Advanced Energy Industries has acquired PV Powered, a manufacturer of grid-tied PV inverters in the residential, commercial and utility-scale markets.
The combined company’s portfolio of inverter products will serve commercial projects ranging from 30kW to 1MW utility installations, as well as the residential market with 5kW and smaller inverters.
Under the terms of the agreement, Advanced Energy paid $50m in the form of $35m in cash and $15m in Advanced Energy’s common stock. In addition, there is a $40m potential earn-out based on PV Powered’s full-year 2010 financial results. Throughout 2010, PV Powered will operate as a wholly-owned subsidiary, continuing to sell and support its PV Powered branded inverters.
Hans Betz, CEO of Advanced Energy, said: “This is an exciting moment in our company as we take the next steps in our strategy to diversify our revenues and expand our solar inverter business. By offering one of the industry’s most comprehensive product lines from residential to utility scale inverters, Advanced Energy is positioned to be one of the leading worldwide suppliers of inverters.”