News Article
Microsol Acquires Key Assets Of SOLON
Microsol, a United Arab Emirates (UAE) based cell manufacturer, has acquired essential components of the insolvent SOLON SE and its subsidiaries, including U.S. based SOLON Corporation. With the formation of SOLON Energy GmbH as the core of the new group, an integrated solar solutions provider has been established with a strong presence in the leading and emerging photovoltaic markets. The combined companies believe that through this strategic partnership they can offer high-quality cost-efficient solar products and implementation services. About 600 jobs worldwide have been transferred from the insolvent SOLON SE (including subsidiaries) to the new SOLON Energy GmbH and the other affiliates. The main sites in Berlin-Adlershof (Germany), Tucson (USA) and Carmignano di Brenta (Italy) will be maintained. The purchase price was not disclosed by the contract partners; an approval by Italian authorities is still pending.
Microsol cost-effectively produces high-efficiency solar cells with around 325 employees in Fujairah (UAE). Prior to the acquisition, Microsol enjoyed good prospects for further growth in its core Arab and Asian markets, with special emphasis on India. The acquisition of SOLON allows the extension of the range of specialized product innovations and access to the European and North American markets. In addition, SOLON's strengths in the power plant business, in research and product development, and marketing and distribution are being regarded as particularly valuable by Microsol. Solar power systems will continue to be produced in Germany and the U.S., and production facilities will come on line at Microsol's home base in Fujairah (UAE) in the course of this year.
The international position, the excellent staff structure and the product innovations of SOLON complement perfectly with the strengths of Microsol. "This is a joining of two ideal partners. As shareholders, we will pursue an international growth strategy together with SOLON, which will open up enormous market potential," said Anjan Turlapati, chairman of Microsol.
India will be a key growth market for the SOLON group. "Because of the favorable political and economic circumstances, there is great potential for the power plant businesses. Microsol's market access combined with SOLON's module, balance of system, and power plant expertise provide us with excellent prospects in India," said Mr. Turlapati.
The U.S. will continue to be a strategic growth market for SOLON. "SOLON has established a strong presence in the U.S. market," continued Mr. Turlapati. "With our existing market leadership position, access to low cost, efficient cell and module facilities, and expertise in providing complete system solutions for the commercial and utility-scale markets, we have great growth potential in the U.S."
"Microsol's acquisition will provide SOLON the backing needed to continue our robust expansion in the U.S.," said Dan Alcombright, president and chief executive officer of SOLON Corporation's North American operations. "SOLON is the antidote to the recent phenomenon of solar companies failing today, and shows how new product innovation, such as our SOLquick commercial rooftop product, can create value and green technology jobs."
