NovaSource Power Services, a portfolio company of Clairvest Group and Clairvest Equity Partners VI, and SunSystem Technology, a provider of operations and maintenance (O&M) services, has acquired Heliolytics, a provider of aerial site inspection, site optimization, and advanced site analysis for solar projects.
NovaSource said this strategic acquisition complements its existing O&M portfolio and strengthens its ability to offer lifecycle services within the renewable energy sector.
Heliolytics, based in Toronto, will continue as a standalone entity and will retain the Heliolytics name, branding, and personnel.
“The Heliolytics platform allows us to expand our digital platform capabilities further, creating a clear market leadership position,” said Troy Lauterbach, CEO of NovaSource Power Services. “Our acquisition of Heliolytics creates enhanced economic value for customers by enabling high-fidelity issue detection, increasing asset energy yield. We are honored to join forces with the Heliolytics team,” he added.
“NovaSource is building an exciting platform to offer the next generation of solar lifecycle operations,” said Heliolytics CEO and Co-Founder Rob Andrews. “We are thrilled to integrate with NovaSource as we both share the same vision of what the future of solar operations should be. Together, we can accelerate that vision and scale our existing and new service offerings while continuing to offer our industry-leading third-party services to provide more value to customers globally.”
NovaSource’s O&M portfolio has expanded significantly in the last two years. In May 2020, Clairvest Group, an equity management firm with Clairvest Equity Partners VI, acquired the solar operations and maintenance (O&M) business of SunPower Corporation. In January 2021, NovaSource Power Services acquired SunSystem Technology, a provider of operations and maintenance (O&M). In March 2021, First Solar announced the sale of its North American Operations and Maintenance (O&M) business to NovaSource Power.
According to Mercom’s recently published annual and Q4 solar funding and m&a report, M&A activity in the solar sector soared with 126 transactions in 2021 – the highest number of deals ever recorded.