Gibraltar Industries, parent company of solar racking manufacturer Terrasmart, is selling its renewables electrical balance-of-systems (eBOS) business to a subsidiary of GameChange Energy for $70 million. Gibraltar also stated in a press release that it is planning to sell the racking and foundations side of the business as well.
“The divestiture of our eBOS business is the first step in a two-step process to align the renewables business with industry leaders who continue to broaden their portfolios,” said Bill Bosway, chairman and CEO of Gibraltar, in a press release. “Our eBOS technology fills a strategic need for GameChange given their dedication to adding leading edge solutions for their solar customers.”
Terrasmart manufactures combiner boxes and wiring products from its factory in Grand Rapids, Michigan. The company is known for also producing proprietary racking, solar trackers and foundations, such as ground screws, that are designed to be deployed in less-than-ideal soil conditions. Terrasmart is a turnkey company that manufactures and installs the structures it produces.
In early 2021, Gibraltar acquired Terrasmart and Sunfig, a solar software developer. At the time, Gibraltar owned RBI Solar, another solar racking manufacturer, and the eBOS company SolarBOS. Then Gibraltar announced in November 2021 that all of these brands would operate under the Terrasmart name as Gibraltar’s renewable energy group.
Gibraltar stated in a press release that it is selling the eBOS and racking businesses to address company debts. Earlier this month, Gibraltar acquired residential roofing and gutter manufacturer OmniMax in a $1.33 billion transaction.
Solar Power World reached out to Gibraltar and Terrasmart for additional comment.
News item from Gibraltar Industries
