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October 6 (Renewables Now) - US climate solutions firm Fourth Wave Energy Inc (OTCMKTS: FWAV) on Monday announced plans to acquire Atlanta-based solar roof tile maker DeSol Power Tiles LLC.
The targeted company makes solar roof systems with a sealed and walkable surface that leave the aesthetic or architectural appeal of the roof unaffected. The tiles have a performance guarantee for a period of 30 years.
Fourth Wave Energy, which provides net zero energy solutions for buildings, intends to manufacture, market and distribute DeSol's tiles throughout North America.
The company said it expects to scale up the new business quickly, given that the solar roof installation only requires local contractors, roofers and an electrician.
The deal is subject to a definitive agreement between the parties and other conditions. Financial details were not disclosed.