Real Goods Solar Acquires Syndicated Solar

(RTTNews) - Real Goods Solar, Inc. (RSOL) said Monday that it has completed the acquisition of Syndicated Solar, Inc.

Real Goods Solar paid net consideration of $2.5 million, plus 400,000 shares of Real Goods Solar unregistered Class A common stock, with the potential for the seller to earn up to $250,000 in additional earn-out payments following the close of the 2013 fiscal year and an additional 1.3 million shares of unregistered Class A common stock in performance based earn-outs over the next two and half year period.

Based in Denver, Colorado, Syndicated Solar's efficient sales processes and integrated software tools have enabled it to rapidly grow in the residential sector. The company had revenues of $2.5 million in 2011 and $7.3 million in 2012. The company is expected to double revenue year-over-year in 2013 with about $10 million of current backlog.

The Syndicated Solar acquisition brings more than 40 employees to Real Goods Solar, including Justin Pentelute, Syndicated Solar's founder and CEO.