PV Powered to be acquired for $90M
Bend solar company PV Powered has reached a deal to be acquired by a Colorado company for up to $90 million.
Fort Collins, Colo.-based Advanced Energy Industries Inc. (NASDAQ: AEIS) will buy PV Powered for $35 million in cash, $15 million in stock and up to $40 million based on PV Powered’s 2010 financial results.
PV Powered makes solar components called inverters that convert the electricity generated by solar panels into the type of electricity used in homes and small businesses.
Advanced Energy Industries makes similar components for much larger solar installations.
"We don't want to get in the way of (PV Powered's growth plans) in any way," said Advanced Energy Industries Chief Financial Officer Larry Firestone.
PV Powered has approximately 90 workers. It had $21 million in 2009 revenue. The company was founded in 2003.
Last June, PV Powered announced it had received a “multimillion-dollar investment” from a Vancouver, Wash., investment group, Evans Renewable Holdings II LLC.
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