Tuesday, May 4, 2010

PV Powered Acquisition Completes

The acquisition of Bend, Oregon-based PV Powered has completed, according to buyer Advanced Energy Industries. The deal for PV Powered, a manufacturer of grid-tied, solar power inverters, was originally announced in March. Advanced Energy Industries said the deal was worth $50M, made up of $35M in cash plus $15M in stock; the company also said the deal is worth up to $40M in earn-out, based on PV Powered's 2010 financial results. PV Powered develops grid tie inverters, used to convert direct current (DC) power from solar modules into AC power.