Veeco Instruments Inc. has extended its thin-film solar equipment product line with the acquisition of Mill Lane Engineering, a privately held manufacturer of web coating systems for flexible solar panels. Mill Lane, based in Lowell, Mass., has approximately 20 employees.
The purchase price was $11 million, paid at closing, plus potential additional payments based upon the satisfaction of specific future conditions, including certain order, sales and profit levels, says Veeco. Mill Lane has an existing multi-unit order for web coating systems from a leading manufacturer of thin film copper indium gallium selenide (CIGS) solar cells.
‘This investment complements Veeco's existing deposition technologies, expanding our product offerings for the emerging thin-film solar market,’ says John R. Peeler, CEO of Veeco. ‘While many of today's solar panels are based on silicon technology, thin films offer low manufacturing costs and the promise of higher photovoltaic efficiencies.’
Mill Lane has been renamed Veeco Solar Equipment Inc. and will be managed by Piero Sferlazzo, Ph.D., senior vice president of Veeco.
SOURCE: Veeco Instruments Inc.