August 14, 2014 - NRG Energy, Inc. and Goal Zero have reached an agreement that will bring the rapidly growing consumer products company into the NRG family of companies.
"The ultimate manifestation of distributed clean generation is personal power. Only about one in four Americans are themselves homeowners but every American has a need for personal energy free from the tether of plug and cord," said David Crane, President and CEO of NRG. "The acquisition of Goal Zero - the best company in its field - aligned alongside our established system power franchise and our fast-growing residential solar business, dramatically expands our reach, enabling us to serve every American who desires to be part of the clean energy future."
"Our mission is to put reliable power in the hands of every human on earth," said Robert Workman, founder and CEO of Goal Zero. "Being part of NRG allows us to reach this goal in a much more powerful way. Both Goal Zero and NRG have similar give-back initiatives. Both companies have proven track records of helping those in need with services and products, whether it is lighting a hut in Congo or a school in Haiti."
Through this acquisition, NRG adds the third leg to its NRG Home end-use energy consumer strategy built around harnessing the reciprocal synergies and cross-selling opportunities between system power, residential solar and personal power. Each part of the strategy supports the other through shared access to multiple distribution channels and customer bases. NRG expects to combine product and service offerings; for example, educating Goal Zero customers about the possibilities of rooftop solar and combining portable Goal Zero solar products with NRG’s retail electricity offers.
"With the addition of Goal Zero's feature-rich personal solar solutions, everyone can experience solar firsthand and can count on NRG to provide the full range of power solutions at home and on the go," said Elizabeth Killinger, President of NRG Retail.
Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions, including regulatory clearances, and is expected to be finalized in the third quarter.