Nexamp, Inc. announced today the acquisition of SolVera Energy LLC as part of an initiative to grow its utility-scale and distributed renewable energy business.
Financial terms were not disclosed.
The company also formed two new business units, Renewable Energy Solutions and Clean Energy Advisory Services.
The Renewable Energy Solutions unit will develop, build, own, and operate renewable energy projects.
The Clean Energy Advisory team will work closely with clients to perform in-depth analyses of current energy usage, develop tailored portfolios of energy solutions and implement energy conservation measures.
Nexamp co-CEO and board member, Stuart R. Patterson, will head up the Clean Energy Advisory Services group. “The new business unit will allow us to build on the success of dozens of energy efficiency projects in Massachusetts and expand our efforts in the Northeast and beyond,” said Patterson.
With the SolVera Energy acquisition, Nexamp named John R. Malloy, Jr., former CEO of SolVera Energy, as co-CEO of Nexamp and a member of the board of directors. Mr. Malloy will head up Renewable Energy Solutions.
SolVera Energy brings to Nexamp broad expertise in energy project and technology developments, project and structured financing, marketing and trading, and asset management.
Nexamp investors include Point Judith Capital, an early stage venture capital firm focused on the internet software and services, healthcare technology, and clean technology industries; Good Energies; and RCG Ventures, an early stage clean energy investment firm.
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