Clean power and energy services provider, Good Energy, announced today the acquisition of solar and storage installation business, Wessex ECOEnergy, in a deal valued at up to £4m.
Good Energy sees this as a significant step towards its goal of becoming the leading solar company in the UK. The initial consideration for the acquisition is £2.5m, with the potential to increase to £4m based on specific conditions being met.
Wessex ECOEnergy, founded in Dorchester in 2014, offers solar and energy storage installations to homes and businesses in the South West. Good Energy intends to retain Wessex ECOEnergy’s brand post-acquisition.
155 solar PV installations
In 2022, the company completed 155 solar PV installations, and following the merger, it aims to install 600 panels per month within the next 18 months. The UK has experienced its most significant quarter for solar installations since 2015, with over 50,000 solar PV installations recorded in the first three months of 2023, marking a 114% increase compared to the same period in 2022, according to data from the Microgeneration Certification Scheme (MCS).
Good Energy previously entered the heat pump installations sector in late 2022 as part of its strategy to expand its portfolio of clean tech services.
Nigel Pocklington, CEO of Good Energy, welcomed the acquisition, emphasizing that it solidifies the company’s position as the go-to all-in-one solar service provider in the UK.
Pocklington highlighted the alignment of Wessex ECOEnergy’s purpose and trusted positioning in the South West with Good Energy’s goals. He estimated a potential £10bn growth opportunity in clean energy technology installations for environmentally conscious consumers and expressed Good Energy’s commitment to becoming a major player in this rapidly expanding market.
Daniel Cole, director and co-founder of Wessex ECOEnergy, echoed the sentiment, recognizing the crucial role of solar power and storage in reducing carbon emissions and addressing climate change while acknowledging the increasing popularity of these technologies.