SolarCity’s Building Solutions acquisition
SolarCity (SCTY) began its journey in 2006, with a vision to provide renewable energy to residential and commercial customers at a price lower than utility rates. In an effort to diversify its business and lower the energy costs of its customers, the company acquired Building Solutions in 2010.
Building Solutions was a leading energy efficiency and service provider. The acquisition helped SolarCity gain access to Building Solution’s energy efficiency in software assessment. Moreover, SolarCity began offering residential energy efficiency and energy cost reduction solutions to its customers. According to company filings, the total purchase price of the acquisition was just under $0.1 million.
In 2011, SolarCity acquired Clean Currents, which was involved in roof-top solar (TAN) installation business. The acquisition was made primarily to expand SolarCity’s presence to the East Coast of the United States and diversify its customer base across geographies. According to company filings, the total purchase price of the acquisition was about $0.38 million.
SolarCity expanded its foothold in the East Coast of the United States with the acquisition of GroSolar’s residential solar installation business in 2011. The acquisition helped SolarCity increase its customer base on the East Coast. According to company filings, the total purchase price of the acquisition was just under $1.9 million.
In the next part of this series, we’ll explore how SolarCity has benefited from other major acquisitions.