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NRG Reaches Agreement to Acquire Goal Zero, the Market Leader in Personal Solar Products
|By Business Wire
|August 14, 2014 07:01 AM EDT
NRG Energy, Inc. (NYSE:NRG) and Goal Zero, a leader in providing
personal solar products, have reached an agreement that will bring the
rapidly growing consumer products company into the NRG family of
companies. The acquisition aligns with NRG’s mission to lead the market
in offering cleaner, smarter choices and sustainable lifestyle solutions
to end-use energy consumers across the country.
"The ultimate manifestation of distributed clean generation is personal
power. Only about one in four Americans are themselves homeowners but
every American has a need for personal energy free from the tether of
plug and cord," said David Crane, President and CEO of NRG. "The
acquisition of Goal Zero - the best company in its field - aligned
alongside our established system power franchise and our fast-growing
residential solar business, dramatically expands our reach, enabling us
to serve every American who desires to be part of the clean energy
Goal Zero products embody premium design and quality with features that
surprise and excite customers. The company currently markets a suite of
portable solar power and battery-pack products and accessories and has
strong research and development capabilities. The company is
headquartered in Salt Lake City and employs about 100 people.
Goal Zero was originally conceived to solve humanitarian challenges,
focused on aid to the Congo and the compelling need for a fossil fuel -
free source of reliable electricity in sub-Saharan Africa. Robust,
highly practical products developed by Goal Zero for this humanitarian
application quickly won wide acceptance in the outdoor and adventure
"Our mission is to put reliable power in the hands of every human on
earth," said Robert Workman, founder and CEO of Goal Zero. "Being part
of NRG allows us to reach this goal in a much more powerful way. Both
Goal Zero and NRG have similar give-back initiatives. Both companies
have proven track records of helping those in need with services and
products, whether it is lighting a hut in Congo or a school in Haiti."
Through this acquisition, NRG adds the third leg to its NRG Home end-use
energy consumer strategy built around harnessing the reciprocal
synergies and cross-selling opportunities between system power,
residential solar and personal power. Each part of the strategy supports
the other through shared access to multiple distribution channels and
customer bases. NRG expects to combine product and service offerings;
for example, educating Goal Zero customers about the possibilities of
rooftop solar and combining portable Goal Zero solar products with NRG’s
retail electricity offers.
"With the addition of Goal Zero's feature-rich personal solar solutions,
everyone can experience solar firsthand and can count on NRG to provide
the full range of power solutions at home and on the go," said Elizabeth
Killinger, President of NRG Retail.
Financial terms of the transaction were not disclosed. The transaction
is subject to customary closing conditions, including regulatory
clearances, and is expected to be finalized in the third quarter.
About NRG Energy
NRG is leading customer-driven change in the U.S. energy industry by
delivering cleaner and smarter energy choices, while building on the
strength of the nation’s largest and most diverse competitive power
portfolio. A Fortune 250 company, we create value through reliable and
efficient conventional generation while driving innovation in solar and
renewable power, electric vehicle ecosystems, carbon capture technology
and customer-centric energy solutions. Our retail electricity providers
serve almost 3 million residential and commercial customers throughout
the country. More information is available at www.nrg.com.
Connect with NRG Energy on Facebook and follow us on [email protected]
About Goal Zero
Goal Zero is the industry leader for renewable and reliable solar power.
Born out of the desire to empower people everywhere, Goal Zero's
products are designed to give you the freedom to go anywhere, regardless
of battery life. From cell phones to refrigerators, and everything in
between, Goal Zero products keep you connected and powered up in any
situation. For more information, visit www.goalzero.com.
NRG Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Such forward-looking statements are
subject to certain risks, uncertainties and assumptions and include
NRG’s expectations regarding Goal Zero and forward-looking statements
typically can be identified by the use of words such as “will,”
“expect,” “believe,” and similar terms. Although NRG believes that its
expectations are reasonable, it can give no assurance that these
expectations will prove to have been correct, and actual results may
vary materially. Factors that could cause actual results to differ
materially from those contemplated above include, among others, general
economic conditions, hazards customary in the power industry,
competition in the retail electricity markets, the volatility of energy
and fuel prices, failure of customers to perform under contracts and our
ability to achieve the expected benefits and timing of the Goal Zero
acquisition. NRG undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The foregoing review of factors that could
cause NRG’s actual results to differ materially from those contemplated
in the forward-looking statements included in this news release should
be considered in connection with information regarding risks and
uncertainties that may affect NRG’s future results included in NRG’s
filings with the Securities and Exchange Commission at www.sec.gov.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140814005155/en/
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