Magen eco-Energy, an Israel-based global manufacturer of renewable energy products, has acquired 100% ownership of UMA Solar, a distributor of Heliocol, Solene, SunStar and Heliolectric solar energy solutions, from partner Victor Eyal, CEO and president of UMA Solar.
For more than 30 years, Magen eco-Energy and Victor Eyal shared 50/50 ownership of UMA Solar and its affiliates. Magen's acquisition and resulting 100% ownership of the company is expected to enhance the future growth and performance of UMA Solar, according to the companies.
‘We have seen a tremendous opportunity for growth in the U.S. solar thermal market,’ says Mati Bavli, Magen eco-Energy CEO and UMA Solar chairman. ‘We believe the solar thermal industry in the United States is still at the ground-floor level.’
Eyal will retain his position as CEO and president of UMA Solar and its affiliates.
