Eternal Sun Group (ESG) and ABN AMRO Energy Transition Fund (ETF) announced today that ABN AMRO ETF has taken a majority stake in the provider of test solutions for the solar industry. Together with Belgian family fund VERMEC and key management a strong shareholder base has been created to fuel expansion.
Eternal Sun Group (ESG) shareholders and ABN AMRO Energy Transition Fund (ETF) have come to terms on an agreement for a new shareholder structure and additional funding to accelerate ESG’s growth. New PV module technologies and an increasing demand for highly accurate testing provide a strong growth outlook for the company’s high-end market segment served through its brands Eternal Sun and Spire. Using ABN AMRO ETF’s investment, Eternal Sun Group will build out the global team and focus on new products and test services. Florian van Rijn van Alkemade (CEO), co-founder Stefan Roest (CTO) and Erik Bentschap Knook (CCO) will continue to lead the company. Co-founder Chokri Mousaoui concluded his leave by selling his shares in this transaction. Apricum – The Cleantech Advisory served as ESG’s financial advisor.
Eternal Sun Group CEO Florian van Rijn van Alkemade: “We have been able to double in size over the past three years in a very competitive market. With ETF as a new shareholder and VERMEC staying on board we can accelerate our growth, it allows us to increase our presence closer to our main markets, to accelerate new product development and to push our new test services offering.”
ABN AMRO Energy Transition Fund’s investment director Pieter Smit comments: “Supporting the energy transition is a priority for ABN AMRO. ESG’s ambition to further de-risk solar energy with their testing technology contributes to the fund’s objectives. The strong business case in combination with long-term management commitment make ESG a great addition to the ABN AMRO ETF portfolio.”
Belgian family fund VERMEC stays on board. VERMEC’s CEO Michel Verhaeren: “Under the leadership of CEO Florian van Rijn van Alkemade Eternal Sun Group has transformed from a start-up to a profitable organization ready to make the next step in the renewable industry. We are excited that ABN AMRO ETF comes aboard, creating a more diversified shareholder structure, adding even more focus on sustainable energy solutions. We continue to be as committed to ESG as we have been in past years.”