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First Solar to Acquire Technology Provider skytron-energy from AEG Power Solutions
|By Business Wire
|June 3, 2014 03:06 AM EDT
First Solar, Inc. (NASDAQ: FSLR) today announced that it has entered
into an agreement to acquire skytron-energy, a subsidiary of AEG Power
Solutions, which provides utility-scale photovoltaic (PV) power plant
management systems, Operations and Maintenance (O&M) services, data
monitoring technology, and equipment to solar power plants throughout
Europe. Currently, skytron has installed monitoring and control systems
in more than 600 plants across Europe with a total peak capacity of 5
gigawatts (GWp), more than doubling First Solar’s global portfolio of
monitored assets. The acquisition is subject to consent by the German
merger control authorities (“Bundeskartellamt”). Terms of the
deal were not disclosed.
The acquisition supports First Solar’s initiative to provide full,
end-to-end energy solutions that vertically integrate solar services and
solutions. It broadens First Solar’s portfolio of energy assets operated
and maintained by the company and establishes a strategic opportunity to
offer additional value-added services to both existing and new customers
“skytron has a high quality, operations-based foundation and a strong
portfolio of valued customers,” said Bob Callery, First Solar’s Vice
President of Operations and Maintenance. “They bring considerable
strategic value to our global O&M offering, as well as a pathway to
expand our services across the entire solar value chain. Our combined
expertise enables power plants to operate with the reliability of
conventional generation resources, further establishing solar as a given
part of the global energy mix.”
“This is a very positive move for skytron-energy,” said Jeffrey Casper,
Chief Restructuring Officer of AEG Power Solutions and member of the
board of directors. “Joining First Solar assures that skytron will
continue to provide customers leading-edge monitoring, supervision and
plant control solution systems. skytron benefits from the reach of First
Solar’s powerful sales and service network, as well as its installed
base. This deal opens a wealth of prospective growth and development for
Citing a GTM Research report, Callery said the O&M market size in Europe
was 25 gigawatts (GW) in 2013, and is projected to grow to 35GW by 2017.
skytron grew its monitored fleet by 37 percent in 2013, and First Solar
grew its global monitored fleet by 176 percent in that same period.
“There is clearly an opportunity for skytron and First Solar to provide
innovative, reliable solutions and expertise to power plant owners,”
According to Callery, skytron will operate as a subsidiary of First
Solar, and will maintain its own brand identity, which has recognized
value in its various markets. “skytron-energy employees will remain with
the organization,” he said, “and operations will continue without
skytron-energy has been developing integrated monitoring, control and
supervision systems since 1977. Now one of the leading suppliers in the
industry, specializing in utility-scale and commercial power plants, it
has installed monitoring and control systems in more than 600 plants
with a total capacity of 5 GWp. The company’s core competencies are
plant condition monitoring, power plant control, remote plant
supervision, system migration of existing power plants, operation &
maintenance, and PV asset management. Skytron energy is headquartered in
Berlin, Germany. As a technology leader, Skytron energy has received a
number of prestigious awards, such as the highly coveted InterSolar
Award for the “PVGuard” Supervision Platform and for the “StringGuard”
string current measurement system
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced module and system technology.
The company’s integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar’s renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant
to safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These forward-looking statements include statements, among
other things, concerning: our business strategy, including anticipated
trends and developments in and management plans for our business and the
markets in which we operate; future financial results, operating
results, revenues, gross margin, operating expenses, products, projected
costs, warranties, solar module efficiency and balance of systems
("BoS") cost reduction roadmaps, restructuring, product reliability and
capital expenditures; our ability to continue to reduce the cost per
watt of our solar modules; our ability to reduce the costs to construct
photovoltaic ("PV") solar power systems; research and development
programs and our ability to improve the conversion efficiency of our
solar modules; sales and marketing initiatives; and competition. These
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"target," "might," "will," "could," "predict," "continue" and the
negative or plural of these words and other comparable terminology.
Forward-looking statements are only predictions based on our current
expectations and our projections about future events. You should not
place undue reliance on these forward-looking statements. We undertake
no obligation to update any of these forward-looking statements for any
reason. These forward-looking statements involve known and unknown
risks, uncertainties, and other factors that may cause our actual
results, levels of activity, performance, or achievements to differ
materially from those expressed or implied by these statements. These
factors include, but are not limited to, the matters discussed in Item
1A: "Risk Factors," of our Annual Report on Form 10-K for the year ended
December 31, 2013, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other reports filed with the SEC.
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