SACRAMENTO, Calif. and
AUSTIN, Texas, Jan. 26, 2021 /PRNewswire/ -- NovaSource
Power Services ("NovaSource"), a portfolio company of Clairvest
Group Inc. and Clairvest Equity Partners VI (together, "Clairvest")
and SunSystem Technology, LLC ("SST"), leading providers of
operations and maintenance ("O&M" services to the renewable
energy industry, today announced the merger of the two companies.
The merger is effective today and the companies will bring together
operations in the coming months. Upon completion of the merger, the
combined group will operate under NovaSource.
SunSystem and NovaSource will unify operations and field
technicians of both companies, providing additional resources to
partners, solar site owners, and portfolio owners alike. Operating
in nine different countries, the joint global workforce will
support ongoing field and operational services to residential,
commercial, and utility PV systems, battery solutions, EV charging
stations.
NovaSource, with the 550 combined field technicians, will be
within a one-hour drive of 95% of the US solar infrastructure. With
transportation time a primary cost driver, the decreased technician
drivetime and increased strategic service coverage will provide
partners unparalleled, cost-effective O&M services across the
nation.
NovaSource is a recognized O&M leader in commercial,
industrial, and utility scale solar projects and oversees some of
the most sophisticated solar projects in the world. As an
independent solar services provider, NovaSource's operating
divisions provide high-level technical expertise to industry
partners at all levels of asset ownership and operations.
"Over the last 10 years SST has set the standard for the solar
industry in servicing distributed generation, EV charging and
storage systems. Their innovative and agile approach has created
the clear market leader with significant scale and robust national
coverage. Bringing the groups together, with Derek as the leader of
NovaSource's Distributed Generation (DG) O&M, will provide
asset owners with a highly differentiated and compelling service
solution for their rapidly evolving needs," said Jack Bennett, CEO of NovaSource.
SunSystem Technology is the nation's leading distributed
generation O&M provider, servicing residential portfolios,
commercial system owners and asset managers, and EV charging
station networks.
"I have a tremendous amount of respect for the Novasource team
and their success managing the largest solar systems in the world.
I look forward to working with the existing Novasource leadership
to build the most trusted and innovative solar and storage O&M
company in the world. The combined scale, coverage, and experience
will bring tremendous value and capabilities to our existing and
future customers," said Derek Chase,
CEO of SunSystem Technology.
Clairvest recently announce their purchase agreement with First
Solar to acquire their North American Operations and Maintenance
business, which consists of over 200 additional O&M
associates.
About NovaSource
NovaSource Power Services strives to be the premier, global
O&M services provider for renewable energy assets, and to
maintain a world-class culture of safety and integrity, while
developing lasting partnerships with our customers and team
members. Founded in 2020, the NovaSource team has worked at
the forefront of the renewables industry for more than 20 years and
today manages over 3.5 GW of commercial, industrial and utility
scale projects. As an independent, O&M-focused company,
NovaSource is poised to offer even greater value in the design,
maintenance, and management of our customer's projects.
About SunSystem Technology
As a solar operations and maintenance (O&M) and asset
management company, SunSystem Technology has deep experience in
post-installation PV services ensuring optimal financial
performance of a single solar site or an entire portfolio of solar
assets. SST has a complete understanding of technical factors
within PV operations that influence positive financial performance.
The standards of excellence that SST has established drive the
company's performance as a leader of residential and commercial PV
solar O&M services.
About Clairvest
Clairvest Group Inc. (TSX: CVG)
Clairvest's mission is to partner with entrepreneurs to help
them build strategically significant businesses. Founded in 1987 by
a group of successful Canadian entrepreneurs, Clairvest is a top
performing private equity management firm with over CAD
$2.4 billion of capital under
management. Clairvest invests its own capital, and that of third
parties through the Clairvest Equity Partners limited partnerships,
in owner-led businesses. Under the current management team,
Clairvest has initiated investments in 52 different platform
companies and generated top quartile performance over an extended
period.
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SOURCE NovaSource Power Services
