EnergyAustralia has moved to take full ownership of solar installer and energy efficiency company Echo Group, in a bid by the Hong Kong-owned gen-tailer to bolster its share in the Australian commercial and industrial energy services market.
Victoria-based Echo Group – and its family of brands Cherry Energy Solutions, Eko Energy and LED lighting business Littil – is one of Australia’s largest installers of rooftop solar systems, as well as a leading supplier of LED lights, battery storage systems and energy monitoring equipment.
EnergyAustralia first acquired a 49% share of the company in June of last year, in a move the utility said was about making energy-saving and reliability-boosting technologies more available to businesses, as well as households.
The move on Tuesday to acquire 100% of the company, which remains subject to Foreign Investment review board approval, suggests the partnership has worked well, so far, for both parties.
“This acquisition further reinforces Echo Group’s position as a reliable, long term stable partner for each and every one of our customers. There will be no disruption to how we work as a result of the acquisition,” Echo said in a statement.
“Echo Group welcomes EnergyAustralia as the 100% shareholder and looks forward to enjoying continued success nationally as we work through current economic challenges and into the future.”
In its own statement, EnergyAustralia said the purchase formed part of the utility’s commitment to offering customers affordable energy solutions.
“Since acquiring 49 per cent almost a year ago Echo Group has demonstrated that they are leaders in solar and energy-efficient technologies,” said EA’s chief customer officer Mark Collette.
“We’re excited to continue our joint work of supplying businesses and households with energy products and services that save money.”
EnergyAustralia said Echo Group would continue to operate under local brand offerings Australians had “come to know and trust” including the LED arm of the business, Littil.