Energy management company Swell Energy has acquired North Carolina-based residential and commercial solar installer Renu Energy Solutions. The two companies will now tackle the virtual power plant (VPP) market on the East Coast.
With the combination of Renu’s project development capabilities and Swell’s financing and VPP technology platform, the combined company will expand its footprint across the Southeast and mid-Atlantic market.
“With rapidly growing energy demand, favorable policies, and high solar potential, the Southeast is quickly becoming one the most attractive markets in the country for solar and energy storage systems,” said Jay Radcliffe, President of Renu. “Swell’s robust technology portfolio combined with Renu’s full-service in-house team and unique expertise will drive innovation and ensure clean energy solutions are not only accessible, but also efficient, reliable and tailored to the individual needs of our customers.”
Since 2010, Renu has offered residential and commercial energy solutions with an emphasis on high-quality installations and energy monitoring services. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists, which serves both Renu and non-Renu customers. Renu’s commitment to exceptional customer service and quality assurance uniquely positions the company to redefine industry benchmarks through the sale of solar + battery storage, now with Swell’s built in virtual power plant capabilities.
“With the growing demand for renewable energy in the region, this transaction marks a pivotal milestone for both companies in furthering our shared mission to enable retail customers and utilities to collaboratively benefit from DERs,” said Suleman Khan, CEO of Swell. “With Renu’s market leadership, there is an opportunity for us to work with interested utilities from the outset. Together, we are exploring how virtual power plants can enhance local grid needs and bring cost savings, greater resiliency and climate benefits to the communities we now collectively serve.”
The combination affords meaningful operational synergies between the two companies and provides Swell the opportunity to expand its channel partner model to the East Coast. With Renu serving as a regional hub, Swell’s channel partner program provides other residential and commercial solar companies access to customer acquisition resources, fluid supply chain, critical software tools, financial products, grid services offerings and the opportunity to become VPP co-developers alongside Swell.
News item from Swell