Thursday, March 31, 2011

Nexamp buys renewable energy firm SolVera

By Kyle Alspach

Growing clean energy integrator Nexamp Inc. announced Thursday it has acquired a renewable energy firm based in Hingham.

The firm, SolVera Energy LLC, was founded by former Verenium Corp. executive John Malloy, who will join Nexamp as co-CEO. Nexamp’s current CEO, Stuart Patterson, will also serve as co-CEO. Financial terms of the acquisition were not disclosed. An email from a Nexamp representative said that SolVera brings two employees to Nexamp's 73-employee company.

Nexamp, based in North Andover, has grown into one of the state’s largest integrators for renewable energy and energy efficiency in recent years. The company says it has delivered more than 300 projects, ranging from utility-scale solar power installations to clean energy master plans for customers.

Among Nexamp’s current projects is the largest public solar contract in New England’s history — 4.1 megawatts of solar capacity installed at a dozen water and wastewater treatment plants in Massachusetts. The last of the installations is expected to finish in August.

Nexamp said Thursday that the acquisition of SolVera has also spurred the formation of two business units at the company — Renewable Energy Solutions, which will be headed by Malloy, and Clean Energy Advisory Services, which will be overseen by Patterson.

SolVera specializes in solar, wind and biomass development, for both distributed and utility-scale projects, according to the company’s website.

The acquisition and business realignment will enable Nexamp to “address major growth opportunities in the energy marketplace,” Nexamp board chairman and co-founder Henri-Claude Bailly said in a statement.

Nexamp has been backed by $6.5 million in venture capital from Point Judith Capital of Providence, Good Energies of New York and RCG Ventures LLC of Somerville.

Lori Ribeiro, senior project manager at Nexamp, was recently recognized among the 2011 Mass High Tech Women to Watch.