Solar Alliance will acquire all of the assets of Aries, including a pipeline of commercial projects with a potential revenue of ~US $18,000,000 (unaudited). "This acquisition accelerates our expansion plans in the commercial solar sector and brings us significant revenue potential, commercial project expertise and geographic diversification," said Chairman and CEO Jason Bak. "We see significant market potential in commercial solar and this acquisition will allow us to take advantage of this growing sector. The team at Aries will be a welcome addition to Solar Alliance and will add technical and sales expertise that will drive commercial business across our entire organization."
The LOI to acquire Aries follows the recent announcement of a Joint Development Agreement ("JDA") with Thompson Machinery, one of the premier Caterpillar dealers in the United States. Founded in Nashville in 1944, Thompson Machinery is the exclusive Caterpillar dealer for Middle Tennessee, West Tennessee, and North Mississippi.