Global rooftop solar mounting solutions provider Esdec announced today that it has acquired PanelClaw, a supplier of solar mounting systems for commercial roofs in the U.S.
With the acquisition, Esdec expands its customer base and portfolio of products available to the growing commercial and industrial (C&I) solar market. The PanelClaw acquisition is the European group’s fourth in the US solar mounting market in the past three years and its first acquisition in the commercial market segment.
The company says that its combined group generates revenues in excess of $300 million annually and employs over 250 people worldwide. The terms of the PanelClaw acquisition were not disclosed.
“I’m excited to welcome PanelClaw to the Esdec Solar Group,” said Stijn Vos, CEO of Esdec. “The North American rooftop solar industry is poised for explosive growth in the next decade. To power that growth, the rooftop sector needs companies with greater resources, supply chain, procurement, and logistics.”
“Esdec is the global leader in solar mounting and racking, so this is a move that just made sense for us. It provides us with access to R&D depth, strong financial backing, and economies of scale that will enable us to grow and innovate,” said Costa Nicolaou, CEO of PanelClaw. “Our confidence in the growth and potential of the North American solar market is unparalleled and we look forward to building that future with Esdec.”
PanelClaw will continue to operate as an independent business with a focus on directly serving commercial solar developers, EPC’s and installers with its differentiated clawFR product and clawOS software. The current PanelClaw Management Team will continue leading the business. PanelClaw will also retain its independent brand name while becoming “An Esdec Company.”