AEU's acquisition of the Bend, Oregon-based PV Powered Inc., which will command a price tag of approximately $90 million, will allow the power and control technology creation company to increase its revenues by up to $50 million in 2010 alone while also giving it access to its inverters that can range in size to up to 260 kilowatts.
"The addition of PV Powered's transformer-based inverters with power levels below 500kw for the small to mid range commercial inverter market allows Advanced Energy to target a portion of the market that we have not yet addressed," said Hans Betz, Advanced Energy's CEO.
"As a combined company, our comprehensive portfolio of both transformerless and transformer-based inverter products will serve the entire spectrum of commercial project sizes from 30kw to multi-megawatt utility installations, placing us firmly at the heart of the emerging and fast-growing solar inverter market," he added.
Gregg Patterson, the CEO of PV Powered, added that because the two companies have a "collective history" together in helping to develop the solar energy industry, that their joining would result in the ability to offer "the broadest technology and products portfolio in the industry."
