Mercury Solar Systems, Inc. Shareholders Vote in Favor of Real Goods Solar Merger Company Expects a Strong 2014 for Commercial Projects
PORT CHESTER, N.Y., Jan. 9, 2014 /PRNewswire/ -- Mercury Solar Systems, Inc. (the "Company"), one of the top solar integrators on the East Coast, today announced that its shareholders voted in favor of its merger with a subsidiary of Real Goods Solar, Inc. (NASDAQ: RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers. Real Goods Solar will hold a Special Meeting of its Stockholders on January 14, 2014 at 10:00 a.m. (GMT), at the offices of Real Goods Solar, 833 West South Boulder Road, Louisville, Colorado to approve the merger.
"Our combination with Real Goods Solar will create a powerhouse in the commercial solar space and we are excited to be one step closer to finalizing this transaction," said Jared Haines, President, Mercury Solar Systems, Inc. He continued, "We had a strong fourth quarter building and commissioning solar systems on behalf of our customers and third party system owners. We continued our 5 year trend of positive operating results and will deliver to Real Goods financial resources including more than $10 million in cash and no debt. In addition to the completion of several major projects during the fourth quarter, we continued to increase our sales pipeline of projects that we expect to construct during 2014, invested in our operational readiness to support future growth, and expanded into new markets. During 2013, we benefitted from a number of strong state based incentive programs and new commercial customers including Panasonic and Green Mountain Coffee Roasters, Inc. We are excited by our momentum going into the new year."
The Company also announced that it has established operations in Puerto Rico and has several projects under development.
Recent successful commercial projects include:
Coda Resources installed a 400kw rooftop installation at its facility in Brooklyn, New York. It consists of 1600 panels and will offset nearly 75% of their electric bill. The combination of incentives from the Federal Government and NYSERDA rebates are expected to reduce the total cost of the system by approximately 80%. The payback to our customer for the solar system is estimated to be less than 4 years, and is expected to provide Coda with over 25 years of reduced operating expenses.
Panasonic installed a new solar system 120 feet above its new U.S. headquarters in Newark, New Jersey using Panasonic HIT solar panels, among the most efficient panels in the world. This new LEED certified building was built using US Green Building Guidelines and will showcase Panasonic's new ECOSYSTEMS business. Panasonic and Mercury are planning to install additional solar projects in New York and New Jersey during 2014.
Green Mountain Coffee Roasters, Inc., most notably known for its ownership of Keurig, is having the Company install a 524kw solar rooftop system at its headquarters in Reading, Massachusetts. This system is expected to provide Green Mountain Coffee Roasters with over 625,000 kwh of power per year, for the next 25 years.
About Mercury Solar Systems:
Mercury Solar Systems, Inc. is one of the East Coast's leading solar integrators. The Company designs and installs solar electric and solar thermal energy systems for the commercial and residential marketplace and to date has installed over 2,400 solar systems totaling over 50 million watts of energy. Mercury Solar Systems is a subsidiary of Mercury Energy, a leading provider of solar energy systems throughout the United States. For more information, visit www.mercurysolarsystems.com.
About Real Goods Solar, Inc:
Real Goods Solar, Inc. (NASDAQ: RSOL) is one of the nation's pioneering solar energy companies serving commercial, residential, and utility customers.. For more information, visit RealGoodsSolar.com or RGSEnergy.com, on Facebook at www.facebook.com/realgoodssolar and on Twitter at www.twitter.com/realgoodssolar.
Mercury Solar Systems
SOURCE Mercury Solar Systems, Inc.