December 17, 2017

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Akeena Acquires Solar Power Company in Santa Rosa, CA

Submitted by: Akeena Solar

Categories: Finance

Posted: May 07, 2007 – 07:02 AM EST

 

Office Marks Expansion to California's Wine Country

LOS GATOS, Calif.--(BUSINESS WIRE)--May 7, 2007--Akeena Solar, Inc. (OTCBB:AKNS) -- one of the largest solar installers in the country -- acquired certain assets of Alternative Energy Inc. (AEI) of Santa Rosa. Under the terms of the agreement, Akeena will assume AEI's backlog, and commence a marketing campaign to take advantage of the solar power opportunities in Sonoma and Napa Counties.

"This acquisition is another step towards our goal of offering solar power to homes and businesses in target markets with high electricity costs," said Barry Cinnamon, chief executive officer of Akeena. "Santa Rosa is a compelling market because of the combination of new housing and environmentally conscious residents. This Santa Rosa acquisition provides us with a base of operations in the North Bay and surrounding areas, close to the winery work we do in Napa Valley."

Santa Rosa is the company's fifth new location in California in the past year. Since September, Akeena has expanded to Fresno, Orange County, Bakersfield, and Manteca. In addition, the company's Fairfield, New Jersey office serves the New York metropolitan area, covering eastern Pennsylvania, New York, New Jersey and Connecticut.

According to a recent report by Solarbuzz, California and New Jersey represent 90 percent of the market for solar power in the U.S. The industry is expected to grow at an annual rate of 30 percent over the next four years, driven by a combination of favorable public policy, high electric rates and environmental concerns.

Chris Frye, President of Alternative Energy Inc., said, "As the demand for solar power grows, larger, more efficient companies will have an advantage in the market. We are very happy to be part of a solid company such as Akeena, and look forward to provide better choices for customers in the Santa Rosa area."

About Akeena Solar, Inc

Founded in 2001, Akeena Solar's (OTCBB:AKNS) philosophy is simple: We believe producing clean electricity directly from the sun is the right thing to do for our environment and economy. Akeena Solar has grown to become one of the largest national integrators of residential and small commercial solar power systems in the United States, serving customers directly in California, New Jersey, New York, Connecticut and Pennsylvania. For more information, visit Akeena Solar's website at www.akeena.net.

Safe Harbor

Statements made in this release that are not historical in nature constitute forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as "expects," "plans" "will," "may," "anticipates," believes," "should," "intends," "estimates," and other words of similar meaning. These statements are subject to risks and uncertainties that cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, the effectiveness, profitability, and marketability of such products, the ability to protect proprietary information, the impact of current, pending, or future legislation and regulation on the industry, the impact of competitive products or pricing, technological changes, the effect of general economic and business conditions. All forward-looking statements included in this release are made as of the date of this press release, and Akeena Solar assumes no obligation to update any such forward-looking statements.



Copyright Business Wire 2007

For more information, please contact:

Barry Cinnamon Akeena Solar, Inc.
Phone: 888-253-3628
Kirsten Chapman Lippert/Heilshorn & Associates
Phone: 415-433-3777
Mary Magnani Lippert/Heilshorn & Associates
Phone: 415-433-3777

 

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