A Massachsetts solar lighting company has purchased Inovus Solar, the Boise company that pioneered solar-powered light poles.
SolarOne Solutions of Needham, Mass., which also sells solar area lighting worldwide, announced the acquisition Thursday. All nine Inovus Solar Inc. employees become part of SolarOne Solutions, SolarOne said in a press release.
Inovus transfers its technology, projects in the pipeline, brands and other assets to SolarOne, and will continue operations in the Treasure Valley.
“One would be hard pressed to find two more complementary companies,” said Moneer Azzam, SolarOne CEO. He said Inovus’ “architecturally appealing” light poles with embedded lithium-ion batteries “fit perfectly with SolarOne’s conventional line of professional lighting systems.”
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Inovus Solar CEO Doug Stewart, will be a board member and strategic adviser to the company.
“The combination of products, technical and marketing expertise and geographic footprint that results from this transaction is transformative for both companies and sets the stage to become the largest solar lighting business in the world,” he said.
SolarOne Solutions Inc. lights and light-emitting diode technology is used in parking lots, streets, pathways, pedestrian areas, landscapes, outdoor signs and shelters. SolarOne said it is a recognized leader in the “grid-independent” outdoor area lighting segment and the first to deploy successful commercial-grade photovoltaic/LED large-area lighting systems.
Inovus Solar’s original SmartPole made it a leader in commercial solar lighting. The company has developed a new generation of products using flexible solar collectors.
The Boise company is backed by private equity investment. Clay Young, a co-founder of Pro-Clarity, and solar inventor Seth Myer started Inovus Solar in 2007. Myer left several years ago; Young left in 2015 when Stewart, who commuted from Seattle, took over.
Azzam said melding the two companies will allow faster growth than either would have been able to accomplish alone.
“No other solar lighting company has this depth,” Azzam said. “It will allow us to accelerate our worldwide growth initiatives.”