Direct Energy, Houston, a large energy-related services company, has acquired Astrum Solar, a full-service residential solar installer, for $54 million. 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 California.
“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, in a press release. “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. It now serves homeowners and small businesses in the Northeast, California, and Arizona. The company was listed #2 on Inc. magazine’s “America’s 10 Fastest Growing Private Companies” in 2012 and also the magazine’s “500 Fastest Growing Companies” list in 2013.
Direct Energy promotes itself as one of North America’s largest energy and energy-related services providers with over seven million residential and commercial customer relationships. It provides customers with choice and support in managing their energy costs through a portfolio of innovative products and services. It’s a subsidiary of Great Britain’s Centrica plc, a global integrated energy company that operates in 46 states plus D.C. and 10 provinces in Canada.