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Independent power producer NRG Energy Inc. on Oct. 2 announced that it bought rooftop solar company Pure Energies Group Inc. in a deal that is expected to bolster NRG's residential solar business with an online platform for signing up new customers.
NRG is in the process of reimagining itself, and selling that vision to investors, as it responds to a shifting electricity market. President and CEO David Crane in August described for Wall Street analysts a reorganization strategy that is intended to focus NRG on high-growth segments of the industry, including renewables and the rooftop solar segment. Earlier in the year, NRG bought the sales and installation company Roof Diagnostics Solar.
"More than one company has room to succeed in the residential solar space," Crane said in August, referring to market leader SolarCity Corp. "And, certainly, we expect to be one of those companies."
The Pure Energies acquisition will help NRG attract younger customers, the company said. While baby boomers prefer an "in-home, kitchen table" sales experience, Pure Energies' proprietary online platform is well-suited to millennials, which will be a core customer group moving forward, NRG Home Solar President Kelcy Pegler said in an interview.
That younger group is "baffled by the fact that their parents never chose how and where they bought their electricity," Pegler said. "And the fact is, these millennials are going solar whether we like it or not. So we're really making sure that we position ourselves to connect with [them] where, when and how they want."
NRG did not disclose the price or terms of the acquisition, nor would it say how many megawatts of residential solar it...