IC Patient Capital Collaborative Portfolio Company, Solmetric, Merges With Vivint Solar
DURHAM, N.C., Jan. 30, 2014 /3BL Media/ - Solmetric Corporation, a leading developer of solar installation tools and an Investors’ Circle / Patient Capital Collaborative portfolio company, announced its merger with Vivint Solar, Inc. last week, bringing together two industry leaders and generating a positive return for investors. Solmetric is now a wholly-owned subsidiary of Vivint Solar, in an all-cash transaction.
“We are excited to have a successful exit which provides a positive financial return while positioning the Solmetric team to stay together and scale their environmental impact as part of Vivint," said Tom Balderston, Managing Principal of the Patient Capital Collaborative. "The PCC ’09 fund invested in Solmetric in 2010 because we were impressed with the management team and their suite of products to enable installers and solar project developers to more effectively quote, sell and build solar projects. They have maintained a key role in the growing solar industry and the sale of the company confirms their approach.”
Launched in 2006, Solmetric helps solar companies optimize the installation process. Their industry-dominant product line includes the award-winning Solmetric SunEye analysis tool, which provides expedited solar site evaluation; Solmetric PV designer software used for energy production estimates; and the leading Solmetric PV analyser, which verifies performance during system commissioning.
Solmetric’s key technology for solar installers will complement Vivint Solar’s offerings. "Further in-house, advanced development of Solmetric products will help strengthen our pre-installation site assessment and CAD design process even further at this crucial market expansion time for Vivint Solar," said Greg Butterfield, CEO of Vivint Solar. Vivint Solar is a leading provider of cost-effective solar energy systems and has received acclaim for its award-winning service.
Solmetric CEO Willard MacDonald will join the Vivint Solar management team as vice president of Technology Development, and all Solmetric employees will remain based in Sebastopol, CA. Vivint Solar, Inc. is based in Provo, Utah.
About Solmetric Corporation
Solmetric is a supplier of tools for solar installers. Its product offerings include the award winning Solmetric SunEye shade analysis tool for fast, professional solar site evaluation; the Solmetric PV Designer software for easy design and simulation of residential PV systems; and the Solmetric PV Analyzer for measuring I-V and power curves to verify performance at the time of system commissioning or for troubleshooting a failing system. Read more at www.solmetric.com
About Vivint Solar
Vivint Solar is a leading provider of simple, affordable solar solutions. As an early adopter of the power purchase agreement (PPA) model, Vivint Solar designs, installs, and maintains cost-effective solar energy systems. The company provides award-winning service and support while saving customers money and protecting the environment. For more information, visit www.vivintsolar.com
About Investors’ Circle
Investors’ Circle is the oldest, largest and most successful early-stage impact investing network. Together with hundreds of angels, venture capitalists, foundations and family offices, IC has propelled $175 million plus $4 billion in follow on investment into 275 enterprises dedicated to improving the environment, education, health and community. Learn more at www.investorscircle.net
About The Patient Capital Collaborative
The Patient Capital Collaborative (PCC) series of impact investing funds invest equity in early-stage, high-impact companies that are looking to provide meaningful social and/or environmental benefit to the world. The PCC generates its deal flow from the hundreds of companies that apply to Investors’ Circle each year. For more information, visit www.sustainvc.com
Contact:
Rena Avramidis
IC Marketing Coordinator
919-530-1177 X 405
ravramidis@investorscircle.net
