Q Cells announced [on Monday] that it has completed the acquisition of San Francisco-based energy storage solutions company Growing Energy Labs, Inc. (Geli). The two companies have begun the process of integrating its U.S. operations.
As previously announced on August 6, 2020, the transaction brings together Geli’s end-to-end software platform and proprietary artificial intelligence technology with Q Cells’ market-leading solar solutions. As one of the only providers of integrated C&I PV+EMS+ESS solutions, Q Cells can now provide accurate project energy analytics, sizing & revenue projections, one-stop contracting & supplying, and commissioning & operations. These core capabilities are expected to provide customers with optimised business velocity, business efficiency, and business confidence, resulting in maximised project value and revenue potential.
“Q Cells and Geli have long been committed to innovation and a cleaner tomorrow through smart energy solutions. We are pleased to reach today’s milestone and to finally welcome the Geli team to the Q Cells family. Together we hope to strengthen our commitment to the U.S. market and to bring superior value to our customers and partners in a segment slated for future growth.” Hee Cheul (Charles) Kim, CEO of Q Cells said.
“We’re tremendously excited about the acceleration Q Cells is bringing to our business”, said Dan Loflin, CEO of Geli. “Our customers see value in the strength of software offerings paired with industry leading PV and ESS, along with the support of a financially bankable and reliable brand like Q Cells.”
About Q Cells
Q Cells is a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with operations all over the world. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Q Cells provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: http://www.q-cells.com.
Safe-Harbor Statement
This press release contains forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and Q Cells’ operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Except as required by law, Q Cells does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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