A well-known company based in Torrance is selling its assets.

The City’s Economic Development Department confirmed today that Verengo, a leading solar panel installer filed for Chapter 11. It plans to sell all of its assets to Crius Solar Fulfillment LLC, a subsidiary of Crius Energy Corporation. Crius is a leading energy solutions company that provides electricity, natural gas and solar products to residential and commercial customers.

Verengo, which is headquartered in Torrance, has installed more than 20,000 systems. The company hopes this acquisition will increase outreach to new customers and provide a platform outside of California.