Mainstream Energy, a local solar installer, gets $40M from Norwegian firm
Renewable Energy Corp., a vertically-integrated solar supplier based in Norway, has put $40 million into San Luis Obispo, Calif.-based Mainstream Energy for a 20 percent stake in the company.
Mainstream supplies and installs solar modules to consumers and businesses, and also negotiates supply agreements with utilities. The investment gives REC an entry-point into the US market.
Mainstream itself has stakes in two smaller companies: AEE Solar, a wholesale solar distributor, and REC Solar (no relation to the Norwegian company), which handles sales and installation of systems.
The agreement also gives REC the option to acquire a majority stake in Mainstream by exercising options that will remain valid for three years. [Via Reuters]
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.