Koch Invests $150 million in GameChange Solar

GameChange Solar Holdings Corp. (GameChange), a leading US provider of racking and tracker systems for utility scale solar power plants, announced today that Koch Strategic Platforms (“KSP”), a subsidiary of Koch Investments Group, has made a $150 million investment in GameChange to support the company’s strategic development goals. In India, GameChange has its office in Bengaluru.

GameChange Solar has grown significantly since its founding in 2012, from a regional provider of fixed tilt racking systems to a global provider of comprehensive utility and commercial scale solar mounting solutions, trackers and software to renewable developers and Engineering, Procurement, and Construction (“EPC”) firms. The company was ranked as the 3rd largest solar tracker company domestically and the 6th largest vendor globally in 2020 by Wood Mackenzie. The investment by KSP will help fuel continued growth in 2022 and beyond.

GameChange’s Chief Financial Officer, Mark Gibbens, said, “We are excited to be able to launch this next phase of our growth with the validation of a major investor in the energy transformation space. Koch offers not just the capital to grow, but the opportunity to mutually leverage the capabilities of each organization.”

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Transaction Highlights:

• $150 million preferred stock investment which, if converted, would represent a minority stake in GameChange Solar;
• Investment follows extensive due diligence into GameChange’s advanced solar mounting solutions, tracking and software, historical performance, and project pipeline

In addition to the new capital investment, GameChange, along with several Koch Industries subsidiaries, is committed to working collaboratively to explore strategic synergies across key companies, including KBX, which provides global transportation, logistics and technology solutions through high-tech tools and services, as well as Koch Engineered Solutions (“KES”).

The net proceeds of the investment will be used by GameChange Solar to pursue the following objectives:

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• Continue to expand its established market share in the United States and globally;

• Accelerate product research and development, including margin-enhancing balance of system solutions, a new 2P tracker technology, a new fixed tilt system, and advanced tracker software;

• Expand a high quality and diverse customer base; and

• Expand international deployment and manufacturing presence.

About GameChange Solar

Founded in 2012, GameChange  and has grown rapidly to achieve significant market share (top 3 in the U.S. and 6th globally) having sold over 16 GW of projects globally.

GameChange offers a suite of products and proprietary software, including its patented Genius Tracker^™, which enables fast installation and low total project cost with high quality construction materials for one and two silicon module portrait systems, as well as supporting all FirstSolar^™ modules. GameChange also offers fixed tilt solutions for post and ballasted systems. Finally, the Company is developing balance of system solutions, and other innovative solar mounting and tracker solutions.