Sigora Solar has acquired California-based Aztec Solar, growing the Charlottesville company significantly.
According to Logan Landry, CEO of Sigora Solar, the conversations with Aztec began late last year and largely were unimpeded by the COVID-19 pandemic, which has seen many industries flounder.
“We knew this was something we both wanted to do and the timing seems right for our companies,” he said. “Aztec has been in business for more than 40 years and brings a wealth of experience.”
The acquisition of Aztec means Sigora now will operate in 14 states and will serve approximately 20,000 customers, Landry said, 14,000 of whom come from Aztec. The value of the purchase was not disclosed.
Aztec Solar will continue to manage its day-to-day operations, with a plan for gradual integration into parent company Sigora, according to a news release. There will be no major changes for employees or customers in the near term.
“We pride ourselves on being the most trusted solar company in Northern California. Our name is synonymous with ethics in solar energy,” Aztec Solar’s founder and CEO Ed Murray said in the release. “Sigora’s experience and resources as a national brand will only help us build on that legacy.”
The move is part of a long-term plan for “aggressive and massive” growth, Landry said, which will next involve obtaining Series A capital funding to enable Sigora to further expand. Sigora’s goal is to be the No. 1 solar energy provider in the country.
In contrast to many in the industry, Landry said Sigora has been able to avoid pay cuts and layoffs for its staff of around 225 people.
“I’m proud of the team we built and I made a commitment to make sure that no one had to take a reduction in pay, and the team made a pledge to work their best,” he said.
In the past year, parts of the solar industry have done incredibly well while others have done poorly, Landry said. As the reality of the pandemic set in, he said the company decided it would not only survive the pandemic, but thrive.
“People are staying home more and are trying to invest in their homes and their future,” Landry said. “In a world of people who are uncertain and who are nervous about the future, solar power can give them a sense of security, safety, control and, in almost all cases, savings.”
Landry said Sigora is also proud of its One for One program, which provides free connections to electricity for customers in Haiti through its sister company, Sigora Haiti.
For each commercial installation, the company provides five years of free power to clinics, schools and families in Haiti.
Over the past four years, Landry said Sigora has seen tremendous growth and attracted attention from others in the industry.
In 2019, Sigora was named Solar Power World’s Most Forward-Thinking Company, an award that celebrates solar installers devoted to making progress both in energy and society. Sigora Solar was ranked by the magazine as the top solar company in Virginia and No. 30 in the United States.