Solstice is dedicated to bringing affordable solar power to every household in America; the acquisition furthers MyPower's mission to develop a portfolio of future energy solutions for the U.S. market
SAN MATEO, Calif. and CAMBRIDGE, Mass., Oct. 12, 2022 /PRNewswire/ -- MyPower Corp. ("MyPower"), an affiliate of Japanese conglomerate Mitsui & Co., Ltd. ("Mitsui") with a vision to invest in the future of energy, today announced the full acquisition of Solstice Power Technologies, Inc. ("Solstice"). Solstice is a mission-driven service provider specialized in customer management for community solar development. The acquisition unites Solstice's reputable, community-driven brand with MyPower's access to strong corporate resources and complementary business lines. The acquisition of Solstice enables MyPower to expand further into the U.S. community solar market in order to address today's energy and sustainability challenges.
Distributed solar energy and storage development has increased dramatically in the U.S., protecting many homeowners from rising utility rates, and that growth is expected to continue in the coming years. However, 77% of Americans are still unable to participate in rooftop solar. This includes renters and households who may not qualify due to credit scores, incomes below minimum thresholds, structural issues in their homes, lack of rooftop space, or inadequate sun exposure. Community solar bridges that gap, providing the opportunity for more households to access local clean energy with monthly savings on their electricity bill.
Solstice was founded on the belief that every household can be powered by affordable renewable energy. By connecting households across the country to community solar, Solstice has enabled greater energy equity in communities and charted a path toward a future in which clean energy works for everyone, regardless of their income level or credit score. MyPower brings robust corporate resources to support nationwide expansion for Solstice and deliver additional value to communities through its commercial clean energy offerings.
"We are very pleased to welcome Solstice, a company that has deeply engaged with communities and customers and has been providing community solar across the United States," stated Katsu Nishida, Co-CEO of MyPower. "Our mission is to create an eco-friendly society through the development and deployment of clean energy solutions and related services. Inclusion of all eligible customers, including those in low- to moderate-income communities, is now more important than ever in the pursuit of sustainability and energy equity. Solstice has demonstrated that it can contribute to that, proven by the fact that more end-users and community solar project owners are choosing Solstice. This acquisition is another step forward in our creation of a thriving clean energy economy."
Solstice Initiative, Solstice's current nonprofit arm, will not be acquired by MyPower and will operate as an independent 501c3 under a new brand to be announced shortly.
"We at Solstice remain committed as ever to making renewable energy accessible and affordable for all," said Stephanie Speirs, CEO of Solstice. "By joining MyPower Corp., we'll leverage the stability and strength of the respected global company that is Mitsui to deepen our resources, expand into new markets, develop new services, and continue delivering on the promises that we've made to the communities we serve. Solar energy is a resource that should be enjoyed by all who want access. Together with MyPower, Solstice will accelerate the deployment of clean energy to a broader range of customers."
MyPower Corp. is a 100% affiliate of Mitsui & Co., Ltd., a global energy infrastructure and investment leader with a robust balance sheet and an "A" credit rating from Standard & Poor's. MyPower is an investment arm primarily focused on energy and sustainability management. Led by a small and nimble group of mission-driven professionals, MyPower plans to expand its portfolio to create a clean and sustainable energy ecosystem by serving a diverse customer base with both individual and holistic solutions. For more information, visit www.mypowercorp.com.
Solstice Power Technologies is a leading U.S. customer acquisition and management service provider in community solar. Originally based in Cambridge, MA, Solstice was founded in 2016 by women co-founders who believe every community can be powered by renewable energy. Solstice is dedicated to bringing affordable solar power to the 77% of American households that cannot support a rooftop system. Community solar offers a solution, enabling residents to support local clean energy at no upfront cost and save money on their electric bill every year. Solstice offers customer solutions for the community solar industry – enrolling households and local organizations in shared projects, creating financing innovations that expand access to underserved communities, and providing a frictionless subscriber management software platform for projects. For more information, visit https://solstice.us/.
SOURCE MyPower Corp.