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April 11, 2008 – Vol.13 No.3 Renewable Energy Corp. Invests $40M in Mainstream Energy Corp. (MSE). With the transaction Renewable Energy will hold 20 percent of Mainstream Energy’s shares. The company 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. “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. “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, through its operating companies, REC Solar Inc. and AEE Solar Inc., is one of the largest suppliers of solar electric products, systems, and services to customers throughout North America. The company is headquartered in San Luis Obispo, California. Mainstream invests capital and expertise into developing products, projects, and businesses that have the potential to help make photovoltaic a significant contributor to the total energy supply. Renewable Energy Corporation, of Oslo, Norway, is one of the most integrated companies in the solar energy industry. REC Silicon and REC Wafer are the world's largest producers of polysilicon and wafers for solar applications. REC Solar produces solar cells and solar modules and engages in project development activities in selected segments of the PV market. (4/11/08)
Links: Mainstream Energy Corporation Renewable Energy Corporation REC Solar AEE Solar
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No
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