Independent power producer Catalyze has acquired C&I developer and installer PermaCity. With a commitment to deliver more than 400 MW of projects within the next few years, PermaCity expands Catalyze’s project pipeline to more than 2 GW.
Catalyze will use PermaCity’s proprietary rooftop solar panel mounting technology SolarStrap to deploy rooftop solar projects more quickly, efficiently and profitably nationwide. In addition, PermaCity will now be able to provide battery solutions in partnership with Catalyze for its existing and future California customers.
“By acquiring PermaCity, not only are we adding an experienced professional team from the most successful C&I solar developer and installer in Southern California, we also gain the ability to implement the SolarStrap rooftop installation strategy which enables us to rapidly and efficiently deploy hundreds of rooftop projects for our customers,” said Catalyze Chief Executive Officer Steve Luker. “This standardization of rooftop installations will drive down costs, decrease construction time and allow us to deploy more capital across a larger number of rooftop projects, all of which is critical in meeting requirements from large customers with multiple installations occurring in parallel across the country.”
PermaCity will now operate as a business unit of Catalyze and founder Jonathan Port will continue to lead the PermaCity division while also joining Catalyze’s executive leadership team. As part of the transaction PermaCity also has access to Catalyze’s proprietary origination-to-operations software integration platform REenergyze, energy storage and integration expertise, supply chain, project capital, tax equity partners and shared services.
The SolarStrap product
“We looked at several options for financing projects, but the magnitude of the opportunity created by integrating PermaCity and Catalyze went far beyond that of any other mere capital provider and we can now offer more complete solutions to customers plus pursue previously unavailable opportunities,” said Port. “Catalyze’s REenergyze platform is a game-changer for this sector, and the combination of their integrated battery storage solutions and PermaCity’s demonstrated experience with SolarStrap technology creates the ability to dominate the C&I market.”