Swell Energy Inc. Acquires Renu Energy Solutions to Expand Virtual Power Plant Footprint to Key Markets

Swell Energy Inc. (“Swell”), a leading energy management and grid solutions provider, announced the acquisition of Renu Energy Solutions (“Renu”), a Carolina-based company that offers customized residential and commercial solar and energy storage solutions. The combination brings together a complementary set of operational and technological capabilities as well as a bicoastal presence to enable the deployment of Virtual Power Plants (VPPs) in key energy markets.

With the combination of Renu’s seasoned project development capabilities and Swell’s financing and VPP technology platform, the combined company is well positioned to expand its footprint across the Southeast and mid-Atlantic market, and contribute to the strong growth in residential and commercial solar and storage capacity in the region.

“With rapidly growing energy demand, favorable policies, and high solar potential, the Southeast is quickly becoming one the most attractive markets in the country for solar and energy storage systems,” said Jay Radcliffe, President of Renu. “Swell’s robust technology portfolio combined with Renu’s full-service in-house team and unique expertise will drive innovation and ensure clean energy solutions are not only accessible, but also efficient, reliable and tailored to the individual needs of our customers."

Renu stands as a prominent regional player in the solar and battery storage landscape. Since 2010, the company has offered residential and commercial energy solutions with an emphasis on high-quality installations and energy monitoring services. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists, which serves both Renu and non-Renu customers ensuring the performance, longevity and safety of thousands of distributed energy resources (DERs) across the east coast. Renu’s commitment to exceptional customer service and quality assurance uniquely positions the company to redefine industry benchmarks through the sale of solar plus battery storage, now with Swell’s built in virtual power plant capabilities.

“With the growing demand for renewable energy in the region, this transaction marks a pivotal milestone for both companies in furthering our shared mission to enable retail customers and utilities to collaboratively benefit from DERs,” said Suleman Khan, CEO of Swell. “With Renu’s market leadership, there is an opportunity for us to work with interested utilities from the outset. Together, we are exploring how virtual power plants can enhance local grid needs and bring cost savings, greater resiliency and climate benefits to the communities we now collectively serve.”

The combination affords meaningful operational synergies between the two companies and provides Swell the opportunity to expand its channel partner model to the east coast. With Renu serving as a regional hub, Swell’s channel partner program provides other residential and commercial solar companies access to customer acquisition resources, fluid supply chain, critical software tools, financial products, grid services offerings and the opportunity to become VPP co-developers alongside Swell. We encourage solar companies in the region to find out more at https://swellenergy.com/partners/.

Swell Energy | www.swellenergy.com 

Renu Energy Solutions | www.renuenergysolutions.com