The investment is the first step in what will ultimately lead to an acquisition of the entire company in March 2021.
The acquisition builds upon an ongoing collaboration between the two companies in the last 18 months. Tiger partnered with Altenergy to solar power its gourmet-to-go convenience stores, The Market at Preston and The Market at Ruckersville, supplying more than half of each facility’s electrical needs.
Tiger also extended a grant to Charlottesville Day School in July of 2019, supporting the installation of a 23.36kW roof mounted solar electric PV system, to provide ongoing energy savings and educational opportunities to faculty and students.
Altenergy has installed 21MWh of total PV capacity and over 1,600 projects nationwide. They recently celebrated 15 years in business and have six branches in Charlottesville, Staunton, Maryland, Missouri, Michigan and Idaho. In April 2020, they completed installation of a 99.74kW solar array for Hillside Ranch, a large hay and grain farm in Bellevue, Idaho.
“I’d like to thank Paul Risberg, Matthew Dunay and Rob Cooke at Altenergy for the amazing partnership we have established in the last several years,” said Gordon Sutton, president of Tiger Fuel. “Our companies are closely aligned and we are committed to spearheading energy solutions that make our community a great place to raise families and grow businesses. As we expand, our goal is to be a leader in reducing our carbon footprint and achieving local climate action.”
Paul Risberg, president and founder of Altenergy, expressed excitement about the partnership.
“Altenergy has always been focused on delivering the highest quality and most cost-effective energy projects to our customers,” he said. “We share a commitment to doing the right thing for our customers, our employees and the communities we serve. This step will allow Altenergy to continue to adapt and create value for our customers, while increasing opportunities for our employees.”
This partnership also coincides with Tiger’s plans to deepen its local roots with the proposed build of The Market at Boyd Tavern.
“We have filed a special use permit to build The Market at Boyd Tavern and intend to install solar panels at this country store,” said Sutton. “This ties in nicely with Albemarle County’s Comprehensive Plan to protect the rural landscape while also providing a tasteful and convenient spot to fuel up or get a gallon of milk.”
Tiger Fuel Company is a locally-owned and family-operated business established in 1982 with the purchase of an Exxon- branded petroleum distributor in Charlottesville, Virginia. Today, Tiger Fuel Company is considered a full-service petroleum product distributor in Central Virginia and represents the following major brands: Exxon, Shell, BP, CITGO, and its own private label, Excel. Tiger Fuel Company also operates 10 car washes and nine gourmet-to-go convenience stores known as The Markets.