Esdec, the global rooftop solar mounting solutions provider, announced yesterday that it has acquired PanelClaw, the largest supplier of solar mounting systems for commercial roofs in the U.S. 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 groupâ€™s fourth in the US 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 millionÂ annuallyÂ and employs over 250 people worldwide. The terms of the PanelClaw acquisition were not disclosed.
â€śIâ€™m excited to welcome PanelClaw to the Esdec Solar Group. This acquisition represents an immediate increase in our US market share with near-zero overlap with existing customers and channels. We now offer an extensive range of flat roof solutions in the USâ€”from attached to ballasted, to rail based and non-rail basedâ€”through the most convenient channels for our customers. We are delighted to welcome the employees to the group,â€ť saidÂ Stijn Vos, CEO of Esdec. â€śThe North American rooftop solar industry is poised for explosive growth in the next decade. To power that growth, the rooftop sector needs companies with greater resources, supply chain, procurement, and logistics.â€ť
Costa Nicolau, PanelClawÂ CEO said that â€śEsdec is the global leader in solar mounting and racking, so this is a move that just made sense for us. It provides us with access to R&D depth, strong financial backing, and economies of scale that will enable us to grow and innovate,â€ť
For now, PanelClaw will continue to operate as an independent business with a focus on directly serving commercial solar developers, EPCâ€™s 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 â€śAn Esdec Company.â€ť
For Esdec, with more than 7 GW of installed capacity globally, entry into the US market in September 2018 has been marked with acquisitions. It acquired EcoFasten in November 2018, and acquired IronRidge and QuickMount in 2019.
Esdec recently made an entry into India too, through the partner route.