Written on: June 15, 2020 by ICM
According to reports, two Charlottesville, VA companies are merging. Gasoline, propane and fuel oil distributor Tiger Fuel Co. has acquired 40% of solar energy company Altenergy Inc., and plans to acquire the entire company by March 2021. Financial terms of the deals were not disclosed.
The companies’ officials said the move will provide more capital for Altenergy’s national expansion and diversify the portfolio of Tiger Fuel, which also operates convenience stores in central Virginia.
The two companies came together in 2018 when Tiger Fuel added solar panels to its Ruckersville, VA convenience store’s pump canopy and store roof. The installation proved successful and Tiger Fuel teamed with Altenergy to install solar panels on Tiger’s Preston Avenue convenience store in Charlottesville, and has plans for more stores.
The two companies are expected to continue to operate separately.
Source: The Daily Progress, Charlottesville, VA. See more at: https://www.dailyprogress.com/news/local/merger-brings-solar-power-and-fossil-fuels-together/article_fbd3d652-3392-5122-95b1-3cbfecbf2f54.html