SolarCity buys Clean Currents
SolarCity has acquired the solar division of Clean Currents LLC and also made an investment in the parent company.
Terms of the deal were not disclosed.
San Mateo-based SolarCity said it will keep all of Rockville, Md.-based Clean Currents Solar's 12 employees, growing its Silver Spring office and warehouse location by another 30 people by the end of the year.
"We were looking to expand to the East Coast for some time now," said Lyndon Rive, CEO of SolarCity, which provides solar power products to more than 10,000 residents and businesses in Texas, Colorado, California, Oregon and Arizona. "We probably interviewed 20 to 30 companies."
Clean Currents had separately approached SolarCity last year about joining solar forces. "It was just great timing," said Gary Skulnik, Clean Currents co-founder and president.
Discussions between the companies began last summer, and Rive said the local company's leadership set it apart from the dozens of other potential acquisition targets in the area. Lee Keshishian, another Clean Currents co-founder and its vice president of operations, has headed up the Clean Currents Solar division and will move to SolarCity with the acquisition, becoming the larger company's regional director of the Washington-area operations. He will remain on Clean Currents' board.
SolarCity started offering solar lease packages in Oregon this year.
Read more in the Silicon Valley / San Jose Business Journal.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.