ORLANDO, Florida (November 2013) – Redshift Capital, LLC, a Chicago-based investment group, announces creation of new solar power conglomerate, TEVA Alternative Energy, LLC, then immediately acquires 100% of TEVA Energy, LLC and Superior Solar Systems, LLC. "The two companies dovetail perfectly together," said Roger Hruby, CEO of Redshift Capital. "Having common ownership of both companies with complementing resources provides vast opportunities for growth." Fueled by the prospect of grid parity and rising market demand for financially-viable solar-energy solutions, strategic acquisitions in this sector are on the rise again. "For the first time in history, TEVA's team of experts managed to break through historical barriers to large-scale thermal systems," said Dennis Lakomy, CFO of Redshift, "these systems are becoming financially viable even without incentives." Remo Eyal, CEO of TEVA Alternative Energy said, "with over 20,000 installations under its belt, the Superior team has the brick & mortar resources needed for scalability, and it doesn't hurt that the team is made up of genuinely good people."
In recent years, TEVA has broken several solar records including an installation of the largest solar system at a meat processing facility in California (Cargill Fresno), and the Florida installation of the largest polymer system in North America. Harry Gordon, Senior Project Manager for TEVA said, "Our solid legs in the food-processing and life-science industries are providing strong growth, but we needed a reliable team of solar professionals to scale implementation; Superior Solar fits the bill perfectly."
"It's an honor to work with the experienced and insightful team at Redshift Capital and Redshift Energy," said Eyal, "with their support and Superior's infrastructure, the future is exceptionally bright."
Founded in 2006, Redshift Capital is a Chicago-based private equity sponsor targeting leveraged control growth investments of companies in growth markets where ownership and leadership dynamics provide an opportunity to create significant value through improving operational, financial and strategic decision making.
Altamonte, Fla.-based TEVA Energy provides cost-effective solar water heating technologies that enable it to provide renewable energy to commercial and industrial facilities at rates below equivalent fossil fuel energy rates. At its own expense, TEVA designs, builds and maintains its systems on the client's site, "greening" their facility. TEVA services large industrial and commercial facilities.
Based in the Orlando area, Superior Solar is a leading provider of solar energy solutions for residential and commercial applications throughout the southeastern U.S. With a portfolio of over 20,000 installations, the company is one of the largest solar contracting firms in America, specializing in solar electric, water heating and pool heating applications.
Redshift Energy funds TEVA Energy for Growth in Large-Scale Commercial
and Industrial Solar Heating Markets
Burr Ridge, IL — December 2, 2011— Redshift Energy and TEVA Energy announced a funding agreement today that will enable TEVA Energy to expand its reach into the large-scale commercial and industrial distributed solar-heating markets in key geographic areas. TEVA deploys its proprietary line of cost-effective solar heating (i.e. thermal solar) technologies in combination with turn-key solutions and sale-of-heat financing (a.k.a. thermal PPA or energy lease).
"We are elated to become an investor in TEVA Energy," said Roger Hruby, CEO of Redshift Energy, LLC. "We believe in the TEVA team and their ability to provide innovative, cost effective solutions and outstanding service to the solar hot water market. Remo Eyal has assembled an impressive team."
Remo Eyal, CEO of TEVA Energy, added, "2011 has been a remarkable year. Our strong sales growth during a down economy proved the strength of TEVA's unique offering and flawless execution team. Redshift's funding enables TEVA to further increase its growth rate by scaling its offering to key geographic areas across North America."
TEVA's cost-effective solar heating technologies enable TEVA Energy to provide renewable energy to commercial and industrial facilities at rates below equivalent fossil-fuel energy rates. At its own expense, TEVA designs, builds, and maintains its systems at clients' facilities such as hospitals, hotels, and processing facilities. Clients pay only for metered energy, saving money and carbon emissions from day one without risk or capital expense.
"The Redshift team has been a pleasure to work with throughout the investment process," said Eyal. "Their solar heating expertise sped up the process, but it was their integrity and good-natured cooperation that sealed the deal for us. They're the kind of people with whom you simply want to do business."
About Redshift Energy, LLC
Redshift Energy is rapidly becoming one of the most trusted providers of solar energy systems in in the U.S., assisting energy companies, private enterprises, utilities, and government entities with proven expertise and guidance in the design, engineering, manufacturing, installation and support for commercial and large-scale solar and renewable energy projects.
About TEVA Energy, LLC
TEVA Energy provides commercial and industrial facilities with heat energy at a rate below a facility's monthly energy costs. TEVA's proprietary polymer solar and geo-exchange systems enable TEVA to bear all system costs (i.e. $50,000 to $5,000,000), and charge only for energy utilized by a facility. This clean energy delivery is metered and priced below the client's cost for equivalent fossil-fuel energy. Clients save money and carbon emissions from day one without risk or capital expense. Additional information about TEVA Energy is available at www.tevaenergy.com
Superior Solar is a leading solar energy design and installation firm specializing in solar pool heaters, solar water heaters and photovoltaic systems used for producing solar electricity. Serving commercial, institutional and residential markets, the company has been in operation for more than 25 years. It's located in Longwood, Florida, a suburb of Orlando.
Roger Hruby, managing partner of Redshift Energy LLC, said, “We are elated to make this investment in this particular company because of its technology, capabilities and experienced solar team. This acquisition will serve as the solar energy cornerstone for our alternative energy platform.”
David Haddaway, the CEO and former majority stockholder of Superior Solar, said, “Redshift brings vital capital plus a seasoned professional entrepreneurial management approach to fuel the growth of our business and create opportunities for our most important resource, our employees.”
Solar energy is receiving a boost from the growing demand for alternative energy sources. New policies and incentive programs from state and federal governments are making the electricity derived from photovoltaic systems competitive with that from fossil fuels. These incentives include the renewal of key federal tax credits and the elimination of the cap on these tax credits. As a result, many individuals and businesses are considering alternative energy sources and making investments to reduce pollution and U.S. reliance on fossil fuels purchased abroad.
Redshift Energy is a subsidiary of Redshift Capital LLC, located in Burr Ridge, IL. A private equity company started by Mr. Hruby in 2006, Redshift Capital makes investments and manages operations in technology, real estate, alternative energy and banking.