Mar 25 2010
A definite agreement was signed by Advanced Energy Industries to acquire PV Powered Inc., a leading provider of grid-tied solar power inverters in the utility-scale, commercial, and residential markets. Advanced Energy’s revenues in 2010 is expected to be enhanced by about $40-50 million as a result of this acquisition.
Chief Executive Officer of Advanced Energy, Hans Betz, said the company is delighted with the acquisition and believe the combined company will be able to address the needs of a wide spectrum of commercial projects ranging from 30 kW to multi-megawatt large-scale installations. The company can now address the needs of small to mid range commercial scale PV inverter market with the addition of transformer-based inverters from PV Powered with less than 500 kW capacities to its portfolio.
PV Powered is a leading manufacturer of transformer-based high-reliability PV inverters that are used in commercial ground mount and rooftop systems in the North American market. The company, which is based in Bend, Oregon, was founded in 2003 and employs about 90 people with revenues in 2009 being $21 million. The company manufactures inverters for the commercial market ranging from 30 kW to 260 kW and for the residential market ranging from 1 kW to 5 kW.
Chief Executive Officer of PV Powered, Gregg Patterson, said the management and employees of the company are delighted to be part of Advanced Energy. Both the companies are industry innovators and committed to provide reliable and power conversion efficient inverters to the market. The combined company can provide a diverse range of products in the inverter industry, Patterson said.
Source: http://ir.advanced-energy.com