Sunlogics acquires solar manufacturing facilities

Sunlogics bought Phoenix Solar Holdings Corp and its operating subsidiaries, including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp., giving Sunlogics solar panel manufacturing capabilities in Europe, Asia, and North America.

September 20, 2011 – BUSINESS WIRE — Sunlogics PLC (Frankfurt: 18L), a vertically integrated global solar energy systems provider, bought Phoenix Solar Holdings Corp and its operating subsidiaries, including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp., giving Sunlogics solar panel manufacturing capabilities in Europe, Asia, and North America.

Sunlogics will gain a 3-yr-old 55,000sq.ft. photovoltaic manufacturing facility in Senftenberg, Brandenburg, Germany. The plant can produce 30MW, and will increase production and staffing once Sunlogics completes an existing government grant for project development. This location will be Sunlogics’ base for European expansion, according to the company.

Sunlogics received $6 million in equity investment for this deal, and intends to invest that same amount in additional, proprietary manufacturing technology over several years.

The US-based panel manufacturing equipment that Sunlogics acquired will be relocated to Detroit, MI and Ontario, Canada. The equipment can produce 20MW.

GLG Partners LP, Tenor Capital, Catalyst Investment Management Co LLC and Atlas Investment Fund invested in the acquisition. Exact financial terms of the transaction were not disclosed. The funding followed investment from GM Ventures Inc, a wholly owned subsidiary of General Motors, in July.

Sunlogics PLC (Frankfurt: 18L.F) is a vertically integrated global solar energy systems provider specializing in solar project development and installation. More information can be found at www.sunlogics.com.

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