Tuesday, July 15, 2008

GroSolar acquires Chesapeake Solar

By Mass High Tech Staff

GroSolar Inc. reports it has bought Chesapeake Solar LLC for an undisclosed amount.
 
Privately held GroSolar said the acquisition of the Jessup, Md.-based company will extend its reach into the Mid-Atlantic solar energy market. Chesapeake Solar was founded in 1999 by Richard Deutschmann and Jeff Gilbert as Chesapeake Wind and Solar LLC.

In April, GroSolar was named the exclusive provider of photovoltaic systems for Marshfield’s “Green Energy Challenge,” a $4 million pilot program sponsored by electric utility NStar and the Massachusetts Technology Collaborative.

Last December, White River Junction, Vt.-based GroSolar landed $10 million in its second round of funding. The Series B financing was led by NGP Energy Technology Partners LP of Washington, D.C. Previous investors include SJF Ventures of New York, Calvert Social Funds of Maryland and Allco Financial Group of Australia.

That funding brought the company’s total funding to $12.2 million since its inception in 1998, when it was founded as Global Resource Options by husband and wife team Jeff and Dori Wolfe.