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NORWALK, Conn., Dec. 17, 2021 /PRNewswire/ -- GameChange Solar Holdings Corp. ("GameChange Solar", or "GameChange"), a leading provider of racking and tracker systems for utility scale solar power plants, announced today that Koch Strategic Platforms ("KSP"), a subsidiary of Koch Investments Group, has made a $150 million investment in GameChange to support the company's strategic development goals.
GameChange Solar has grown significantly since its founding in 2012, from a regional provider of fixed tilt racking systems to a global provider of comprehensive utility and commercial scale solar mounting solutions, trackers and software to renewable developers and Engineering, Procurement, and Construction ("EPC") firms. The company was ranked as the 3rd largest solar tracker company domestically and the 6th largest vendor globally in 2020 by Wood Mackenzie. The investment by KSP will help fuel continued growth in 2022 and beyond.
GameChange's Chief Financial Officer, Mark Gibbens, said, "We are excited to be able to launch this next phase of our growth with the validation of a major investor in the energy transformation space. Koch offers not just the capital to grow, but the opportunity to mutually leverage the capabilities of each organization."
KSP has focused on energy transformation investments as one of its core verticals, with strategic investments in companies with strong tailwinds that are disrupting the market. Most recently, KSP has announced investments in the battery value chain and new sources of energy storage and infrastructure.
"KSP is excited to invest in GameChange Solar as they bring their advantaged solar energy solutions to market," said Jeremy Bezdek, managing director of Koch Strategic Platforms. "We believe these offerings will continue to positively disrupt the industry and look forward to helping accelerate that growth in the future."
Transaction Highlights:
In addition to the new capital investment, GameChange, along with several Koch Industries subsidiaries, is committed to working collaboratively to explore strategic synergies across key companies, including KBX, which provides global transportation, logistics and technology solutions through high-tech tools and services, as well as Koch Engineered Solutions ("KES").
The net proceeds of the investment will be used by GameChange Solar to pursue the following objectives:
Strategic Alignment with Koch Businesses
GameChange is exploring the opportunity to provide mutually beneficial alignment with several Koch Industries businesses. For example, several businesses within Koch could assist in the following ways:
Citi acted as sole placement agent and strategic advisor and Goodwin Procter acted as legal counsel to GameChange on the transaction. Jones Day acted as legal counsel to Koch.
About GameChange Solar
GameChange Solar provides comprehensive utility and commercial scale solar mounting solutions, tracker and software to renewable developers and engineering, procurement and construction firms globally. The Company was founded in 2012 and has grown rapidly to achieve significant market share (top 3 in the U.S. and 6th globally) having sold over 16 GW of projects globally.
GameChange offers a suite of products and proprietary software, including its patented Genius Tracker™, which enables fast installation and low total project cost with high quality construction materials for one and two silicon module portrait systems, as well as supporting all FirstSolar™ modules. GameChange also offers fixed tilt solutions for post and ballasted systems. Finally, the Company is developing balance of system solutions, and other innovative solar mounting and tracker solutions.
GameChange has a presence on every inhabited continent and is poised for continued expansion across the U.S. and international landscape. GameChange utilizes a capital light contracted manufacturing model in combination with a flexible supply chain strategy to increase profitability while reducing working capital requirements. The Company's global headquarters is in Norwalk, CT. https://www.gamechangesolar.com
About Koch Strategic Platforms
With offices in Atlanta and Wichita, KSP desires to be the preferred investment partner of growth focused, strategic companies who are innovating in industries with disruptive potential. Created in 2020, the KSP team pursues public and private investments with companies where long-term mutual benefit can be realized. https://www.kochind.com/
For further information, contact:
GameChange Solar
Mark Gibbens, Chief Financial Officer
investor.relations@gamechangesolar.com
+1 (203) 769-3793
Koch Industries
Christin Fernandez, Director of Communications
christin.fernandez@kochps.com
+1 (202) 879-8546
Related Links :
http://www.gamechangesolar.com
