As Sunlogics closed the acquisition of privately held Phoenix Solar Holdings and its subsidiaries, EPV Solar Germany and New Millennium Solar Equipment, the company noted its new capability to manufacture solar panels on three continents: Europe, Asia and North America. The exact financial terms of the deal were not released, but Sunlogics advised that investments were made by GLG Partners, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management and that it had received a US$6 million equity investment.
With the procurement of Phoenix Solar and its operating subsidiaries, Sunlogics has also acquired a 55,000 square foot, 30 MW PV manufacturing facility in Senftenberg, Brandenburg, Germany. The facility will act as the base for Sunlogics’ expansion through Europe and the company has plans, upon the finalizing of an existing government grant, to increase production, staff and project development initiatives, while also looking to invest up to US$6 million in new proprietary manufacturing technology over the next few years.
“The successful completion of this strategic transaction, which included investments from GLG, Tenor, Atlas and Catalyst as well as the acquisition of over 50MW of nameplate solar panel manufacturing capacity, is an important step in building Sunlogics into a leading provider of solar energy solutions. It is a strong vote of confidence by a very sophisticated group of investors, and was followed by an additional investment from GM Ventures, a wholly owned subsidiary of General Motors which invested in our company in July,” said Michael Matvieshen, CEO of Sunlogics. “As we expand our global presence and capabilities, we anticipate utilizing New Millennium's technology and resources to further reduce the costs of solar installations.”
Sunlogics additionally noted that it intends to relocate the newly acquired 20MW US panel manufacturing equipment site from New Jersey to Detroit, Michigan and Ontario, Canada. A timeline for the relocation was not disclosed.