As the trend towards renewable energy, and especially solar power grows, companies are coming together to stake their claim on the market.
Earlier this week, two startups focused on solar financing made a deal to combine their assets and become a single company. As of the third quarter of 2015, Kilowatt Financial and Clean Power Finance will be one company, named Elevate Power.
The companies together will have 50,000 customers and $1.6 billion in financing for projects and loans. They believe this will give them a competitive edge over bigger companies like SolarCity and SunRun Inc.
Nat Kreamer, chief executive of Clean Power Finance states that the companies’ mission is to offer “great products that are faster and better by taking control of all the financing.”
The companies will offer both products and loans to help bring affordable solar power to more more U.S. consumers.
Some renewable energy analysts insist that low prices are the key for companies to gain market share. This start-up combination seems to be headed in that direction. This deal is a clear sign that the solar and renewable markets are in-demand and will be growing dramatically as costs continue to fall.
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