ROCHESTER HILLS, Mich.--(BUSINESS WIRE)--Sunlogics PLC (Frankfurt: 18L), a vertically integrated global solar energy systems provider specializing in solar project development and installation, today announced that it has acquired privately-held Phoenix Solar Holdings Corp and its operating subsidiaries, including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp. With the completion of this transaction, Sunlogics now has the ability to manufacture solar panels, using its proprietary technology, in Europe, Asia and North America. The Company's senior management team has extensive global experience in manufacturing of solar modules and engineering and installing solar power generating facilities.
The acquisition includes the photovoltaic manufacturing facility located in Senftenberg, Brandenburg, Germany. The 55,000 square feet, 30 MW plant entered production in 2008. The Company is in the process of finalizing an existing government grant and once resolved will increase production, staffing levels and project development initiatives. The Company also intends to invest up to $6 million in additional, proprietary manufacturing technology over the next few years. Moreover, the Senftenberg location will serve as the base for projected expansion in Europe.
The Company has announced plans to relocate the acquired U.S. panel manufacturing equipment, representing 20MW of production, from New Jersey to Detroit, Michigan and Ontario, Canada.
The transaction included investments by GLG Partners LP, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management Co LLC. Exact financial terms of the transaction were not disclosed, but did include Sunlogics receiving a $6 million equity investment.
'The successful completion of this strategic transaction, which included investments from GLG, Tenor, Atlas and Catalyst as well as the acquisition of over 50 megawatts 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 Inc, a wholly owned subsidiary of General Motors which invested in our Company in July,' said Michael Matvieshen, Chief Executive Officer 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.' In view of the investment in Senftenberg Michael Matvieshen added: 'We have been extremely well received by the State of Brandenburg and the City of Senftenberg and are looking forward to cooperating to the benefit of all partners.
About Sunlogics PLC
Sunlogics PLC (Frankfurt: 18L.F) is a vertically integrated global solar energy systems provider specializing in solar project development and installation. Sunlogics' management has experience developing and operating innovative solar commercial installations in Canada, United States, and Europe.
The scope of the company's current projects and operations reach to the nations of the world including Canada, United States, Europe and China. More information can be found at www.sunlogics.com
Disclaimer
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 relating to future events that involve risks and uncertainties. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' and 'estimates,' and variations of these words and similar expressions, identify these forward-looking statements. Actual operating results may differ materially from such forward-looking statements and are subject to certain risks, including risks arising from: difficulties encountered in integrating New Millennium's business and operations, the benefits expected to be received by Sunlogics and its customers from the acquisition; lengthy sales and qualification cycles; difficulties in the production process; changes in renewable energy industry growth; increased competition; delays in developing and commercializing new products; and other factors. The forward-looking statements contained in this news release are made as of the date hereof, and Sunlogics does not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.