Vivint Solar Acquires Solmetric Corporation

PROVO, Utah and SEBASTOPOL, Calif., Jan. 23, 2014 /PRNewswire/ -- Vivint Solar, Inc. and Solmetric Corporation today announced the closing of a merger that completes Vivint Solar's acquisition of Solmetric in an all cash transaction. Solmetric Corporation, a dominant developer of photovoltaic installation instruments and software products, today becomes a wholly-owned subsidiary of Vivint Solar.

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"We are thrilled to welcome Willard MacDonald and his team of executives, engineers and other employees at Solmetric to our technology team at Vivint Solar," said Greg Butterfield, CEO of Vivint Solar. "The Solmetric team has developed industry-dominant SunEye hardware and PV Designer software product lines that have maintained an impressive, satisfied customer base."

Solmetric test and measurement instruments help solar installation companies deliver more accurate solar energy assessments during the pre-install process and fast and accurate performance testing during commissioning and O&M. The SunEye is a handheld electronic tool that provides best-in-class shade analysis. PV Designer software allows layout and energy production estimates for the optimum PV design. PV Analyzer is the leading US I-V curve tracer.

"Further in-house, advanced development of Solmetric products will help strengthen our pre-installation site assessment and CAD design process even further at this crucial market expansion time for Vivint Solar," Butterfield added.

"We are pleased with the merger agreement with Vivint Solar," said Willard MacDonald, president and CEO of Solmetric Corporation. "As part of Vivint Solar, we plan to continue to enhance our existing products line and develop even more offerings to benefit the entire industry and enable us all to install faster, low-cost and higher quality solar."

Willard MacDonald will join the Vivint Solar executive leadership team as vice president of Technology Development. All Solmetric employees will continue to be based in Sebastopol, CA. All existing sales contracts, distribution partnerships and product availability will continue under the Solmetric brand.

About Solmetric Corporation
Solmetric is a supplier of tools for solar installers. Its product offerings include: the award winning Solmetric SunEye shade analysis tool for fast, professional solar site evaluation; the Solmetric PV Designer software for easy design and simulation of residential PV systems; and the Solmetric PV Analyzer for measuring I-V and power curves to verify performance at the time of system commissioning or for troubleshooting a failing system.

About Vivint Solar
Vivint Solar is a leading provider of simple, affordable solar solutions. As an early adopter of the power purchase agreement (PPA) model, Vivint Solar designs, installs, and maintains cost-effective solar energy systems. The company provides award-winning service and support while saving customers money and protecting the environment. For more information, follow us on @VivintSolar or visit www.vivintsolar.com.

Contact:

Vivint Solar
Kady Cooper
Director of Public Relations
415-706-9778
kady.cooper@vivintsolar.com

SOURCE Vivint Solar