June 5, 2020
Charlottesville-based energy company Tiger Fuel Co. announced Friday it has acquired 40% of the shares of Altenergy Inc., which is also based in Charlottesville â€” a first step in the acquisition of Altenergy to be completed in March 2021.
â€śAltenergy and Tiger share a common commitment to doing the right thing for our customers, our employees and the communities we serve,â€ť Paul Risberg, president and founder of Altenergy, said in a statement.Â â€śThis exciting step will allow Altenergy to continue to adapt and create value for our customers, while increasing opportunities for our employees.â€ť
Founded in 1982, Tiger Fuel distributes petroleum products to Exxon, Shell, BP, Citgo and has its own private label, Excel. Altenergy builds solar energy systems for commercial and residential customers and has customers in Virginia, Washington, D.C., Idaho and Missouri.
The goal for the acquisition is to diversify Tiger Fuelâ€™s renewable energy offerings by building more solar photovoltaic (PV) systems, which turn sunlight into usable energy.Â
â€śOur companies are closely aligned and we are committed to spearheading energy solutions that make the Charlottesville and Albemarle County area a great place to raise families and grow businesses,â€ť Tiger Fuel President Gordon Sutton said in a statement. â€śAs we expand, our goal is to be a leader in this community in terms of reducing our carbon footprint and achieving local climate action.â€ť