Microsol, a United Arab Emirates (UAE)-based cell manufacturer, has acquired essential components of insolvent Germany-based solar company Solon SE and its subsidiaries, including U.S.-based Solon Corp.
The acquisition will result in the formation of Solon Energy GmbH as the core of the new group. Approximately 600 jobs worldwide have been transferred from Solon SE (including subsidiaries) to the new Solon Energy GmbH and other affiliates. The main sites in Berlin-Adlershof, Germany; Tucson, Ariz.; and Carmignano di Brenta, Italy, will be maintained.
The purchase price was not disclosed by the contract partners; approval by Italian authorities is still pending.
Microsol produces solar cells with approximately 325 employees in Fujairah, UAE. Its acquisition of Solon is expected to allow the company to expand its range of specialized products and provide access to the European and North American markets.
Solar power systems will continue to be produced in Germany and the U.S., and production facilities will come online at Microsol's home base in Fujairah later this year.