Complete Solaria (CSLR) Acquires Core Energy

Complete Solar, Inc. (“Complete Solar” or the “Company”) (Nasdaq: CSLR), a solar technology, services, and installation company, today announced that the Company has acquired selected assets of Core Energy, a Logan, Utah solar engineering, procurement and construction (EPC) firm, and hired its 37 employees, including the CEO, Cole Farmer, an industry veteran who will run Sales and Marketing for the combined company. Due to tight cost management and merit-based retention, Complete Solar’s headcount will increase from 106 to only 113 because of the acquisition.

Cole Farmer has worked in Utah’s “Solar Valley” since joining Vivint in 2014. His most relevant experience came at Legacy Power, a large, private solar sales company, where he worked before starting Core Energy in 2019. Our industry is divided into solar sales companies, which typically sell systems door-to-door for about 30% of revenue and EPC companies, like Complete Solar, that install the systems. Cole grew Core Energy’s revenue to $143 million (unaudited) in the 2022 solar boom, before it dropped to its current annualized revenue of $22 million due to the solar downturn triggered by rate changes to California’s Net Energy Metering (NEM 3.0), which lowered the payment for home solar power delivered to the grid by 75%.

Cole Farmer, formerly a lanky, confident linebacker on a Utah high school state-championship football team, said, “I am very excited to be at Complete Solar, where I’m learning a lot about how public companies are run. I plan to contribute by burying my new Company in sales orders.”

T.J. Rodgers, Complete Solar’s CEO, said, “Not only will Cole’s sales and marketing acumen help us grow faster, his Core Energy team will install solar systems in California’s Central Valley in parallel with Complete Solar’s LA-San Diego team to increase our overall installation rate in California, the largest solar market in the U.S.”

Rodgers concluded, “Just as at Complete Solar, every new Core Energy employee has received public company stock options – our currency of growth. We will bring to Utah’s Solar Valley the company-oriented culture that is common in Silicon Valley and is driven by sharing wealth with employees.”

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