Solar

GFI Energy Acquires Majority in GT Equipment Technologies

GT Equipment Technologies announced today that an investor group, GFI Energy Ventures, LLC, has acquired a majority interest in the company.

“GT offers the only one-stop-shop for the design, construction and deployment of photovoltaic (PV) factories in the world,” said Richard Landers, a Principal of GFI Energy Ventures. “We expect the market for solar equipment to continue its significant growth and believe GT, as a market leader, is well positioned to capitalize on this growth.” Dr. Kedar Gupta, co-founder and CEO of GT, said, “The GFI relationship gives us substantial added capacity, resources, and expertise to support our Company’s response to expanding customer and market needs. Demand for solar equipment continues to grow at double-digit rates every year. As the basic economics of solar energy continue to become more attractive, we believe that solar energy penetration in homes and businesses worldwide will continue to accelerate, fueling the demand for GT’s PV products and services.” Terms of the acquisition were not disclosed. GT’s management team will continue to be led by CEO Dr. Kedar Gupta and President & COO Tom Zarrella. The company will remain in Merrimack, New Hampshire. GT Equipment Technologies, also known in the solar industry as GT Solar, is a designer, manufacturer, and installer of turnkey manufacturing lines for wafers, cells and solar modules.