NovaSource acquires Heliolytics

The deal was made as part of NovaSource’s goal to expand its suite of full lifecycle services in renewables operations and maintenance.

January 6, 2022 Tim Sylvia

Image: Heliolytics

NovaSource Power Services, a global O&M provider in commercial, industrial and utility-scale solar markets, announced that it has acquired advanced aerial inspections and site data service provider Heliolytics, Inc.

The two companies have a long history of collaboration across NovaSource’s roughly 18 GW portfolio of assets under management, and, in announcing the acquisition, NovaSource shared that the move is “highly complementary to NovaSource’s existing O&M portfolio and strengthens the company’s ability to offer best-in-class lifecycle services within the renewable energy sector.”

Heliolytics, based in Toronto, will continue as a standalone entity and will retain the Heliolytics name, branding, and personnel.

“NovaSource is building an exciting platform to offer the next generation of solar lifecycle operations,” said Heliolytics CEO and Co-Founder, Rob Andrews. “We are thrilled to integrate with NovaSource as we both share the same vision of what the future of solar operations should be.”

NovaSource’s O&M portfolio has expanded considerably in the last two years. In May 2020, SunPower sold its O&M business to Canadian mid-market private equity firm Clairvest Group for an undisclosed sum, transferring the SunPower O&M business operations to NovaSource.

A few months later, in August 2020, First Solar followed, announcing that it sold its O&M business to Clairvest Group, for an undisclosed amount, with the continued operations of the business falling to NovaSource.

In 2021, NovaSource and SunSystem Technology LLC merged to boost service to the U.S. and global solar markets. At the time of the deal, NovaSource said the merger enabled its field technicians to be within a one-hour drive of 95% of the U.S. solar infrastructure, helping cut time, save money, and increase services nationwide.

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