Solectria Renewables, a U.S.-based PV inverter manufacturer, and Japan-based Yaskawa Electric Corp. have reached a definitive agreement whereby Yaskawa Electric will acquire Solectria Renewables through its U.S. subsidiary, Yaskawa America Inc. Under the deal, Solectria Renewables will continue to operate as a wholly owned subsidiary. Financial details were not disclosed.
Headquartered in Lawrence, Mass., Solectria Renewables makes PV inverters for residential, commercial and utility-scale power systems and employs over 170 people throughout the U.S. Meanwhile, Yaskawa Electric is a $3.6 billion global factory automation solutions company that has also established a position in the low-power PV inverter market in Japan.
The parties say the acquisition will benefit Yaskawa and Solectria customers alike. Yaskawa will bring scale, global sales and manufacturing facilities, as well as diversification, to Solectria. Likewise, Solectria will bring over 25 years of power electronics experience, 10 dedicated to the PV industry, and knowledge of medium- and high-voltage PV products to Yaskawa.
"While this is a significant step for Solectria, I am even more thrilled about what this means for our customers," says James Worden, CEO of Solectria Renewables." They will have the same management team and personal interaction they are accustomed to, with the advantage of a powerful diversified global partner. Our entire team should feel incredibly proud about we have built over the past 10 years, but the best is yet to come."