ReVision Energy, an employee-owned solar company headquartered in South Portland, has acquired Sunbug Solar, a solar installer based in Woburn and Westfield, Mass.
Terms of the deal were not disclosed.
“We’ve had a long relationship with Sunbug Solar through our mutual membership in the Amicus Cooperative and share the mission to electrify the future in a fair and just way,” said Fortunat Mueller, CEO and president of ReVision Energy. “Together, we will expedite the renewable energy revolution and help more Massachusetts residents access this valuable resource.
The Amicus Cooperative is a national collective of independent, mission-driven solar companies. Through it, Sunbug has collaborated with ReVision in the past.
Both companies are certified B Corporations, a designation awarded to businesses that have elected to broaden their mission beyond financial profit to include making a positive impact on society and the environment.
With the acquisition, ReVision will expand its sales and service of electric technologies — heat pumps, heat pump water heaters, battery storage systems and electric vehicle chargers — to Sunbug’s community.
ReVision was founded in 2003. In addition to its South Portland headquarters, the company has branches in Montville; Brentwood and Enfield, N.H.; and North Andover, Mass. It established its Massachusetts location in 2017.
As part of the transition, Sunbug’s offices in Woburn and Westfield will unite with ReVision Energy’s North Andover office to operate as ReVision Energy, according to a news release.
ReVision has 400 employee co-owners and has installed over 15,000 energy systems including roof and ground-mounted solar arrays, heat pumps, battery storage systems and EV charging stations.
According to the company’s website, the projects have offset 115,000 tons of carbon and resulted in $60 million in customer utility savings.
Sunbug was founded in 2009 to install and maintain solar projects for residential and commercial customers in the Bay State. Sunbug has 60 employees who will become eligible to be employee-owners at ReVision, and has 3,000 clients. ReVision will assume warranties for and serve existing Sunbug customers.
The brand transition will occur gradually and is expected to be complete in mid-2024.
“The alignment between our two companies is extremely strong,” said Sunbug CEO Janice DiPietro. “We share common values, processes and an unwavering commitment to do right by our employees, customers, and the communities we serve.”
DiPietro will be joining ReVision’s senior leadership team.
ReVision said the acquisition came about because it had been looking for a strong, mission-aligned solar partner with which to join forces.
ReVision said it also saw an opportunity in Massachusetts’ climate goals to achieve net-zero carbon emissions by 2050, with the expected installation of up to 34 gigawatts of solar energy to accomplish the goal.
“This is more than 10 times the amount of solar currently installed in Massachusetts and will require rapid acceleration of solar development at a residential and commercial scale,” said ReVision.