TechGROWTH, Ohio angel funds celebrate Ecolibrium Solar Unirac acquisition
Unirac, a North America manufacturer of solar photovoltaic mounting systems, has successfully completed the acquisition of Ecolibrium Solar, a prominent solar racking manufacturer headquartered in Athens, Ohio. Critical early support and lead investment in Ecolibrium Solar came from both TechGROWTH Ohio Fund, which is part of 91视频鈥檚 Voinovich School of Leadership and Public Affairs, and the East Central Ohio Tech Angel Fund, along with investment from the Queen City Angels in Cincinnati and the Ohio TechAngel Fund, a Rev1 Ventures managed fund in Columbus.
鈥淭echGROWTH is proud to have supported and guided Ecolibrium Solar into becoming yet another entrepreneurial success story in southeastern Ohio,鈥 Lynn Gellermann, executive director of TechGROWTH, said. 鈥淎s a backer to these funds, the Ohio Third Frontier program continues an outstanding record of sustained public-private partnership to produce technology companies with innovative market solutions across Ohio.鈥
The angel investment groups noted their pride in being part of Ecolibrium Solar鈥檚 ongoing achievement.
鈥淲e are thrilled at Ecolibrium Solar鈥檚 achievement,鈥 said Parker MacDonell, managing director of the Ohio TechAngel Funds at Rev1 Ventures in Columbus. 鈥淭his acquisition is proof and reinforcement of the importance of the collaboration between active investors to the Ohio business community.鈥
Ohio鈥檚 highly collaborative angel groups, Queen City Angels and Ohio TechAngels, have frequently reviewed opportunities, conducted diligence, and co-invested together. Both funds provided significant board leadership for Ecolibium Solar over the years.
鈥淓colibrium Solar鈥檚 story exemplifies the type of success we wish for all of our portfolio companies,鈥 said Ted Capossela, Queen City Angels investor and member of Ecolibrium board. 鈥淲hen we choose to invest in start-up companies, we are investing in future economic development and job growth in Ohio.鈥
The acquisition represents a significant expansion of Unirac鈥檚 product portfolio, adding Ecolibrium鈥檚 commercial flat roof, residential rail-less, and metal roof products to its product line, already recognized as a leader in the industry.
鈥淲e are excited about the Ecolibrium team and the products they have brought to the market. They share our passion for customer success and have a strong focus on distribution,鈥 said Peter Lorenz, Unirac CEO. 鈥淏etter solar starts with great partnerships. The increased scale in production, engineering services, and field support allow us to help customers reduce costs and grow their solar business, especially on commercial projects.鈥
Unirac plans to integrate Ecolibrium鈥檚 team and products over the next few months. 鈥淎s we worked together to develop this partnership, the great fit between our teams became clear,鈥 said Sam Veague, former CEO at Ecolibrium. "With a similar focus on customer experience, quality, and product development, our combined team's strength enhances our ability to provide our customers with exceptional products and services."
Founded in 2007 by 91视频 and the Ohio Third Frontier program, TechGROWTH is a $67M program providing intensive professional services and seed-stage investment capital to technology companies and entrepreneurs in southeast Ohio. TechGROWTH is one of many state and federal partnerships at the Voinovich School, which provides public service leadership for the state, region and university in economic and community recovery.
For further details on the acquisition, visit .