Advanced Energy Industries Inc. has acquired REFUsol Holding GmbH, a provider of three-phase string solar PV inverters for commercial applications.
According to Advanced Energy, three-phase string inverters are ideally suited for rooftop and potentially larger installations and are becoming one of the fastest-growing inverter applications worldwide. This acquisition is expected to accelerate Advanced Energy's solar revenue to greater than $400 million in 2014 and should be accretive to earnings in the next 12 months.
‘The acquisition of REFUsol is one of the many strategic moves that we are taking to accelerate revenue growth and profitability,’ explains CEO Garry Rogerson. ‘The addition of the three-phase string inverters to our product line is very complementary, broadening our portfolio and extending our geographic distribution.
Founded in 1997, REFUsol is a private company based in Metzingen, Germany. Its three-phase string inverter offerings range in size from 8 kW to 24 kW for the commercial market with leading efficiency ratings.
Under the agreement, Advanced Energy has acquired REFUsol for a purchase price of approximately 59 million euros in cash, after assuming 9 million euros of debt and reducing net working capital by 1.8 million euros.