- Viridian to Offer Solar Products and Services Through Exclusive Reseller Agreement -
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, Sept. 23, 2013 /CNW/ - Crius Energy Trust (TSX:KWH.UN) ("Crius Energy Trust" or the "Trust") today announced that Crius Energy LLC ("Crius Energy") will now offer residential solar energy products and services through an exclusive reseller agreement with SolarCity, the number one full-service solar provider in the U.S. Crius Energy will offer SolarCity products and services initially through its network marketing brand, Viridian Energy. This agreement grants Crius Energy exclusive rights to market SolarCity products and services through a network marketing entity. Viridian's new product offering was officially launched to its network of more than 20,000 active independent contractors this past weekend at PowerUP!, Viridian's annual conference.
"We are proud to be partnering with SolarCity, the recognized leader in the residential solar industry, to offer an affordable and simple solar energy option to our customers. There is strong affinity between SolarCity and Viridian, two companies focused on providing innovative energy solutions that are affordable and responsible. Plus, Viridian's dedicated independent contractors will benefit from having more products to offer their customers," said Michael Fallquist, President and Chief Executive Officer, Crius Energy Trust. "For Crius, partnering with SolarCity allows us to leverage our existing platform to enter an exciting growth market with minimal capital investment and limited operating costs and risk. Moreover, it's another step forward in our strategy to expand our product offerings to become a full-service energy partner to our customers."
"Viridian and SolarCity have made clean energy more accessible and affordable to a wide range of American homeowners," said SolarCity CEO Lyndon Rive. "This partnership will help far more homeowners realize that it's possible for them to pay less for solar electricity than they pay for utility bills."
As a certified SolarCity reseller, Crius Energy will leverage Viridian's independent contractors, who will market and sell SolarCity's solar products and services to new and existing customers. Crius Energy receives a commission from SolarCity on each sale made through the partnership. SolarCity will offer system financing and provide a full range of solar-related services throughout the life of the contract. SolarCity makes it possible for many customers to install solar panels for free and pay a lower rate for solar electricity than they pay for utility-generated power, with permitting, installation, insurance, monitoring, and repairs included. The new solar offering is initially available to Viridian customers in New York, New Jersey, Connecticut, Massachusetts, Maryland and Delaware.
"Partnering with SolarCity allows us to deepen our existing relationships with our Viridian green energy customers," Mr. Fallquist added. "These customers are passionate about the environment and are open to embracing solar technology. That commitment to green energy solutions results in longer, higher value relationships."
Crius plans to leverage this partnership to further expand its market penetration into states where it does not currently operate. These include Washington, Oregon, California, Arizona, Colorado, Texas and Hawaii.
About Viridian Energy
Viridian Energy is a socially responsible retail energy supplier that provides greener electricity and clean-burning natural gas at affordable prices. The company services commercial and residential electricity and natural gas customers in Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Washington, D.C., and Virginia with electricity derived from renewable sources and natural gas. Viridian is a member of the Crius Energy family of best-in-class energy brands. Additional information is available at www.viridian.com.
About Crius Energy Trust
Crius Energy Trust has been established to provide investors with a stable and consistent distribution-producing investment through the acquisition of a 26.8% ownership interest in Crius Energy LLC (the "Company"). The Company is one of the largest independent energy retailers operating in the United States, with approximately 590,000 residential customer equivalents. The Company serves residential and small to medium-size commercial customers in the United States and markets its products through a variety of sales channels and brand names. The Company currently sells electricity in 11 states and the District of Columbia and natural gas in seven states and the District of Columbia.
Crius Energy Trust intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Material information pertaining to Crius Energy may be found on www.sedar.com or www.criusenergytrust.ca.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Crius Energy, including, without limitation, those listed under "Risk Factors" and "Forward-Looking Statements" in Crius Energy's Annual Information Form dated March 28, 2013 (collectively, "forward-looking information"). Forward-looking information in this news release includes, but is not limited to, Crius Energy's objectives and status as a mutual fund trust and not a SIFT trust, results of operations, financial position or cash flows, customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, treatment under governmental regulatory regimes, distributable cash and Crius Energy's expectations and estimates regarding the payment of distributions to unit holders. Crius Energy cautions investors of Crius Energy's securities about important factors that could cause Crius Energy's actual results to differ materially from those projected in any forward-looking statements included in this news release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that the expectations set out in this news release will prove to be correct and accordingly, prospective investors should not place undue reliance on these forward-looking statements. These statements speak only as of the date of this news release and Crius Energy does not assume any obligation to update or revise them to reflect new events or circumstances.
SOURCE: Crius Energy Trust
For further information:
Chief Executive Officer
(416) 815-0700 ext. 233