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Renewable Energy Corporation ASA Makes a $40M Strategic Investment in Mainstream Energy Corporation
SAN LUIS OBISPO, Calif.- April 11,2008 - Mainstream Energy Corporation (MSE), a renewable energy company headquartered in San Luis Obispo, California, announced today it completed an equity transaction worth $40 million with Oslo, Norway based Renewable Energy Corporation ASA, the world's largest producer of silicon materials for photovoltaic (PV) applications and multicrystalline wafers. As a result of the transaction Renewable Energy Corporation will have a 20% shareholding in MSE.
Mainstream Energy (MSE), 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.
“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.
MSE 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.
“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.
About Mainstream Energy Corporation
Mainstream Energy Corp (MSE) is a renewable energy company investing 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. For more information visit www.mainstreamenergy.com.
About Renewable Energy Corporation
Renewable Energy Corporation is uniquely positioned as 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. REC Group had revenues in 2007 of NOK 6,642 million and an operating profit of NOK 2,588 million. For more information visit www.recgroup.com .
About REC Solar, Inc.
REC Solar, established in 1997 in California, has grown on the strength of its professional sales-and-installation teams and strong marketing partnerships to become one of the largest system integrators of solar electric systems to homeowners and businesses in the United States. Currently operating in a dozen locations in California, Colorado, New Jersey, Hawaii and Oregon, REC Solar is expanding throughout the US to bring cost-effective solar electric systems and services to business and residential consumers. For more information visit www.recsolar.com .
About AEE Solar, Inc.
AEE Solar Inc. is one of the largest wholesale distributors of renewable energy systems and equipment in the US. Headquartered in Northern California with sales offices in Southern California, Arizona, Utah, Colorado, and Canada, AEE Solar is a full-service distributor offering a comprehensive range of solar products and services to solar contractors, dealers and installers. AEE Solar offers extensive customer service, training and technical support. For more information visit www.aeesolar.com .
For more information contact:
Mainstream Energy Corporation
Angiolo Laviziano, CEO, +1-805-540-5455
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