Sunlogics to Acquire EPV Solar Germany and New Millennium Solar Equipment

October 10, 2011
Source: Clean Edge News

Sunlogics PLC, a vertically integrated global solar energy systems provider specializing in solar project development and installation, recently announced that it has acquired privately-held Phoenix Solar Holdings Corp and its operating subsidiaries, including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp. With the completion of this transaction, Sunlogics now has the ability to manufacture solar panels, using its proprietary technology, in Europe, Asia and North America. The transaction included investments by GLG Partners LP, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management Co LLC. Exact financial terms of the transaction were not disclosed, but did include Sunlogics receiving a $6 million equity investment.

The acquisition includes the photovoltaic manufacturing facility located in Senftenberg, Brandenburg, Germany. The 55,000 square feet, 30 MW plant entered production in 2008. The Company is in the process of finalizing an existing government grant and once resolved will increase production, staffing levels and project development initiatives. The Company also intends to invest up to $6 million in additional, proprietary manufacturing technology over the next few years. Moreover, the Senftenberg location will serve as the base for projected expansion in Europe. The Company has announced plans to relocate the acquired U.S. panel manufacturing equipment, representing 20MW of production, from New Jersey to Detroit, Michigan and Ontario, Canada.

2 Responses to “Sunlogics to Acquire EPV Solar Germany and New Millennium Solar Equipment”

  1. Shawn22 says:

    Solar panels are a great source of residential energy for everyday household appliances. Solar power is preferred by so many homeowners in California because of the continuous supply of free energy it supplies from the sun.

  2. John Smith says:

    Sunlogics acquired old amorphous technology, at a scale that will never be competitive. They took the factories for their asset value to borrow against and because they got cash for the funds to move out those assets. So desperate funds, giving old assets away with a bit of cash, led GM to invest? Well as far as can be seen, its just a stock play that will eventually crash. Look at the management, at least seven failed ventures between them in the past four years…watch out for the ski slope here!

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