The sun has set on an era for a major Dubuque solar technology company.
Officials with Eagle Point Solar announced that founder Barry Shear has retired and transferred ownership to his current management team and a pair of investors.
Shear founded Eagle Point Solar in 2010. Now at 75 employees, the company has grown to provide an array of solar-technology products throughout the tri-state area.
The new ownership group includes multiple members of Eagle Point Solar’s management team: General manager Jim Pullen, vice president of operations Randy Ambrosy, vice president of sales Larry Steffen and vice president of design and engineering Tod Hollenback.
The change in ownership also brings with it the addition of new investors to the company, Dennis Buchheit and Toben Murdock, owners of New Eagle Group.
Pullen said it has been the intention of the company for years to transfer ownership to the Eagle Point Solar’s management team.
“I think this was really the plan all along,” Pullen said. “This is the right time to execute the plan.”
Shear, who is 67 years old, said his decision to retire was influenced by the economic impact of the COVID-19 pandemic.
“I would be lying if I told you that the economic impact of COVID-19 didn’t play a part in it,” Shear said. “I decided that I’m working harder than I want to, and I’m at a retirement age.”
While the company is under new ownership, Pullen said it is unlikely there will be any noticeable changes occurring at Eagle Point Solar in the near future.
“The management team is still intact, so we are going to continue to operate the business as we have,” Pullen said.
He added that the addition of Buchheit and Murdock as investors will give the company more leeway to pursue potential business opportunities in the future, though he did not indicate further what those opportunities could be.
He added that Eagle Point Solar and New Eagle Group could potentially collaborate on projects in the future as well.
“There may be some synergies between the organizations that we can utilize,” Pullen said. “We’re very excited about them coming on board.”
In a press release, Buchheit is quoted saying he believes New Eagle Group’s investment in the solar company was a natural fit.
“I have always been an advocate of the financial and environmental benefits which solar technology provides,” Buchheit said.
With the change in ownership, the future appears to be looking bright for Eagle Point Solar, Pullen said. While the economy might be going through a slump, he added that interest in solar technology is only expected to continue to increase.
“We’re more excited now than we have ever been,” Pullen said.