Powell Max has entered a non-binding letter of intent to acquire Boston Solar for a total consideration of $9.0 million, including the assumption of up to $7.0 million of Boston Solar debt. The parties expect to complete due diligence and execute a definitive agreement by May 16, 2026, after which Powell Max may provide up to $20 million in working capital funding.

Boston Solar delivered $24 million in revenue in 2025, a 22% increase year-over-year, generating $2 million in adjusted net income based on unaudited management accounts. The vertically integrated installer serves 65% residential and 35% commercial customers and has executed projects for high-profile clients, including Fenway Park.

Powell Max aims to diversify its financial communications business by adding a solar EPC platform in New England. The company believes Boston Solar’s local leadership and in-house installation capabilities will support geographic expansion and accretive regional acquisitions, leveraging potential working capital of up to $20 million.

Following closing, Boston Solar’s senior management team, led by President Mike Morlino—a 22-year U.S. Navy SEAL veteran with an MIT Sloan MBA—will be retained. Powell Max plans to integrate Boston Solar’s operations into its corporate framework while preserving the installer’s existing leadership and expertise.