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Energy

Real Goods Solar In The Shade (RSOL, GAIA)

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By Douglas A. McIntyre Published
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Real Goods Solar (NASDAQ:RSOL) came public in May at $10.00 per share (at the bottom of the $10 to $12 range) yet its trading high is only $9.25 this year.  It has been dropping ever since. It closed yesterday at $4.37, only a dollar above its all-time low. But lack of support for its share price hasn’t stopped Real Goods from acquiring more assets.

Yesterday, Real Goods announced its fourth acquisition in less than 12months. It merged with a small private company named Regrid Power for less than $15 million, spending about one-third the purchaseprice in cash and the rest in stock. There’s also an earn-outprovision, but no details were given.

In the announcement, Real Goods noted that Regrid’s founder and CEO,Tom McCalmont, will become the Real Goods CEO within the next twomonths. The founder and current CEO of Real Goods, John Shaeffer, willbecome President. Now it’s not unheard of for one company to buyanother in order to capture management or technical talent. But in thiscase, swapping the CEO of one small company for another doesn’t seemlike a particularly innovative move. If Real Goods wants to grow, itshould probably have gone after a bigger fish. There will be plentyavailable real soon now.

Gaiam Inc. (NASDAQ: GAIA) is the parent which spun Real Goods Solar outas a new company.  Its shares are also a back off of the 52-week lowsand shares are down considerably more than their high.

Gaiam is a lifestyle company promoting its media and apparel for yogaand other healthy lifestyle choices.  Its customers are more likely tobe interested in solar power than many other customers, but this was astrange combination from the start.

Paul Ausick
October 16, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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