424 Capital Announces Investment in QE Solar

News provided by

May 11, 2021, 09:00 ET

WAKEFIELD, Mass., May 11, 2021 /PRNewswire/ -- 424 Capital announced today that it has completed the acquisition of QE Solar of Cranford, NJ. QE Solar is a leading provider of operations and maintenance (O&M) services for commercial, industrial, and utility scale solar infrastructure as well as battery energy storage systems. The transaction provides additional investment capital to support the continued growth of QE Solar's workforce nationwide and expand its capabilities in markets across the country.

QE Solar is the largest independent provider of O&M services to commercial and industrial (C&I) scale solar PV systems in the US offering nationwide coverage with a dedicated team of over 80 field technicians and engineers. QE Solar is a full-service partner for solar asset owners and provides a comprehensive suite of O&M, commissioning, aerial thermography, engineering consulting, and construction management services for over 2.0 GW of solar C&I installations across the US.

QE Solar has been servicing solar infrastructure for over ten years and is well known for its unmatched technical expertise in the space. "With a focus on trust, professionalism and quality of service we take a personal approach to servicing our customer's solar investments, protecting their assets and maximizing their performance" said Ken Heissler, CEO and Founder of QE Solar. "The investment from 424 really allows us to further accelerate and strengthen our offering in both solar and battery energy storage systems."

QE Solar's services are designed to fully optimize the performance of solar installations. "The team at QE Solar has developed a tremendous reputation in the marketplace for their ability to optimize complex solar installations and maximize the ROI for asset owners. We are thrilled at the opportunity to partner with this market leader," said Kyle Stanbro, Partner at 424 Capital who co-led the investment.

This acquisition is the third significant transaction in the renewable power space made by 424 Capital in the last twelve months. According to Walter Beinecke, the 424 Partner serving as Chairman of QE Solar: "Our investment in QE Solar is representative of our firm's commitment to supporting the growth of clean and renewable sources of energy and is consistent with our goal to support companies which are making a significant positive impact on our world."

About QE Solar

QE Solar specializes in the operations and maintenance (O&M) of all solar photovoltaic (PV) systems, battery storage systems (BESS), technical compliance, and various other electrical systems management associated with solar PV projects. QE Solar regularly performs third-party PV system audits and verifications, full system commissioning services, Independent Engineering (IE) Services, electrical troubleshooting/testing, comprehensive IV curve traces, aerial drone IR scans, PV consulting services and a variety of other solar performance-related services. Through a wide breadth of service offerings, QE Solar is dedicated to being a leader in the advancement of clean and renewable energy solutions. The company's passion is solar energy, and its sole focus is helping customers maximize their ROI through comprehensive solar and battery O&M services and education. For more information on QE Solar please visit qesolar.com.

About 424 Capital

424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. Focusing primarily on investments in the healthcare and renewable energy spaces, 424 invests in companies that are profitable, growing, and that align with the team's values of honesty and integrity and which have the opportunity for significant positive impact. 424 believes strongly in the enhanced role renewables need to play in the global energy mix and feels this is one of the most important periods to support the growth of clean energy sources. For more information about 424 Capital, please visit 424capital.com.

Contact: Jenn Mosto, [email protected]

SOURCE 424 Capital