New England-based ReVision Energy, recently named the
#1 rooftop solar contractor in the region
, has converted to 100% ownership by an ESOP Trust.
ReVision's three co-founders chose the ESOP option after a rigorous three-year exploration of various strategies to ensure ReVision Energy's long-term economic and environmental sustainability.
"We are investing the future of our company in the exceptional people who have worked hard all these years to build ReVision Energy into one of the best solar companies in the world," said co-founder Phil Coupe. "Converting to 100% ESOP means that every employee can financially benefit from the success of the business as we continue our mission to transition New England from a fossil fuel based economy to a sustainable, renewable energy based economy," noted Coupe, who has spent a 25-year career focused on socially responsible business practices. "We believe this is the best future we can create for all our employees and for our commitment to sustainable energy."
Historically, ReVision Energy has distinguished itself as a mission-driven, values-oriented company that takes excellent care of employees, clients, the broader community and the natural environment. In 2015, ReVision Energy became a certified B-Corp, signifying that the company is operated with a goal of creating maximum positive impact rather than just focusing exclusively on maximizing shareholder returns. Other notable B-Corps include Ben & Jerry's Ice Cream, King Arthur Flour and Patagonia, which all share in common a 'triple bottom line' business philosophy of People, Planet and Profits.
Since 2003, the company has grown from two guys in a garage to more than 200 employees today operating out of five locations in Maine, New Hampshire and Massachusetts. In addition to designing and installing solar electric systems and solar hot water systems, ReVision Energy also specializes in the complementary technologies of battery storage, electric vehicle charging stations, heat pumps and microgrids, thereby providing all the tools necessary to drastically reduce, if not eliminate, fossil fuels.
"Today we have robust, reliable renewable energy technology that is enabling people and businesses to make the transition to 100% clean energy, ensuring their long-term energy security and independence. And now we have established the strongest employee ownership model by transitioning to 100% ESOP ownership, ensuring the greatest resilience for our company and positioning ReVision Energy for the future," said Coupe.
According to the ESOP Association, 84% of companies that convert to ESOP report higher levels of employee motivation and productivity. This overwhelmingly positive effect on the company creates broad-based ownership among all employees and fosters an environment in which everyone understands his or her role in helping the company achieve its triple bottom line. Research has proven that employee ownership builds successful, competitive companies and creates equitable wealth for employees. It has been shown that ESOP companies pay better benefits, have twice the retirement income for employees and pay higher wages than non-ESOP companies.
ReVision joins a growing list of successful and innovative businesses, across industries and sectors, that recognizes and captures both the social and the economic rewards of fair practices and commitment to long term sustainability. ReVision is proud to achieve both 100% ESOP ownership and B-corp status, positioning itself for a lasting and influential role in New England's energy future.