Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori), through its U.S. based subsidiary MyPower Corp., has completed the full acquisition of Solstice Power Technologies, Inc. ("Solstice"), a service provider specializing in the customer acquisition and management for community solar development.
Community Solar is a form of distributed solar generation in the U.S. that gives residents the opportunity to participate in local renewable energy. Households and small commercial businesses can subscribe to a local solar farm and receive a monthly discount on their electricity bill.
In the U.S., many households and small commercial businesses are still unable to install in rooftop solar solutions due to various structural, contractual, or financial barriers. Community solar enables more households and small businesses to benefit from solar energy because there is no installation required onsite, and users receive monthly savings on their energy bills. Expanding access to clean energy across the U.S. is crucial, especially in areas most vulnerable to climate change. Low and moderate-income communities are disproportionately at risk from the harms of climate-related crises. Community solar allows these historically under-resourced communities to benefit from clean energy savings.
The U.S. federal government has been supporting community solar projects as it contributes to the energy transition and a reduction in electricity bills for subscribed households and businesses. The U.S. Inflation Reduction Act, enacted in August 2022, further addresses this challenge by granting additional tax incentives to small community solar projects that serve low-income households.
Solstice provides customer aggregation and management services for community solar developers. Solstice also offers a software platform for both community solar developers and subscribers, which streamlines the enrollment process, displays savings data for customers, and allows solar developers to track their project acquisition progress. Solstice builds partnerships within local communities that put clean energy within reach of all households, including those that are low and moderate-income. Solstice contributes to the growth of community solar through its customer management services connecting community solar developers and end-users.
Through Solstice and its operations, Mitsui aims to create an eco-friendly society and pursue sustainability and energy equity.
|Official name||Solstice Power Technologies, Inc.|
|Head Office Location||Cambridge, Massachusetts, USA|
|Representative||Steph Speirs (CEO)|
|Business Activities||Customer Management services for Community Solar|
|Official name||MyPower Corp.|
|Head Office Location||San Mateo, California, USA|
|Representative||Katsunori Nishida (Co-CEO)|
|Business Activities||Investment and Business Development in Energy and Sustainability field|
“Build brighter futures, everywhere” as our corporate mission, and to gain the trust and expectations of our stakeholders to realize a better tomorrow for earth and for people around the world, we have identified five material issues (“Materiality”) for Mitsui’s sustainable growth. We anticipate this particular project/ business to contribute especially to the realization of “Create an eco-friendly society”
Secure sustainable supply of essential products
Enhance quality of life
Create an eco-friendly society
Develop talent leading to value creation
Build an organization with integrity