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

The acquisition accelerates the mass deployment of clean energy technologies through virtual power plant enablement and new financing opportunities available to solar companies on the east coast.

LOS ANGELES & CHARLOTTE (February 7th, 2024) – Swell Energy Inc. (“Swell”), a leading energy management and grid solutions provider, today 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 swellenergy.com/partners.

About Swell Energy Inc.

Swell Energy stands at the forefront of the energy revolution, serving as a pioneering force in energy management and smart grid solutions. Dedicated to creating a greater grid for the greater good, Swell is accelerating the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use, achieve energy security and participate in the transactive grid. The company works with utilities and offers tailored financing and virtual power plant programs for homeowners and businesses while partnering with trusted local solar and solar+storage companies for seamless, high-quality installations. Swell’s impact extends across the United States where it is diligently building a critical mass of dynamic and responsive clean energy resources within utility service areas. This commitment goes together with delivering resilient virtual power plant networks and essential grid-balancing services to utilities. These initiatives play a fundamental role in shaping a future marked by a carbon-free, distributed renewable energy system. For more information on Swell Energy and its transformative initiatives, please visit swellenergy.com and follow the company on Facebook, LinkedIn and Twitter.

About Renu Energy Solutions

Founded in 2010, Renu Energy Solutions is a high-quality solar energy systems installer operating across the South East, specializing in turn-key solar solutions for residential and commercial properties. Renu serves North Carolina, South Carolina and Georgia and has completed over 5,000 solar energy installations in the Southeast. Renu is a licensed general contractor and electrician in the states of North Carolina, South Carolina and Georgia. In addition, Renu’s service arm, Sun Service Specialists, provides solar and ESS service to both Renu and non-Renu customers across the east coast helping customers maintain and gain the long term benefits of their systems. Renu’s commercial business serves small businesses, publicly traded companies, and municipalities. For more information on Renu Energy Solutions, please visit renuenergysolutions.com.