Tuesday, May 4, 2010
Advanced Energy Completes PV Powered Buy
Fort Collins, Colorado-based Advanced Energy Industries said Monday afternoon that it has completed its acquisition of PV Powered, a manufacturer of grid-tied PV inverters for the photovoltaic (solar) market. The deal was worth $50M, made up of $35M in cash plus $15M in stock. PV Powered is a manufacturer of inverters for the residentcial, commercial, and utility-scale solar energy market; those inverters convert direct-current from solar panels into usable, AC power. Advanced Energy said PV Powered will operate as a subsidiary through 2010. Advanced Energy said that there is a $40M potential earnout based on PV Powered's 2010 financial results.