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Pure Energies acquires US One Block Off the Grid.

MANews-(C)2009-2012

5 July 2012 - Canada-based renewable energy company Pure Energies Group (PEG) said today it had taken over US residential solar project consultant One Block Off the Grid, in line with a plan to grow its business across North America.

The buyer said it believed that the acquisition would help it bolster its portfolio of companies, which to date includes Toronto-based subsidiary PURE energies established in 2009. The unit supplies energy efficiency products and develops solar power projects under the mirco feed-in tariff (micro-FiT) scheme of Canadaa[euro](tm)s Ontario province. One Block Off the Grid, on the other hand, offers free solar system estimates and designs by email or phone. Set up in 2008, the newly acquired company has customers in 40 US states.

PEG pointed out that it intended to increase its workforce in both Canada and the US.

At the same time, PEG said that One Block Off the Grid had expanded its comparison shopping service after a recent financing round with existing investor New Enterprise Associates (NEA). As part of that shopping service, the company provides price comparisons that help its customers make the choice between solar products of different manufacturers within a given geographic region. PEG's two subsidiaries will now cooperate on a project to evaluate and select providers offering the best prices and the highest level of consumer satisfaction.Country: USASector: Business and Consumer Services, Solar PowerTarget: One Block Off the GridBuyer: Pure Energies Group (PEG)Type: Corporate acquisitionStatus: Closed

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Publication:M & A Navigator
Geographic Code:1CANA
Date:Jul 5, 2012
Words:249
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