Energy Services Of America Acquires Solar Installation Business

Rhea-AI Summary

Energy Services of America (OTC QB: ESOA) announced on May 3, 2021, that its subsidiary Nitro Construction Services completed the acquisition of Revolt Energy, a solar installation company. The asset purchase, finalized on April 30, 2021, reflects Nitro's commitment to the renewable energy sector. Revolt Energy, known for residential solar projects, aims to expand into commercial markets and is currently developing a 487-kilowatt solar array to power Nitro's facilities. This acquisition is expected to enhance Nitro's service offerings and create growth opportunities in the solar industry.

Positive

• Acquisition of Revolt Energy enhances Nitro's service capabilities in the renewable energy sector.
• Expansion into commercial solar projects opens new revenue opportunities.
• Ongoing project includes a significant solar array for Nitro's operations.

Negative

• None.

NITRO, W.V., May 3, 2021 /PRNewswire/ -- Energy Services of America Corporation (the "Company" or "Energy Services") (OTC QB: ESOA) announced that its Nitro Construction Services Inc. ("Nitro") subsidiary completed the purchase of substantially all the assets of Revolt Energy, Inc. ("Revolt Energy"), a solar installation company located in Nitro, West Virginia. Founded in 2019, Revolt Energy is a leader in residential solar projects in southern West Virginia that is expanding its focus to the commercial and industrial markets.

The asset purchase, completed on April 30, 2021, marks Nitro's commitment to the growing solar and renewable energy industry.  Revolt Energy is in the process of completing a 487-kilowatt solar array system consisting of approximately 1,200 solar panels that will soon power Nitro's office and fabrication shop facilities. Nitro and Revolt Energy will be hosting an open house on May 7^th from 11 a.m. to 2 p.m. at 4300 1^st Avenue, Nitro, WV for the public to see the current project and learn about the solar industry.

Douglas Reynolds, President, commented on the announcement.  "We are excited about this venture into the solar and renewable energy industry and see this as a market with a great opportunity for future growth. With the current project at our Nitro facility, Revolt Energy is proving they can excel at large-scale commercial installations as well as residential."  Reynolds continued, "This acquisition offers natural synergies with Nitro's current electrical capabilities and will help diversify the services offered to our existing customers and will open doors for new opportunities."

Certain statements contained in the release including, without limitation, the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans, the effect of the COVID-19 pandemic, the integration of acquired business and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

View original content:http://www.prnewswire.com/news-releases/energy-services-of-america-acquires-solar-installation-business-301282411.html

SOURCE Energy Services of America

FAQ

What is the purpose of Energy Services of America's acquisition of Revolt Energy?

The acquisition aims to enhance Nitro's capabilities in the renewable energy sector and diversify service offerings.

When was the asset purchase of Revolt Energy completed?

The asset purchase was completed on April 30, 2021.

What kind of projects does Revolt Energy focus on?

Revolt Energy specializes in residential solar projects and is expanding into commercial and industrial markets.

How will the acquisition impact Energy Services of America's business?

The acquisition is expected to provide growth opportunities and enhance service offerings in the solar energy market.

What is the size of the solar project Revolt Energy is currently completing?

Revolt Energy is completing a 487-kilowatt solar array consisting of approximately 1,200 solar panels.