Website: http://www.blackbearenergy.com
Type of Company: IT Services
Company Status: Realized
Business: Black Bear Energy serves industrial property owners in their procurement of renewable energy and clean technologies.
Outcome: Acquired by Legence, July 2022.
Co-investors: Rocky Mountain Institute, Peierls Foundation
Summit Ridge Energy and Black Bear Energy are proud to announce that construction has commenced on four industrial solar projects in Maryland. The sites, in Belcamp and Rosedale, total over 17 MW of rooftop hosted solar that will be part of the Maryland Community Solar program providing low-cost renewable energy to local residents. Developed and owned by Summit Ridge Energy (SRE) and facilitated by Black Bear Energy, these sites will generate over 30 million kWh of electricity annually – the equivalent of powering over 2,000 homes.
Black Bear energy is a buyer’s agent for institutional property owners who want to procure on-site renewables and clean tech. The team is so excited to become part of Legence, giving them the fastest way of scaling their sustainable solutions.
SAN JOSE, Calif., July 19, 2022 (GLOBE NEWSWIRE) -- Legence, an Energy Transition Accelerator™ and leader in building efficiency, has announced the acquisition of Black Bear Energy. Black Bear’s addition to Legence’s rapidly growing portfolio expands the firm’s renewable energy procurement services and further strengthens its capabilities for decarbonization. The announcement comes on the heels of two additional acquisitions and a new brand launch that integrates an experienced legion of best-in-class companies committed to making the spaces we occupy more efficient, healthy and sustainable.
The achievable value of onsite #solar is now so large, that price targets of publicly traded REITs are being increased solely based on the opportunity alone. Last month Morgan Stanley published a collaborative report from their REIT, cleantech and utilities analyst teams. Click “Read More” to access a PDF of the report. Their conclusion; The TAM for rooftop solar on commercial real estate is $490 million and justifies increasing targets on many of the REITs they cover. On Tuesday, Black Bear’s CEO & Founder Drew Torbin joined Richard Hill and Stephen Byrd from Morgan Stanley to discuss their findings and the massive opportunity (link to webcast in the title of article). Hats off to the analyst team who compiled this study.
Some owners are taking steps to make their buildings more energy efficient, including upgrading building materials and turning the rooftops into solar farms.
Solar Landscape, a community solar developer, put installations on four warehouses in northern New Jersey. Credit...Tony Cenicola/The New York Times
