EnerWorks reaches agreement-in-principle with Proterra Solar
The EnerWorks Board of Directors announced that it has signed an Agreement-in-Principle to sell 100 per cent of EnerWorks shares to Proterra Solar, based in Woodstock Ontario. Finalizing the deal is subject to due diligence and other typical closing matters. Proterra Solar is part of a group of companies which includes Trigon, a construction management firm that has expertise in the solar field and Uvalux Tanning & Support which is a leader in the distribution of indoor tanning supplies.
Proterra Solar has already established itself in the solar thermal industry as a distributor and consultant for evacuated tube solar thermal systems, including Canada’s largest solar cooling project at Oxford Gardens. “We are excited to keep a strong Canadian-made solar thermal technology at home here in Canada.” says Nik Van Haeren, president of Proterra Solar. “We will soon be manufacturing our own Evacuated Tube collectors with our German made NARVA tube, so the addition of the EnerWorks product line will provide excellent synergies to our existing offerings.”
The deal is targeted to close on or before March 31, 2011. The new company will operate under the EnerWorks name, and will be based in Woodstock, Ontario.