GameChange Solar Announces $ 150 Million Investment in Preferred Shares of Koch Strategic Platforms
GameChange Solar has grown significantly since its founding in 2012, from a regional supplier of fixed tilting racking systems to a global supplier of complete utility and commercial scale solar mounting solutions, trackers and software to developers. renewable and engineering, procurement and construction (“EPC”) companies. The company was ranked 3rd largest solar tracker company in the country and 6th largest supplier in the world in 2020 by Wood Mackenzie. The investment of KSP will help fuel continued growth in 2022 and beyond.
Chief Financial Officer of GameChange, Marc Gibbens, said: “We are delighted to be able to launch this next phase of our growth with the validation of a major investor in the field of energy transformation. Koch not only offers the capital necessary for growth, but also the opportunity to mutually exploit each other’s capabilities. organization.”
KSP has focused on investments in energy transformation as one of its main verticals, with strategic investments in companies having strong favorable winds disrupting the market. More recently, KSP announced investments in the battery value chain and new sources of energy storage and infrastructure.
“KSP is delighted to invest in GameChange Solar as they bring their beneficial solar power solutions to market,” said Jeremy Bezdek, Managing Director of Koch Strategic Platforms. “We believe these offerings will continue to positively disrupt the industry and look forward to helping accelerate that growth going forward.”
Highlights of the transaction:
- $ 150 million investment in preferred shares which, if converted, would represent a minority stake in GameChange Solar;
- The investment follows extensive due diligence into GameChange’s advanced solar mounting solutions, tracking and software, historical performance and project pipeline; and
- The parties continue to explore strategic partnerships in key areas, supporting additional growth opportunities for GameChange Solar and Koch.
In addition to the new capital investment, GameChange, along with several subsidiaries of Koch Industries, is committed to working collaboratively to explore strategic synergies between key companies, including KBX, which provides global transportation, logistics and transportation solutions. technology through high-tech tools and services, as well as Koch Engineered Solutions (“KES”).
The net proceeds of the investment will be used by GameChange Solar to pursue the following objectives:
- Continue to expand its established market share by United States and globally;
- Accelerate product research and development, including balance of system solutions improving margins, new 2P tracking technology, new fixed tilt system and advanced tracking software;
- Develop a diverse and high quality clientele; and
- Expand international deployment and manufacturing presence.
Strategic alignment with Koch companies
GameChange is exploring the opportunity to provide a mutually beneficial alignment with several Koch Industries companies. For example, several companies within Koch could help in the following ways:
- Work to improve the management of GameChange’s vast global supply chain, leveraging KBX’s scale and sophistication;
- Take advantage of advances in energy management software and solutions developed by the Koch companies; and
- Ensure the company has visibility in the rapidly developing market for alternative energy solutions by leveraging existing and future investments from Koch Strategic Partners.
Citi acted as sole investment agent and strategic advisor and Goodwin procter acted as GameChange’s legal advisor on the transaction. Jones Day acted as legal counsel to Koch.
About GameChange Solar
GameChange Solar provides complete utility and commercial scale solar mounting solutions, tracker and software to renewable energy developers and engineering, procurement and construction companies worldwide. The company was founded in 2012 and has grown rapidly to achieve a significant market share (top 3 in the United States and 6th globally) having sold over 16 GW of projects worldwide.
GameChange offers a suite of proprietary products and software, including its patented Genius Tracker™, which enables fast installation and a low total project cost with high-quality construction materials for one- and two-module silicon portrait systems, as well as support for all FirstSolar™ modules. GameChange also offers fixed tilt solutions for pole and ballast systems. Finally, the Company is developing system balancing solutions and other innovative solar mounting and monitoring solutions.
GameChange is present on all inhabited continents and is ready for continued expansion across the American and international landscape. GameChange uses a small cap contract manufacturing model in combination with a flexible supply chain strategy to increase profitability while reducing working capital requirements. The Company’s global headquarters are located at Norwalk, Connecticut. https://www.gamechangesolar.com
About Koch’s Strategic Platforms
With offices in Atlanta and Wichita, KSP aims to be the preferred investment partner for strategic, growth-oriented companies that innovate in sectors with disruptive potential. Established in 2020, the KSP team pursues public and private investments with companies where long-term mutual benefits can be realized. https://www.kochind.com/
For more information, contact:
Marc Gibbens, Financial director
+1 (203) 769-3793
Christin Fernandez, communication director
+1 (202) 879-8546
SOURCE GameChange Solar