Complete Solar Acquires Core Energy
Complete Solar (Nasdaq: CSLR) has acquired selected assets of Core Energy, a Logan, Utah-based solar EPC firm, and hired 37 employees including CEO Cole Farmer. Farmer, now heading Sales and Marketing for Complete Solar, brings extensive experience from Utah's 'Solar Valley'. The acquisition aims to boost Complete Solar's installation capacity in California's Central Valley, complementing its LA-San Diego operations. Despite the acquisition, tight cost management limits headcount increase from 106 to 113.
Core Energy's revenue dropped from $143 million in 2022 to a current annualized $22 million, reflecting the solar downturn caused by California's NEM 3.0 policy. Complete Solar emphasizes a company-oriented culture, granting stock options to all new employees from Core Energy.
- Acquisition of Core Energy's assets and 37 experienced employees
- Expansion of installation capacity in California's Central Valley
- Addition of industry veteran Cole Farmer to lead Sales and Marketing
- Efficient cost management limiting headcount increase to only 7 employees
- Implementation of employee stock options to drive growth and retention
- Core Energy's revenue declined from $143 million in 2022 to $22 million annualized currently
- Solar industry downturn due to California's NEM 3.0 policy reducing home solar power payments by 75%
Complete Solar's acquisition of Core Energy's selected assets is a strategic move that could have significant implications for the company’s market position and operational efficiency. The
This acquisition allows Complete Solar to diversify and enhance its service offerings by incorporating Core Energy's expertise in solar engineering, procurement and construction (EPC). It also expands Complete Solar's geographical reach, particularly in California’s Central Valley, a critical region given its status as the largest solar market in the U.S.
From a retail investor perspective, the ability to increase installation rates in such a significant market can provide a competitive edge. However, investors should be cautious of the potential risks stemming from regulatory changes and market volatility that could impact future revenue.
The financial implications of this acquisition are layered. Complete Solar’s strategic decision to hire Core Energy’s 37 employees, including its CEO and the modest increase in headcount, underscores a focus on cost efficiency and retaining talent that could drive future growth. Cole Farmer’s leadership in sales and marketing is expected to bolster Complete Solar's revenue streams by leveraging his experience in the industry.
From a financial standpoint, public company stock options being offered to new employees is a notable strategy to align interests and drive company performance. This approach might foster a more engaged workforce, potentially leading to improved sales and operational outcomes.
However, the stark contrast between Core Energy's peak and current revenues highlights the need for cautious optimism. Investors should closely monitor how Complete Solar manages the integration of Core Energy and adapts to market dynamics, especially given the recent impacts of regulatory changes like NEM 3.0.
LEHI, Utah, July 15, 2024 (GLOBE NEWSWIRE) -- Complete Solar, Inc. (“Complete Solar” or the “Company”) (Nasdaq: CSLR), a solar technology, services, and installation company, today announced that the Company has acquired selected assets of Core Energy, a Logan, Utah solar engineering, procurement and construction (EPC) firm, and hired its 37 employees, including the CEO, Cole Farmer, an industry veteran who will run Sales and Marketing for the combined company. Due to tight cost management and merit-based retention, Complete Solar’s headcount will increase from 106 to only 113 because of the acquisition.
Cole Farmer has worked in Utah’s “Solar Valley” since joining Vivint in 2014. His most relevant experience came at Legacy Power, a large, private solar sales company, where he worked before starting Core Energy in 2019. Our industry is divided into solar sales companies, which typically sell systems door-to-door for about
Cole Farmer, formerly a lanky, confident linebacker on a Utah high school state-championship football team, said, “I am very excited to be at Complete Solar, where I’m learning a lot about how public companies are run. I plan to contribute by burying my new Company in sales orders.”
T.J. Rodgers, Complete Solar’s CEO, said, “Not only will Cole’s sales and marketing acumen help us grow faster, his Core Energy team will install solar systems in California’s Central Valley in parallel with Complete Solar’s LA-San Diego team to increase our overall installation rate in California, the largest solar market in the U.S.”
Rodgers concluded, “Just as at Complete Solar, every new Core Energy employee has received public company stock options – our currency of growth. We will bring to Utah’s Solar Valley the company-oriented culture that is common in Silicon Valley and is driven by sharing wealth with employees.”
About Complete Solar
Complete Solar is a solar company with unique technology and end-to-end customer offering, which includes financing, project fulfilment and customer service. Complete Solar’s digital platform together with premium solar products enable one-stop service for clean energy needs for customers wishing to make the transition to a more energy-efficient lifestyle. For more information visit www.completesolaria.com and follow us on LinkedIn.
Forward Looking Statements
This press release may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release the price of Complete Solar’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Complete Solar’s business, and changes in the combined capital structure; the ability to implement business plans, forecasts, and the evolution of the markets in which Complete Solar will compete.
Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, and our subsequently filed Quarterly Reports on Form 10-Q. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Complete Solar assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
For investor inquiries, please contact:
Complete Solar, Inc.
Genevieve Swords
Phone: +1 (510) 270-2537
InvestorRelations@completesolar.com
Source: Complete Solar, Inc.
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