Solar Alliance Energy Inc. (‘Solar Alliance’) is pleased announce it has completed the acquisition of Aries Solar, LLC (“Aries”), an established commercial solar company that is licensed to operate in four Southeast U.S. states. The Company acquired all of the assets of Aries, including a pipeline of commercial projects from Thompson Machinery Commerce Corporation (“Thompson Machinery”). In consideration for 100% of Aries Solar, LLC, Thompson Machinery will receive an earnout payment of 20% of net income from the current Aries project pipeline up to a maximum of US$1,000,000. Commercial projects signed after the acquisition are not subject to the net income allocation described above. There is no cash consideration payable at the close of the acquisition. Solar Alliance does not assume any employee liability in the acquisition and will be issuing employment offers to certain former employees of Aries. In addition, Solar Alliance does not assume any liability with respect to accounts payable or other current liabilities following the closing other than the liability to perform its obligations under contracts of Aries following the closing.
“This acquisition will result in more megawatts of solar installed annually along with a material increase in revenue for the Company,” said Chairman and CEO Jason Bak. “We are bringing an experienced technical team of developers and engineers on board which allows us to expand our customer base and the size of solar systems we provide to businesses that want to save substantially on their electricity bills and rely less on the traditional, hydrocarbon focused utilities of the past. This acquisition is part of the plan to increase our capabilities across the spectrum of residential, commercial and utility scale solar projects.”
Solar Alliance is also pleased to announce the appointment of Harvey Abouelata as Vice President, Commercial Solar. Mr. Abouelata was previously the president of Aries and leads a team of exceptional commercial solar professionals based in Knoxville, Tennessee.
“We are proud to Join the Alliance”, said Mr. Abouelata. “Becoming part of a larger organization will allow us to provide a wider array of services and more depth in order to more fully engage in opportunities that will benefit our clients, the communities we serve and our environment. To accomplish this, Solar Alliance is a perfect fit. We share the same values and vision for the future, and we will mutually benefit from each other’s experience and expertise.”
Jason Bak, Chairman and CEO
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