Complete Solar and Solaria have completed their merger, officially forming Complete Solaria. The combination of these two companies establishes Complete Solaria as a full system operator with a top of the line PV product and customer platform that handles financing and project fulfillment.
The company is looking to expand big-time across the United States and Europe. On a pro forma combined basis, Complete Solaria generated $80 million in revenue in 2020, which is projected to increase to over $120 million in 2022, and more than double to approximately $285 million in 2023. The company expects to achieve profitability in 2024.
Company leadership is obviously excited about combining their powers and the potential from here:
“This merger redefines residential solar with breakthrough technology, services, and operational excellence, to empower sales and installation partners to scale up and increase the adoption of residential solar,” said Will Anderson, who will lead the Company as Chief Executive Officer.
“Solaria’s dealers and distributors will benefit from access to Complete Solar’s sales partners and digital platform, and Complete Solar’s partners will benefit from the ability to offer the industry’s leading premium solar panel,” says Tony Alvarez, the Company’s President. “We couldn’t be happier to join with Complete Solar and make progress toward our shared vision of a clean energy future.”
And you can’t fault the enthusiasm. Complete Solaria operates an asset-light business model with a secure supply network, and, of course, all the momentum coming from the Inflation Reduction Act also at their back. The company specifically cited the rebates, tax credits, electric vehicle promotions, and other initiatives outlined in the IRA as furthering Complete Solaria’s expected growth initiatives and expansion opportunities.
Solaria PowerX Performance Panel Series
As a reminder, Solaria’s PowerX Performance Series solar panel (400+ W) uses M10-based solar cells to deliver higher efficiency, power and performance for consistent, trouble-free energy over time. The all-black sleek design makes the PowerX an attractive and accessible solar panel for residential rooftops; high power density means PowerX panels generate more energy from the same area. The PowerX features the same cut-cell technology used in solar power plants, ensuring quality and durability. It is optimized for next generation module level electronics (MLPE) and comes with a 25-Year Power, Parts & Labor Warranty.
And there’s one more merger to come …
… between Complete Solaria and Freedom Acquisition I Corp., which is expected to close in the first half of 2023. The business combination with Freedom, a “blank check company,” is supported by strategic relationships including financial backing from the Carlyle Group and T.J. Rodgers, who were both investors in Solaria. Freedom, led by Tidjane Thiam, Adam Gishen, and Edward Zeng, will also retain a stake in the combined company following the closing.
The business combination with Freedom is expected to provide gross proceeds of $376 million, prior to any potential redemptions and payment of transaction expenses, which includes $346 million of cash held in Freedom’s trust account and promissory notes from certain investors. Under the terms of the business combination agreement, all shareholders of Freedom who do not exercise their redemption rights will roll their equity holdings into the new combined company.
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