Energy Conversion Devices buys California solar firm for $16M

Thursday, July 30, 2009 | Source: metromode
Energy Conversion Devices is growing through acquisition these days. The Rochester Hills-based manufacturer of thin-film flexible solar laminate solar panels is merging with California-based Solar Integrated Technologies, a deal that is expected to be set in stone within 60 days.

Solar Integrated Technologies builds integrated photovoltaic roofing systems. The acquisition is a logical move for Energy Conversion Devices, which has served as a customer of Solar Integrated Technologies for years.

To benefit its European operations and grow its U.S. market, Energy Conversion Devices is paying $11.2 million cash and assuming Solar Integrated Technologies debt. The deal is valued at $16.3 million.

Energy Conversion Devices is a subsidiary of United Solar Ovionic, which is also based in Rochester Hills.

Source: Energy Conversion Devices
Writer: Jon Zemke
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