SolarCity, San Mateo, Calif., is acquiring Zep Solar Inc., San Rafael, Calif., for approximately $158 million. Zep Solar is one of the leading providers of residential photovoltaic module mounting systems in the U.S., and has been one of SolarCity's primary component suppliers for residential systems in 2013. Upon close of the acquisition, Zep Solar will operate as an independent business unit of SolarCity.
In a press release announcing the acquisition, Tanguy Serra, SolarCity's executive vice president of operations, said, “Zep Solar's product allows each of our crews to install significantly more solar every day, and it looks better on the roof than any comparable product we've seen. By acquiring Zep Solar, we can deliver solar electricity at a lower cost than was previously possible.”
Zep Solar's product portfolio works as a comprehensive system that reduces the cost and complexity of designing, shipping, warehousing, and installing PV systems. Its technology has helped SolarCity's installation crews to double the number of residential systems they can install each day since they began using the product earlier this year. After the close of the acquisition, SolarCity and Zep Solar plan to market and sell Zep Solar products in Australia, Germany, Japan and the United Kingdom. Details