British Columbia, Canada [RenewableEnergyWorld.com] Allora Minerals Inc. has signed a binding letter-of-intent to purchase manufacturing facilities, production lines, intellectual property and an R&D facility from OptiSolar Technologies Inc. Under the terms of the letter of intent, Allora, soon to be renamed EPOD Solar, plans to purchase the OptiSolar assets for a value of US $260 million in an all stock transaction priced at $21.66 per share, resulting in the issuance of 12 million shares of Allora common stock to Optisolar shareholders.
Included in the purchase is a 95,000 square foot R&D facility in Hayward, California that boasts two single junction 15-megawatt (MW) production lines, a proprietary inverter lab and other intellectual property. Allora will take over the lease on the facility.
The purchase also includes a one million square foot Sacramento, California manufacturing facility that is prepared for up to forty, 20-MW dual junction lines (800 MW in total) or a similar amount of triple junction lines that would then be capable of expanding to 1,000 MW. The facility also includes automated panel manufacturing (APA) technology which enables panels to be assembled in the factory robotically, as opposed to manually, in the field.
“OptiSolar had invested about $310 million into the R&D lab, manufacturing facility and the Sacramento assets which we are purchasing,” said Mike Matvieshen, president and CEO of Allora Minerals. “The acquisition of OptiSolar’s intellectual property and its state-of-the-art production size R&D facility gives us a real advantage because with the on going business because this allows all new developments in production improvement to be immediately implemented in the factory, and its inverter technology will accelerate our path to reducing the cost-per-installed-watt to under $1.35 fully installed.”
In February, OptiSolar had submitted a $300 million loan guarantee application to the U.S. Department of Energy for the start of its Sacramento facility. Allora intends to move the loan application along and to open/reopen it, and is currently being advised by its counsel with respect to necessary steps.
In addition EPOD Erneurbare Energien GmbH (EEEG), an EPOD Solar Inc. subsidiary has received preliminary approval from Thüringen Aufbaubank for €23.5 million in grants. EEEG plans to build a 30-MW solar manufacturing facility in Thüringen, Germany, and had applied for the grants based on the regional development programs defined by the European Commission.