Advanced Energy Buys PV Powered

Fort Collins, Colorado-based Advanced Energy said Wednesday that it is in a definitive agreement to acquire PV Powered, a manufacturer of grid-tied, photovoltaic inverters. Advanced Energy said it would pay $90M for PV Powered, including $50M at closing, in a combination of $35M in cash and $15M in its common stock, plus up to $40M in earnout. PV Powered's products are used to convert photovoltaic (PV) energy on residential, commercial, and utility-scale solar energy projects, into grid AC power. Advanced Energy said the buy will add an estimated $40-$50M to its 2010 revenues. PV Powered has 90 employees, and had $21M in revenues in 2009. Needham & Company, LLC advised Advanced Energy in the deal. PV Powered is based in Bend, Oregon.