New Energy Acquires Kim Fai Solar Energy Technology

New Energy Systems Group, a China-based vertically integrated original design manufacturer and distributor of lithium-ion batteries and backup power systems, has acquired Shenzhen, China-based Kim Fai Solar Energy Technology Co. Ltd. for $24 million, to be paid in stock and a seller note.

Kim Fai, which was established in 2005, is a manufacturer of consumer, commercial and residential solar energy and battery systems. The acquisition of Kim Fai is expected to generate approximately $24 million of revenue and $5 million in net income in 2011.

SOURCE: New Energy Systems Group

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