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US-headquartered photovoltaic (PV) company Sunlogics has purchased Phoenix Solar and its operating subsidiaries including EPV Solar Germany and New Millennium Solar Equipment.
As part of the deal the company now owns two manufacturing facilities with a combined annual production capacity of 50MW. One of the plants is located in Senftenberg, Germany and can produce 30MW of units each year, while the other is based in New Jersey, US and has a 20MW capacity.
Sunlogics said it also intends to invest an additional $6m into manufacturing technology over the next couple of years and said it will use the factory in German as a base for its planned European expansion. It also said that it plans to relocate its North American manufacturing from the New Jersey site to Detroit, Michigan and the province of Ontario in Canada.
Exact financial terms were not disclosed but joining Sunlogics in the purchase was GLC Partners, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management. Sunlogics will receive a $6m equity interest.
Michael Matvieshen, CEO of Sunlogics, said, 'The successful completion of this strategic transaction, which included investments from GLG, Tenor, Atlas and Catalyst as well as the acquisition of over 50MW of nameplate solar panel manufacturing capacity, is an important step in building Sunlogics into a leading provider of solar energy solutions. It is a strong vote of confidence by a very sophisticated group of investors, and was followed by an additional investment from GM Ventures, a wholly owned subsidiary of General Motors which invested in our company in July.'
He added, 'As we expand our global presence and capabilities, we anticipate utilising New Millennium's technology and resources to further reduce the costs of solar installations. We have been extremely well received by the state of Brandenburg and the city of Senftenberg and are looking forward to cooperating to the benefit of all partners.'
