica Yadav, Direct Energy Home Services,
email@example.com, 941-600-6907; Jessica Michan, Direct Energy,
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