Advanced Energy acquires REFUsol for US$77 million

Facebook
Twitter
LinkedIn
Reddit
Email

Thin-film company Advanced Energy Industries has announced the acquisition of inverter manufacturer REFUsol Holding GmbH, effective immediately.

Under the agreement, Advanced Energy has acquired REFUsol for a purchase price of approximately €59 million (US$77 million) in cash, after assuming €9 million (US$12 million) of debt and reducing net working capital by €1.8 million (US$2.4 million).

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Additionally, REFUsol may receive an additional €10 million from Advanced Energy if certain targets are met by REFUsol in the first 12 months.

This acquisition is expected to accelerate Advanced Energy's solar energy revenue to greater than US$400 million in 2014 and should be accretive to earnings in the next 12 months, said the company.

In December, REFUsol received business consulting firm Frost & Sullivan’s Growth Leadership Award for having the highest annual growth rates within the last three years. 

In the past three years, REFUsol grew by around 150% and was able to greatly expand its market share. With a consistent market orientation, the company was able to achieve broad acceptance of its products throughout Europe and is today one of the top three inverter manufacturers on the Continent.

“The acquisition of REFUsol is one of the many strategic moves that we are taking to accelerate revenue growth and profitability,” said Garry Rogerson, CEO. “The addition of the three-phase string inverters to our product line is very complementary, broadening our portfolio and extending our geographic distribution. Using our existing channel in North America and REFUsol's infrastructure in emerging territories including India, Asia, Mediterranean countries and Eastern Europe, we can more quickly gain access to and penetrate areas with the greatest growth prospects.

“Combined with our relentless focus on costs, we see this acquisition as instrumental to achieving our strategic goals and returning significant value to our shareholders,” said Rogerson.

Founded in Germany in 1997, REFUsol develops three-phase string inverters for commercial customers across Europe and Asia in sizes ranging rom 8kW to 24kW.
 

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA