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SolarWorld AG to acquire 100 percent of the Hillsboro

Power News - Published on Wed, 25 Apr 2018

Image Source: oregonlive.com
A new chapter in American solar panel manufacturing is set to unfold with SunPower and SolarWorld Americas announcing SunPower's agreement to acquire 100 percent of the Hillsboro, Oregon based SolarWorld Americas. A long- time solar industry pioneer, SolarWorld Americas is the leading American manufacturer of solar panels. Consistent with the desire to revitalize the US high-technology manufacturing sector, SunPower plans to inject fresh capital into the SolarWorld Americas facility and implement leading-edge, high-eiciency P-Series solar panel manufacturing technology.

Mr Tom Werner, SunPower CEO and chairman of the board said that "We are thrilled to announce this agreement to acquire SolarWorld Americas, one of the most respected manufacturers of high-quality solar panels for more than 40 years. The time is right for SunPower to invest in U.S. manufacturing, and SolarWorld Americas provides a great platform for us to implement our advanced P-Series solar panel manufacturing technology right here in our home market. P-Series technology was invented and perfected in Silicon Valley, and will now be built in SolarWorld Americas' factory, helping to reshape solar manufacturing in America."

Mr Jürgen Stein, CEO of SolarWorld Americas said that "SunPower is the solar industry technology leader. We are delighted that SunPower has agreed to inject fresh capital and their industry leading P-Series technology into SolarWorld Americas operations here in Hillsboro. Our hundreds of long-time employees are excited to be part of this next chapter in SolarWorld Americas' long history. We are thrilled about this acquisition as it means quite simply, that our company can look forward to redoubled strength as it continues to innovate and expand into the future. This outcome is ideal for SolarWorld Americas and its employees."

SunPower plans to ramp SolarWorld Americas operations to capitalize on strong US market demand. The company will invest in factory improvements and increased working capital, while retrofitting a portion of the facility to produce P-Series solar panels, in addition to continuing to produce and ship SolarWorld Americas' legacy products. Like SolarWorld Americas, SunPower has spent decades perfecting its technology and manufacturing processes, and this announcement marks the company's return to US manufacturing. The agreement is subject to necessary US and German regulatory approvals and other closing conditions. At closing, which is expected in the next several months, SunPower will become the largest US solar panel manufacturer.

The purchase price was not disclosed.

Source :

Posted By : Rabi Wangkhem on Wed, 25 Apr 2018
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