Courtesy / ReVision Energy
Employees at ReVision Energy's Liberty office celebrate the announcement that the company has converted by 100% ownership by employees through an ESOP trust.
November 2, 2017
ReVision Energy joins ranks of Maine companies owned by employees
Courtesy / ReVision Energy
Employees at ReVision Energy's Portland office celebrate the announcement that the company has converted by 100% ownership by employees through an ESOP trust.
By Staff
ReVision Energy, a regional solar company that has five offices in Maine, New Hampshire and Massachusetts, has converted to 100% ownership by employees through an ESOP Trust.
The company's three co-founders chose the ESOP option after a rigorous three-year exploration of various strategies to ensure ReVision Energy's long-term economic and environmental sustainability.
"We are investing the future of our company in the exceptional people who have worked hard all these years to build ReVision Energy into one of the best solar companies in the world," company co-founder Phil Coupe, said in a news release. "Converting to 100% ESOP means that every employee can financially benefit from the success of the business as we continue our mission to transition New England from a fossil fuel-based economy to a sustainable, renewable energy based economy.”
Coupe, who has spent a 25-year career focused on socially responsible business practices, added: "We believe this is the best future we can create for all our employees and for our commitment to sustainable energy."
From two to 200 employees
ReVision Energy recently was ranked the No. 1 rooftop solar contractor in New England and No. 14 nationwide by Solar Power World magazine. In 2015, it became a certified B-Corp, signifying that the company is operated with a goal of creating maximum positive impact rather than just focusing exclusively on maximizing shareholder returns. Other notable B-Corps include Ben & Jerry's Ice Cream, King Arthur Flour and Patagonia, which all share in common a 'triple bottom line' business philosophy of People, Planet and Profits.
Since 2003, the company has grown from two guys in a garage to more than 200 employees today operating out of five locations in Maine, New Hampshire and Massachusetts.
In addition to designing and installing solar electric systems and solar hot water systems, ReVision Energy also specializes in the complementary technologies of battery storage, electric vehicle charging stations, heat pumps and microgrids, thereby providing all the tools necessary to drastically reduce, if not eliminate, fossil fuels.
"Today we have robust, reliable renewable energy technology that is enabling people and businesses to make the transition to 100% clean energy, ensuring their long-term energy security and independence,” Coupe said. “And now we have established the strongest employee ownership model by transitioning to 100% ESOP ownership, ensuring the greatest resilience for our company and positioning ReVision Energy for the future.”
Research on ESOPs
According to the ESOP Association, 84% of companies that convert to ESOP report higher levels of employee motivation and productivity. The association also reported converting to an ESOP creates broad-based ownership among all employees and fosters an environment in which everyone understands his or her role in helping the company achieve a “triple bottom line” of achieving social, environmental and financial success.
Research also shows:
- Employee ownership builds successful, competitive companies and creates equitable wealth for employees
- ESOP companies pay better benefits and have twice the retirement income for employees
- Pay higher wages than non-ESOP companies.
ReVision joins a growing number of successful and innovative businesses, across industries and sectors in Maine and elsewhere, that recognizes and captures both the social and the economic rewards of fair practices and commitment to long term sustainability.
Other ESOP companies in Maine include Cianbro, Sargent Corp., Spinnaker Trust, Ethos, Reed & Reed Inc., Clark Insurance, Mainely Tubs, Wright-Ryan Construction Inc., Warren Construction Group, Landry/French Construction Co., Kennebec Technologies, GAC Chemical Corp. and Knickerbocker Group.
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