PV Powered Inc., based in Bend, Ore., says it has signed a definitive agreement to be acquired by Advanced Energy Industries Inc. (AE), based in Fort Collins, Colo.
According to the companies, this acquisition will create the broadest grid-tied inverter offering in the photovoltaic market, spanning residential, commercial and utility-scale solutions. PV Powered's commercial product portfolio ranges in size from 30 kW to 1 MW. AE's transformer-less inverters include 250 kW, 333 kW and 500 kW products.
After the acquisition is finalized, PV Powered will operate under the current management team as a wholly owned subsidiary of Advanced Energy, continuing to sell and support its full line of products from its Bend, Ore., facility. The transaction will be subject to a number of other customary closing conditions and regulatory approvals.
SOURCE: PV Powered