ROSEVILLE, Minn., March 3, 2022 /PRNewswire/ -- Impact Power
Solutions (IPS Solar) announced on Thursday it was being acquired
by New Energy Equity LLC. On March
2, ALLETE, Inc. (NYSE: ALE) announced it is acquiring
New Energy Equity, which includes IPS Solar for $165.5 million. IPS Solar will retain its
branding and corporate headquarters in Roseville, Minnesota.
Impact Power Solutions (IPS Solar)
announced it was being acquired by New Energy Equity LLC.
"The IPS team is excited to join New Energy Equity and the
ALLETE family of companies," said the company's CEO, Jamie Borell. "The shared vision of positively
impacting the world with solar energy will ensure that our combined
venture will enjoy tremendous success."
IPS Solar is one of the country's longest standing solar
companies, having been founded by Ralph
Jacobson in 1991. Jacobson remarked "I am thrilled to have
the team that we have grown for thirty years now join the family of
Allete companies. Together we will have the expanded resources and
experience base to be at the forefront of building the world we all
want for our children."
Chief Development Officer and co-owner of IPS Solar Eric Pasi
added "We are set to enter a new phase of growth. This partnership
will allow our companies to dramatically expand the work we've
already started, increasing access to clean energy for all
Americans."
New Energy Equity and ALLETE expect the purchase to close in
mid-April upon satisfaction of customary closing conditions,
including compliance with Hart-Scott-Rodino antitrust clearing
requirements.
About ALLETE, Inc.
ALLETE, Inc. is an energy company
headquartered in Duluth,
Minnesota. In addition to its electric utilities, Minnesota
Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy,
based in Duluth; and BNI Energy in
Bismarck, N.D.; and has an eight
percent equity interest in the American Transmission Co. More
information about ALLETE is available at www.allete.com/.
About New Energy Equity
Founded in 2013 and
headquartered in Annapolis, Maryland, New Energy Equity develops
and finances solar power generation assets, providing clean
electricity to commercial, industrial, municipal and utility
customers under long-term contracts. New Energy Equity has
successfully developed over 300MW of solar projects and closed more
than $600MM in clean energy investments. The company was ranked as
the 7th Top Solar Developer and the 8th Top Solar Contractor
on Solar Power World's "2021 Top Solar Contractors" list and was
voted as one of the fastest-growing energy companies in D.C.,
Maryland, and Virginia by Inc. Magazine. To learn more,
visit www.newenergyequity.com/.
About Impact Power Solutions
Impact Power Solutions,
LLC is a full-service clean energy development company. For more
than 30 years, they have worked to deliver customers solutions
ranging from rooftop installations to multi-megawatt community
solar gardens. IPS has been recognized as a Solar Power World Top
Solar Contractor every year since the list's inception in 2013. To
date the company has helped to energize nearly 200 MW of solar
across the country. The company's purpose is, and always will be,
to positively impact people, power and the planet with solar
energy. To learn more, visit www.ips-solar.com.
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SOURCE Impact Power Solutions