Oslo, Norway-based Renewable Energy Corporation ASA, the world’s largest producer of silicon materials for photovoltaic (PV) applications, has invested $40 million for a 20% stake in Mainstream Energy Corporation (MSE), a renewable energy company headquartered in San Luis Obispo, California, according to an MSE release.
Mainstream Energy (MSE), through its operating companies, REC Solar Inc. and AEE Solar Inc., is one of the largest suppliers of solar electric products, systems, and services to customers throughout North America.
"Our investment in Mainstream Energy is both a reflection of the increasing importance of the US market and our ambition to take a more active role in building robust and scalable market channels as a basis for further growth," says Erik Thorsen, President and CEO of Renewable Energy Corporation.
MSE will utilize the capital to accelerate its investments in companies, products and processes that reduce cost and accelerate its efforts to bring solar to the mainstream energy supply nationwide.
About Mainstream Energy Corporation
Mainstream Energy Corp (MSE) is a renewable energy company investing capital and expertise into developing products, projects, and businesses that have the potential to help make photovoltaic a significant contributor to the total energy supply.
About Renewable Energy Corporation
Renewable Energy Corporation is uniquely positioned as one of the most integrated companies in the solar energy industry. REC Silicon and REC Wafer are the world’s largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engages in project development activities in selected segments of the PV market. REC Group had revenues in 2007 of NOK 6,642 million and an operating profit of NOK 2,588 million. For more information visit www.recgroup.com.
About REC Solar, Inc.
REC Solar, established in 1997 in California, has grown on the strength of its professional sales-and-installation teams and strong marketing partnerships to become one of the largest system integrators of solar electric systems to homeowners and businesses in the United States. Currently operating in a dozen locations in California, Colorado, New Jersey, Hawaii and Oregon, REC Solar is expanding throughout the US to bring cost-effective solar electric systems and services to business and residential consumers. For more information visit www.recsolar.com.
About AEE Solar, Inc.
AEE Solar Inc. is one of the largest wholesale distributors of renewable energy systems and equipment in the US. Headquartered in Northern California with sales offices in Southern California, Arizona, Utah, Colorado, and Canada, AEE Solar is a full-service distributor offering a comprehensive range of solar products and services to solar contractors, dealers and installers. AEE Solar offers extensive customer service, training and technical support. For more information visit www.aeesolar.com.
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