DNV GL Acquires Solar Panel Testing Expert PV Evolution Labs

BERKELEY, CA--(Marketwired - Mar 17, 2014) -

• PVEL's quality and performance testing increases certainty and mitigates technology risk exposure for solar investors
• Joint expertise of PVEL and DNV GL to increase confidence in solar components and support continued growth of the industry

Global independent testing, certification and advisory company DNV GL and PV Evolution Labs (PVEL) have signed an agreement for the acquisition of PVEL by DNV GL. PVEL is the leading provider of PV solar module technical due diligence testing services in the U.S. solar PV industry. PVEL has laboratory and outdoor test facilities to evaluate solar panels and other solar system components. PVEL's testing and assessment services help to reduce uncertainties and build confidence amongst investors in the solar industry and thus facilitate the continued growth of the solar industry. The acquisition of PVEL fits with DNV GL's strategy to support the global energy industry in becoming cleaner, more reliable and more efficient. DNV GL is the recently merged company in which the strengths of four energy brands are combined: DNV, KEMA, Garrad Hassan and GL Renewables Certification. In the solar market DNV GL already provides independent engineering, owner's engineering, technology review, design assistance, and operating asset management.

David Walker, CEO of DNV GL's global energy business: "DNV GL is committed to investing in the capabilities and innovation that will facilitate the next stage of growth and confidence in solar. The lab and field testing capabilities of PVEL complement and enhance our services to our clients who finance, develop and operate PV power plants. Combining the expertise of pioneering companies in the power grid, wind and solar industry increases our ability to support the global energy industry in making the transition to a reliable, affordable and cleaner energy future."

Jenya Meydbray, co-founder and CEO of PV Evolution Labs: "PVEL is thrilled to be joining the leading engineering advisory firm in the solar industry. Combining PVEL's innovative PV module testing capabilities with DNV GL's experienced and forward thinking engineering advisory services will ensure our customers receive the most sophisticated and comprehensive guidance to assess and mitigate risk."

The global solar market continued to grow rapidly in 2013 by adding 36.7 GW of installed capacity, a 20% increase over 2012. 2013 was the first year in which solar PV added more megawatts of global energy capacity than wind. 2014 is poised to be a huge year for the global solar industry with expected installations reaching 45 - 50 GWs. In the US, solar was the second largest new energy source installed in 2013. Renewable energy sources now account for 15.9% of total installed U.S. operating generating capacity. This is more than nuclear (9.25%) and oil (4.05%) combined. (Source: FERC report).

About PVEL
Headquartered in Berkeley, California, PV Evolution Labs (www.PVEL.com) was founded on the principle that understanding solar panel performance and aging behavior through rigorous testing is fundamental to reducing risk in solar investments. For solar technology and project development, PVEL provides solar product intelligence not just test data.

About DNV GL
Driven by its purpose of safeguarding life, property and the environment, DNV GL enables organisations to advance the safety and sustainability of their business. DNV GL provides certification and technical assurance along with software and independent expert advisory services to the energy, oil & gas and maritime industries. It also provides management systems certification to customers across a wide range of industries. DNV GL, whose origins go back to 1864, operates globally in more than 100 countries with its 16,000 professionals dedicated to helping their customers make the world safer, smarter and greener.

DNV GL in the Energy industry
In DNV GL we unite the strengths of DNV, KEMA, Garrad Hassan, and GL Renewables Certification. DNV GL's 3,000 energy experts support customers around the globe in delivering a safe, reliable, efficient, and sustainable energy supply. We deliver world-renowned testing, certification and advisory services to the energy value chain including renewables and energy efficiency. Our expertise spans onshore and offshore wind power, solar, conventional generation, transmission and distribution, smart grids, and sustainable energy use, as well as energy markets and regulations. Our testing, certification and advisory services are delivered independent from each other. Learn more at www.dnvgl.com/energy.