AUSTIN, Texas, March 31, 2021 /PRNewswire/ -- NovaSource Power Services ("NovaSource" or the "Company"), a portfolio company of Clairvest Group Inc. ("Clairvest", TSX: CVG), has closed its previously announced acquisition and corresponding merger with the North American operations and maintenance ("O&M") business of First Solar, Inc. ("First Solar",NASDAQ: FSLR). The combined business will operate as NovaSource Power Services.
NovaSource is now the largest global solar operations and maintenance workforce, with over 700 dedicated service technicians serving the utility, industrial, commercial, and residential solar markets, as well as EV charging station infrastructure. The combined resources will provide the solar industry with an independent market leader focused on enabling the growth of the renewable energy infrastructure through safe, professional, and reliable O&M services.
"We're excited to partner with the First Solar O&M team to make NovaSource the most innovative and best-in-class solar O&M company in the world. The opportunities that lie ahead to maximize value for our customers are significant and joining forces will allow us to build upon each other's strengths and invest in all areas critical to the business, including digital platforms, field operations, supply chain, customer service and much more," said Jack Bennett, Chief Executive Officer of NovaSource.
"Establishing the market leading solar O&M company as a truly independent business allows NovaSource to better focus on maximizing the ROI of our customers' assets," said Troy Lauterbach, President, Chief Growth Officer of NovaSource. "Clairvest's support should enable us to maintain our market leadership and deliver the highest levels of customer satisfaction."
NovaSource Power Services is a global O&M services provider for renewable energy assets. NovaSource seeks to maintain a world-class culture of safety and integrity, while developing lasting partnerships with our customers and team members. Founded in 2020, the NovaSource team has worked at the forefront of the renewables industry for more than 20 years and manages over 16 GW of residential, commercial, industrial, and utility scale projects. As an independent, O&M-focused company, NovaSource is poised to offer even greater value in the design, maintenance, and management of our customers' projects.