|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 future."
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 sports community.
"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 Twitter @nrgenergy and @NRGMedia.
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.
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