EBSCO Industries Inc.
10/13/2022 | Press release | Distributed by Public on 10/13/2022 10:17
EBSCO Industries Welcomes Cherry Street Energy
EBSCO Industries Welcomes Cherry Street Energy
Posted on October 13, 2022
Powered for growth: Capital investment positions Cherry Street Energy to help companies across the Southeast turn carbon reduction goals into a renewable power reality.
ATLANTA, GA - Today, Georgia's leading renewable power company, Cherry Street Energy, announced a transformative capital investment that will accelerate the growth of its renewable energy platform throughout Georgia and across the Southeast.
"This investment strengthens our ability to support companies and communities across the United States which have set aggressive carbon-reduction targets and sustainability goals," said Michael Chanin, Cherry Street Energy CEO. "Cherry Street has proven to be the solution companies need to meet their renewable energy goals. This investment positions us to help our partners move even faster toward a future where renewable energy will play an important role."
Unlike solar panel retailers or solar contractors, Cherry Street designs, engineers, constructs, operates, and maintains the energy infrastructure, charging its customers a competitive rate for the renewable power they consume. Cherry Street Energy provides an easy-to-adopt platform that delivers businesses, municipalities, hospitals, and schools an accessible path to renewable energy without the complexity and up-front costs that are typically required.
Since 2016, Cherry Street Energy has been working to support the renewable power goals of companies and communities across Georgia. As states across the Southeast enacted legislation to allow private electricity sales, the demand for renewable power has expanded, and Cherry Street responded by establishing sixty renewable power sites. Furthering this momentum, the federal government passed the Inflation Reduction Act in September this year, strengthening the opportunity for developing and adopting renewable and sustainable energy.
Cherry Street's recent capital investment comes from EBSCO Industries. "Their commitment to Cherry Street stretches beyond the investment - affording us the resources and experience of a global business that shares many of our same values. This partnership allows us to expand our impact on our community, economy, and environment." - said Chanin.
"Cherry Street aligns well with our mission to create positive results in the people we employ, in the business we build, and in the communities where we work and live," said EBSCO Industries' CEO, David Walker. "We are excited about the opportunity to support Michael and his team as they expand Cherry Street."
Deloitte Corporate Finance acted as the exclusive financial advisor to Cherry Street Energy.
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Cherry Street Energy | cherrystreetenergy.com
Cherry Street builds, owns, and operates next-generation, high-performance energy infrastructure powering cities, businesses, and institutions with reliable, renewable energy. The Company's easy-to-adopt platform allows large-scale customers to achieve the benefits of solar energy without the cost or complexity. Cherry Street sells power directly to the City of Atlanta, Fulton County, Emory University, and leading businesses across Georgia and is actively expanding across the Southeast.
About EBSCO Industries, Inc.
Founded in 1944 by the late Elton B. Stephens, EBSCO Industries, Inc. has evolved into a global company with businesses in various industries, including Information Services, Outdoor Products, Real Estate, Manufacturing and Distribution, and Business Services. Headquartered in Birmingham, Ala., EBSCO operates divisions and subsidiaries in 23 countries employing over 4,900 people. EBSCO Information Services, the largest of all EBSCO businesses, is the leading provider of discovery services, databases, and other information resources for libraries worldwide. For a complete listing of EBSCO's business groups, please visit ebscoind.com.
Contact: Jennis Warren, 205.540.8049 [email protected]