Formation Energy & AccelDev Announce Strategic Partnership

New York, NY Oct. 26, 2022 / — Accel-Dev, LLC. (“Accel-Dev”), a renewable
energy investment firm, has announced a strategic partnership with
Formation Energy, LLC. (together with its affiliates, “Formation Energy”), a
growing distributed solar development group led by industry veterans with a
strong track record of greenfield and brownfield development.

Under the terms of the agreement, Accel-Dev will provide a structured capital
investment that enables Formation Energy to fully develop their current
portfolio of Pennsylvania solar projects, totaling over 100MW. The Partnership
will allow for growth into additional solar markets by providing Formation
with the necessary resources to strategically expand their development
portfolio across the US.

“I’m thrilled to be partnering with Laurie and the Team at Formation,” said
Accel-Dev Managing Partner, Chip Brubaker. “Formation’s deep industry
knowledge and entrepreneurial spirit make them an ideal partner for the
Accel-Dev platform.”

“In Accel-Dev we found the ideal partner to support our strategic vision. Their
expertise in financing, flexibility and knowledge of development and make
them the perfect place for Formation to grow. The alignment of values and
shared vision on the growth and power of well-sited, community based solar
projects make this partnership incredibly strong. Andrew, Dan, Tom, and I are
thrilled to see what we can accomplish with Accel-Dev’s support,” said
Formation Energy Founding Owner, Laurie Mazer.

About Accel-Dev

Accel-Dev is an investment firm that provides flexible capital solutions to
innovative and under-served developers. Accel-Dev’s goal is to partner and
support entrepreneurs in the renewable space who see the long-term value
in their projects/platforms. The newly formed venture is backed by the Team
and Investors at Madison Energy Investments.

Read more about Accel-Dev’s launch here:

About Formation Energy

Founded in 2021, Formation Energy LLC is a solar development company that
focuses on distributed generation solar throughout the United States.
Founded by renewable energy veterans with a profound understanding of all
areas and stages of renewable project development. Formation is focused
on local, community based, solar projects. The firm is based in Philadelphia,
PA.