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April 11, 2008
Renewable Energy Corporation ASA Makes a $40M Strategic Investment in Mainstream Energy Corporation
SAN LUIS OBISPO, CA, April 11, 2008 - Mainstream Energy Corporation* (MSE), a renewable energy company headquartered in San Luis Obispo, California, announced today it completed an equity transaction worth $40 million with Oslo, Norway- based Renewable Energy Corporation ASA, the world's largest producer of silicon materials for photovoltaic (PV) applications and multicrystalline wafers. As a result of the transaction Renewable Energy Corporation will have a 20% shareholding in MSE.
Mainstream Energy (MSE), through its operating companies, REC Solar Inc. and AEE Solar Inc., is one of largest suppliers of solar electric products, systems, and services to customers throughout North America.
"Our investment in Mainstream Energy is both a reflection of the increasing importance of the US market and our ambition to take a more active role in building robust and scalable market channels as a basis for further growth," says Erik Thorsen, President and CEO of Renewable Energy Corporation.
MSE will utilize the capital to accelerate its investments in companies, products and processes that reduce cost and accelerate its efforts to bring solar to the mainstream energy supply nationwide.
"The investment by the REC Group brings not only capital but also deep insight and experience in the entire PV value chain which we hope to leverage to provide additional value to our customers and manufacturing partners alike," says Timothy Ball, Chairman of Mainstream Energy.
* Mainstream Energy recently changed its name and corresponding legal structure from Mainstream Energy LLC to Mainstream Energy Corporation.
October 10, 2007
Shell Gas Station Now Powered by the Sun
ATASCADERO, CA, October 10, 2007 -- Golden Gate Petroleum recently unveiled a 35.2 kW solar electric system at its Shell Gas Station in Atascadero, California. The system was designed and installed by REC Solar, one of the nation’s leading providers of residential and commercial solar electric systems.
Golden Gate Petroleum’s solar electric system will transform the roof of their Shell Gas Station in Atascadero into a state-of-the-art energy production site. The system will produce over 50,204 kilowatt hours annually and will save the company thousands of dollars in energy costs and offset almost two tons of greenhouse gases each month.
More information about REC Solar
September 6, 2007
Costco Wholesale Enters in to Installation Agreement for 2.5 Megawatts of PV Systems
SAN LUIS OBISPO, CA, September 6, 2007 – Costco Wholesale Corporation, the warehouse club operator, and REC Solar, a provider of residential and commercial solar electric systems, have entered into an agreement to install a total of 2.5 megawatts DC of solar electricity on four Costco warehouse locations in California and Hawaii.
According to REC Solar CEO and President Angiolo Laviziano: “Costco is known for its quality approach in retailing which we hope to complement through top of the line installations of solar electric systems on multiple Costco warehouses. We believe in and applaud Costco Wholesale's environmental approach to bringing solar to the mainstream.”
The groundbreaking ceremony this week marks the beginning of REC Solar’s large-scale commercial projects with Costco with a 680 kW DC solar electric system installation at the Kona, Hawaii warehouse. The solar electric system will be comprised of 3,888 Mitsubishi 175UD4 panels, two Xantrex 225S-480-P inverters and one Xantrex 100S-480-P inverter.
REC Solar is currently working on several commercial projects, ranging in size from 30kW to 750kW, for some of the nation’s largest corporations. As a leader in the US solar market, REC Solar continues to expand its market presence in the commercial solar market by working with leading companies such as Costco.
More information about: REC Solar
August 25, 2007
AEE Solar CEO David Katz Featured in Inc. Magazine
Longtime solar industry veteran David Katz, founder and CEO of AEE Solar, one of America's premiere renewable energy wholesale distributors, appears on the cover of the September 2007 edition of Inc. magazine. AEE Solar is included in Inc.'s annual roundup of America's 500 fastest growing private companies. The Inc. interview with Katz is available online.
More information about: AEE Solar
October 16, 2006
Evergreen Solar Announces $100 Million Sales Agreement with Mainstream Energy Corporation
MARLBORO, Mass., Oct 16, 2006 -- Evergreen Solar, Inc. (Nasdaq: ESLR), a manufacturer of solar power products with its proprietary, low-cost String Ribbon™ wafer technology, today announced that it has entered into a four-year supply contract with Mainstream Energy Corporation, which has systems integration and distribution subsidiaries involved in the sales, distribution and installation of residential and commercial solar electric systems nationwide. Under the terms of the agreement, Evergreen Solar will ship approximately $100 million of photovoltaic modules to Mainstream Energy over the next four years. 