Commercial, Industrial, Solar - September 12, 2016
Panasonic ups stake in solar developer Coronal
Panasonic Corp. of North America, through one of its divisions, has increased its ownership position in solar company Coronal Group LLC, following four years of collaboration with the California-based entity.
In conjunction with the deal, Coronal changed its name to Coronal Energy; the two companies will do business with an integrated team as Coronal Energy, powered by Panasonic, according to a Sept. 12 news release. Financial details were not disclosed.
"At a time when the solar industry is maturing and consolidating, smaller players are facing an uncertain future, and some larger players have declared bankruptcy, Panasonic is making a statement that it's committed to the future of solar energy in North America for the long term," Jamie Evans, managing director of the Energy Solutions Group at Panasonic Enterprise Solutions Co., a division of Panasonic Corp. of North America, said in a statement. "In close alignment with Coronal, we believe the future of solar in this country is very bright, and we're excited to strengthen our leading role in making that happen."
Panasonic Enterprise Solutions Co. develops, installs, and maintains large-scale energy solutions and sensory solutions for utility, business, government, and institutional customers. Coronol Energy, powered by Panasonic, focuses on renewable energy solutions — including solar photovoltaic and battery energy storage — for customers such as utilities, corporations, the public sector, educational institutions and other organizations.