Sunlogics PLC announced that it has acquired privately-held Phoenix Solar Holdings Corp and itsoperating subsidiaries, including EPV Solar Germany GmbH and New Millennium Solar EquipmentCorp.
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 Company's seniormanagement team has extensive global experience in manufacturing of solar modules and engineeringand installing solar power generating facilities.
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 theprocess of finalizing an existing government grant and once resolved will increase production, staffinglevels and project development initiatives. The Company also intends to invest up to $6 million inadditional, proprietary manufacturing technology over the next few years. Moreover, the Senftenberglocation 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.
The transaction included investments by GLG Partners LP, Tenor Capital, Atlas Investment Fund andCatalyst Investment Management Co LLC. Exact financial terms of the transaction were not disclosed,but did include Sunlogics receiving a $6 million equity investment.
'The successful completion of this strategic transaction, which included investments from GLG, Tenor,Atlas and Catalyst as well as the acquisition of over 50 megawatts of nameplate solar panelmanufacturing capacity, is an important step in building Sunlogics into a leading provider of solarenergy solutions. It is a strong vote of confidence by a very sophisticated group of investors, and wasfollowed by an additional investment from GM Ventures Inc, a wholly owned subsidiary of GeneralMotors which invested in our Company in July,' said Michael Matvieshen, Chief Executive Officer ofSunlogics.
'As we expand our global presence and capabilities, we anticipate utilizing New Millennium'stechnology and resources to further reduce the costs of solar installations.' In view of the investment inSenftenberg Michael Matvieshen added: 'We have been extremely well received by the State ofBrandenburg and the City of Senftenberg and are looking forward to cooperating to the benefit of allpartners.