Powell Max Limited signed a non-binding Letter of Intent to acquire The Boston Solar Company, valued at $9.0 million including up to $7.0 million debt assumption, with definitive agreement expected by May 16, 2026, subject to due diligence. This supports Powell Max's diversification into solar energy amid rising U.S. energy demand.
Key takeaways
Signed non-binding LOI to acquire The Boston Solar Company for $9.0 million including up to $7.0 million debt
Definitive agreement expected no later than 2026-05-16 after due diligence
Post-closing up to $20 million working capital funding subject to final agreement and capital securing
Boston Solar 2025 revenue $24 million (22% increase), $2 million adjusted net income (unaudited)
Boston Solar: vertically-integrated EPC solar installer, 65% residential, 35% commercial in New England
Powell Max to retain Boston Solar senior management post-closing