Inline solar cell measurement equipment specialist Aurora Solar Technologies (AST) has acquired PV equipment specialist BT Imaging for 63 million in common shares and over US$1.2 million in cash.
The acquisition is expected to accelerate Aurora’s growth by combining BT Imaging’s quality control tools with Aurora’s Insight data science platform, which Aurora said would broaden the offering of the combined business.
Australia-based BT imaging is an established company in photoluminescence (PL) imaging tools for PV material inspection and quality control during production as well as for laboratory use during product development.
The company’s products are used in multiple parts of the PV supply and are found in industrial facilities and major research institutes throughout Asia, Europe and North America.
“Aurora is purchasing a proven business with a strong product brand, synergetic operational execution capability, institutional ownership and strategic relationships including the University of New South Wales School of Photovoltaics and Renewable Energy Engineering, a global centre of excellence in photovoltaic industry,” Aurora said in a statement.
Moreover, the acquisition allows the Aurora to address solar silicon raw material quality control with an established product line, extend its market from PV cell manufacturing to also include R&D and quality control market segments.
The common shares are subject to escrow conditions and released in three tranches on 26 December 2022, 25 June 25 2023 and 25 December 2023 in the amount of 20,032,003, 21,468,674, and 21,468,674 common shares, respectively.
“We are delighted to have completed this important acquisition, as a key element of our growth and market development strategy in process control and yield management solutions for the PV industry,” said Gordon Deans, Aurora’s president and CEO.
“BTi brings a powerful brand, a world-class complementary product line and delivery team, and deep industry knowledge and strategic relationships such as with the University of New South Wales.”