Coronal Group LLC and Panasonic Eco Solutions in North America have announced a strategic investment in Blue Oak Energy, a solar engineering and construction company. Blue Oak Energy will continue to operate as an independent entity under the leadership of its Founder and CEO, Tobin Booth.
Jonathan Jaffrey, CEO of Coronal Group, stated:
"This is a strategic investment by Coronal, which will provide resources to help fuel Blue Oak Energy's growth in the engineering and EPC sectors and ensure that the company can provide its long-term, loyal customer base with the service it has come to expect."
Blue Oak Energy is focused on commercial and utility-scale solar power plants. The company continues to grow by delivering solar facilities for businesses and engineering services across the United States. Blue Oak Energy has engineered or constructed solar electric systems on over 600 distinct locations, across more than 30 states, totaling more than 1 GW.
Tobin Booth, Founder and CEO of Blue Oak Energy, commented:
"We are pleased to be partners with the high-integrity teams at Coronal and Panasonic. We now have a larger platform from which to expand our services and help our customers achieve their goals."
Jamie Evans, head of Panasonic Eco Solutions in the U.S., added:
"As part of one of the largest engineering-based firms, we are excited to have made this investment in a world-class renewable engineering firm. Panasonic is a Blue Oak Energy customer and pleased to support their growth and commitment to meeting increasing market demand."
Marathon Capital served as exclusive financial advisor to Coronal and Panasonic. Media Venture Partners acted as exclusive advisor to Blue Oak Energy.