U.S. solar installer SolarCity has announced plans to acquire San Rafael-based mounting system company Zep Solar in exchange for US$158 million worth of SolarCity shares.
In a filing to the U.S. Securities and Exchange Commission (SEC) on Thursday, SolarCity revealed the deal had been struck on Tuesday and is expected to be complete, pending regulatory approval and the support of Zep shareholders, in December.
Zep Solar's Zep Compatible technology has been used by Canadian Solar, Trina Solar, ET Solar, Solar Edge, Enphase Energy and Sharp Solar.
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