Ready Solar is a solar startup attempting to provide modular photovoltaic systems with pre-installed Enphase micro-inverters and claims of a 50 percent reduction in installation time for residential and small commercial installations. The firm has received about $1 million in angel funding for their "Solar-in-a-Box" product. The intent is to provide a pre-assembled solar system that makes installation easier for roofers or electricians who are interested in moving into the solar installation business.
Akeena Solar, now Westinghouse Solar, had attempted something of this nature with their Andalay line of solar panels. That made some sense, as Akeena's core business was installing residential solar. Armageddon Energy is also looking to provide easy-to-install solar panels on residential roofs.
Ready Solar's value proposition is real enough, although the firm is adding an integrator layer and additional margin between the installer and the panel/equipment supplier.
In April of 2009, Jigar Shah, the former founder of SunEdison, now part of MEMC, became Chairman of the Board of Ready Solar. About that same time, a corporate entity called Telesis acquired the assets and operations of Ready Solar. In early 2010, the firm was seeking several million dollars in venture capital.
There hasn't been a lot of news from the company since then.
The big news is that Ready Solar has been sold. That's been verified.
The price is undisclosed.
And the buyer is undisclosed as well. But with Jigar Shah, founder of SunEdison, as chairman -- that leads to some obvious conclusions. Mr. Shah, currently with the Carbon War Room, would not comment on the buyer.
The other news is that there's a bit of a legal tussle going on between the original founders of the company and the current management.
The plaintiffs named in Case No. 110CV190135 filed in The Superior Court of Santa Clara, California are Ready Solar and Telesis Solar and the defendants are Robert Giles, Jigar Shah, Meredith McClintock, Larry Holmberg, and Duane Davis.
The general allegations of the case state that Giles sold the assets of Ready Solar to Telesis "while diluting the stock holdings of ... shareholders." The case further alleges that Giles "also knew that if he sold the assets of Ready Solar to Telesis, he would subsequently have the ability to sell the assets of Telesis to SunEdison [...]." The filing goes on to say that Giles "fraudulently maneuvered to benefit himself at the expense of Ready Solar and Telesis."
The document reveals the prospective buyer as SunEdison -- yet another chapter in MEMC's solar shopping spree.
The plaintiff is looking for "an award of damages against all defendants, jointly and severally, for all losses and damages suffered as a result of the acts and transactions complained [...]."
Fun times in Silicon Valley. For the lawyers, at least.