With the acquisition of PanelClaw, Esdec expands its customer base and portfolio of products available to the growing commercial and industrial (C&I) solar market. The PanelClaw acquisition is the European group’s fourth in the U.S. solar mounting market in the past three years and its first acquisition in the commercial market segment. Today, the combined group generates revenues in excess of $300 million annually and employs over 250 people worldwide.
The terms of the PanelClaw acquisition were not disclosed.
“Esdec is a global player in solar mounting and racking, so this is a move that just made sense for us,” says Costa Nicolaou, CEO of PanelClaw. “It provides us with access to R&D depth, strong financial backing and economies of scale that will enable us to grow and innovate. Our confidence in the growth and potential of the North American solar market is unparalleled and we look forward to building that future with Esdec.”
PanelClaw will continue to operate as an independent business with a focus on directly serving commercial solar developers, EPCs and installers with its differentiated clawFR product and clawOS software. The current PanelClaw management team will continue leading the business. PanelClaw will also retain its independent brand name while becoming an Esdec company.
Photo: PanelClaw’s landing page