Thursday, March 25, 2010

PV Powered Acquired By Advanced Energy

Bend, Oregon-based PV Powered, a manufacturer of solar inverters for the photovoltaic power market, has been acquired. According to Advanced Energy, it will pay $90M for PV Powered, in a deal made up of $35M in cash, $15M in stock, and up to $40M in earn out. PV Powered's products are used to convert solar power into alternating current (AC) power in residential, commercial, and utility-scale solar power projects. Advanced Energy, which is based in Colorado, said that PV Powered has 90 employees and $21M in revenues in 2009; the firm is expecting the buy will contribute an estimated $40-$50M in its 2010 revenues. Advanced Energy said that PV Powered will operate as a wholly-owned subsidiary, continuing to sell and support its PV Powered branded inverters, at least through 2010.