Energy Conversion Devices buys California solar firm for $16M
Energy Conversion Devices is growing through acquisition these days. The Rochester Hills-based manufacturer of thin-film flexible solar laminate solar panels is merging with California-based Solar Integrated Technologies, a deal that is expected to be set in stone within 60 days.Solar Integrated Technologies builds integrated photovoltaic roofing systems. The acquisition is a logical move for Energy Conversion Devices, which has served as a customer of Solar Integrated Technologies for years.To benefit its European operations and grow its U.S. market, Energy Conversion Devices is paying $11.2 million cash and assuming Solar Integrated Technologies debt. The deal is valued at $16.3 million. Energy Conversion Devices is a subsidiary of United Solar Ovionic, which is also based in Rochester Hills.Source: Energy Conversion DevicesWriter: Jon Zemke
Energy Conversion Devices is growing through acquisition these days. The Rochester Hills-based manufacturer of thin-film flexible solar laminate solar panels is merging with California-based Solar Integrated Technologies, a deal that is expected to be set in stone within 60 days.
Solar Integrated Technologies builds integrated photovoltaic roofing systems. The acquisition is a logical move for Energy Conversion Devices, which has served as a customer of Solar Integrated Technologies for years.
To benefit its European operations and grow its U.S. market, Energy Conversion Devices is paying $11.2 million cash and assuming Solar Integrated Technologies debt. The deal is valued at $16.3 million.
Energy Conversion Devices is a subsidiary of United Solar Ovionic, which is also based in Rochester Hills.
Source: Energy Conversion Devices
Writer: Jon Zemke
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