Direct Energy announced that it has acquired Astrum Solar for US$54 million. It will also enter into the U.S. residential solar market on the basis of Astrum Solar’s thousands of residential solar systems installed 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. "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. Astrum Solar serves homeowners and small businesses in the Northeast, California, and Arizona. The company was listed #2 by Inc. Magazine's "America's 10 Fastest Growing Private Companies" in 2012 and also their "500 Fastest Growing Companies" list in 2013.
"Direct Energy has a very successful track record of using its expertise in energy, acquisition and home services to propel companies forward. I look forward to all of Astrum Solar’s employees working with Direct Energy for our future growth, "said Vadim Polikov co-founder and President of Astrum Solar.