ITOCHU Acquires Solar Depot
July 02, 2007
Petaluma, California [RenewableEnergyAccess.com] ITOCHU Corporation, jointly with ITOCHU International Inc., has agreed to acquire the business of California-based Solar Depot, Inc., a wholesale distributor and systems integrator of solar electric and solar thermal systems. Solar Depot will be operated as a 100% subsidiary of ITOCHU with immediate effect. ITOCHU Corporation is a diverse global trading company headquartered in Tokyo with annual revenues of more than $22 billion. ITOCHU Machinery Group has been supplying manufacturing equipment to solar module manufacturers globally for several years. After the acquisition, ITOCHU will aggressively develop Solar Depot's business throughout the U.S. market and expand the business to increase the supply of solar power modules, cooperate with module manufacturers. Through these activities, ITOCHU plans to grow its solar power-related annual business volume to $1 billion globally by the year 2010.
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