Solar, EV and energy storage solution provider Solarrus Corporation announced a control investment made by funds managed by Oaktree Capital Management, L.P. (Oaktree). Oaktree has partnered with Solarrus to provide the company with the capital and strategic support needed to continue its development as a market leader in the power and energy markets. Terms of the investment were not disclosed.
Solarrus also announced the appointment of Mark McLanahan as CEO. Mr. McLanahan has been a successful entrepreneur in the solar industry for over 10 years and has led high-growth, profitable companies across the international solar value chain.
Bill Klein, Solarrus co-founder and former President and CEO, said, “Oaktree is a highly respected firm with a long and successful track record investing in the solar and power markets. Their commitment gives our customers confidence that Solarrus will have the financial and strategic backing to continue providing the highest levels of service.” Both Mr. Klein and Solarrus co-founder and former Chairman Fred Forster will remain on the company’s board of directors.
Michael Cardito, Managing Director of Oaktree commented, “We are very optimistic about the outlook for renewable energy capacity additions and the growing demand for operations and maintenance services needed to support this infrastructure. Solarrus has a strong position in the electric vehicle charging station market and we believe this is a nascent industry with enormous growth potential.”