A pioneer of the Minnesota solar industry has sold most of his stake in IPS Solar to SmartPitch Ventures, a recently formed private-equity firm focused on the fast-growing renewable-energy industry.
Terms were not disclosed, but SmartPitch is investing several million dollars, company officials said.
CEO Ralph Jacobson, 67, who founded St. Paul-based IPS Solar in 1991, will remain a minority shareholder and chief innovation officer.
"This will allow Ralph to devote time to forward-thinking energy storage and also developing solar farms for American Indian nations," said Eric Pasi, a 12-year IPS veteran and the chief development officer. "He just completed a pilot project for the Red Lake Band of Chippewa. This will allow him more time to nurture that side of our business."
IPS Solar has 35 employees and posted revenue of $32 million in 2017. Pasi declined to provide sales figures for 2018.
Chief Operating Officer Jamie Borell, a 14-year-veteran, has been named CEO of IPS Solar. With 1,500 installations completed in the Midwest, IPS Solar was the 51st largest company of 415 solar firms ranked in 2018 by Solar Power World magazine.
Borell, 47, and Pasi, 36, will remain minority shareholders of IPS Solar.
"This investment will enable IPS Solar to take on an even more prominent role nationally," said Pasi, who declined to specify the amount. "We also can staff up, specifically for solar for affordable housing and community solar farms nationwide."