424 Capital is pleased to announce that it led a transaction in Q1 to acquire Tritium3 Renewable Services (“Tritium”) of Honolulu, HI on behalf of its portfolio company, QE Solar (“QE”). With the acquisition of Tritium, QE has extended its service line to utility-scale solar infrastructure and materially expanded its services in the high-growth Battery Energy Storage Systems (“BESS”) market.
QE has already benefitted from the new client relationship and capabilities added as a result of this transaction having recently won the operations and maintenance contract for a battery energy storage site in Hawaii recently won the operations and maintenance contract for one of the top five largest battery energy storage sites in the US.
Since 424 Capital’s initial investment in QE in 2021, the solar industry has seen significant demand for services and technologies required to maintain and optimize infrastructure. The acquisition of Tritium has positioned QE to become the leading solar O&M services provider in Hawaii and one of the largest in the country with over 4GW of assets under management and growing.
Founded in 2012 by Ryan McCauley, Tritium focuses on utility-scale and commercial solar and battery storage projects located throughout Hawaii. Tritium provides O&M services for over 300 MW of solar infrastructure and battery energy storage projects in Hawaii, making it the largest O&M provider in the state and one of the largest battery storage operators in North America. McCauley has joined the leadership team at QE as the Vice President of Business Development.
“The acquisition of Tritium builds on QE’s services in the high-growth utility-scale solar and Battery Energy Storage Systems (BESS) markets and we are excited to be part of Hawaii’s renewable energy community. The demand for maintenance services with clients in Hawaii and North America continues to grow at a significant rate with the increase of new energy infrastructure that is being built,” said Ken Heissler, CEO of QE Solar. “The addition of Tritium further establishes QE as a nationwide service provider. This offers the continued opportunity for QE to lead O&M services for commercial and utility-scale solar and BESS services in the US.”
“QE Solar’s reputation as a high-quality solar operations and maintenance service provider aligns well with the Tritium3 Renewable Services commitment to operational excellence and customer first approach. The combination of the Tritium and QE field service teams establishes the company as a nationwide service provider, able to provide comprehensive, turn-key O&M solutions for client sites anywhere in the country. We remain committed and focused on our clients and will continue to support the Hawaii renewable sector as it continues to expand,” added Ryan McCauley.
About QE Solar
QE Solar, founded in 2010, is the leading North American O&M provider serving the C&I segment of the solar, BESS and EV charging industry (also referred to as the Distributed Generation or DG segment) and also has a growing presence operating and maintaining in utility scale projects.. The Company provides extensive services supporting the renewable energy communities with a focus on full scale solar, and BESS O&M services as well as commissioning, remote monitoring, owner’s engineering, third party audits, inhouse aerial thermography, QA/QC services, corrective maintenance, and a variety of other technical O&M services, (both onsite and off) which optimize solar plant performance.
About Tritium Enterprises LLC
Tritium Enterprises, LLC, the seller of Tritium3 Renewable Services,, founded in 2012, provides comprehensive renewable energy development, construction, consulting and operations and maintenance services for utility-scale and commercial battery and solar projects located in Hawaii. Tritium’s services include project acquisitions, EPC, commissioning through end-of-service life asset management and technical consulting for advanced grid connected energy systems.
About 424 Capital
424 Capital is a capital partner that invests in lower middle market companies primarily within the healthcare and renewable energy sectors. 424 Capital works in partnership with founders and management teams to accelerate and scale for long-term growth. 424 Capital invests in, empowers, and enables companies to step up, stand out, and make a difference in the world. For more information about 424 Capital, please visit 424capital.com.