Applied Solar has now finalized the previously announced sale of its assets and operations to Quercus APSO LLC, the wholly owned subsidiary of The Quercus Trust. Quercus APSO LLC, intends to change its name and conduct business as Applied Solar, LLC. With the consummation of the transaction, Applied Solar will have the benefit of a much stronger balance sheet and little or no long-term debt.
David Field, Quercus’ president and CEO, commented, “We are pleased to announce the completion of this transaction, and look forward to continuing our efforts to develop new BIPV products, including an anticipated 2010 introduction of a product that will integrate with asphalt shingle roofing tiles, which represent approximately 80% of the U.S. residential roofing market. At the same time, we intend to further build upon our key strategic industry relationships that have enabled us to significantly penetrate the residential BIPV market and will soon lead our products into the European marketplace.” Field will continue the same role at Applied Solar.