|By Business Wire||
|June 3, 2014 03:15 AM EDT||
AEG Power Solutions (AEG PS), a global provider of power electronics systems and solutions for industrial power supplies and renewable energy applications, today announced that it has sold its skytron energy subsidiary to First Solar. skytron, headquartered in Berlin, provides utility-scale photovoltaic (PV) power plant management systems, Operations and Maintenance (O&M) services, data monitoring technology and equipment to solar power plants worldwide and had been acquired by AEG PS in 2010. First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. Terms of the deal were not disclosed.
The divesture of skytron-energy is a significant step in the reorganization program that AEG Power Solutions has implemented since the beginning of the year. “Our operational reorganization process is being rolled out according to our forecast and we are refocusing our business on its core activities,” explains Jeffrey Casper, Chief Restructuring Officer of AEG Power Solutions and member of the Board of Directors. “This is a very positive move for skytron-energy,” added Casper, “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 of growth and development for all parties.”
The acquisition supports First Solar’s initiative to provide full end-to-end energy solutions that vertically integrate solar services and solutions. “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. “There is clearly an opportunity for skytron and First Solar to provide innovative, reliable solutions and expertise to power plant owners,” he said.
skytron-energy will operate as a First Solar subsidiary under its own brand name and all current employees will remain in the organization
-End of announcement-
About AEG Power Solutions
AEG Power Solutions (AEG PS) Group is a global provider of power electronics systems and solutions for all industrial and demanding commercial power requirements offering one of the most comprehensive product and service portfolios in the area of uninterruptible power supply and power management.
Thanks to its distinctive expertise bridging both AC and DC power technologies and spanning the worlds of both conventional and renewable energy, the company creates innovative solutions for next generation distributed power generation.
AEG Power Solutions Group is the sole subsidiary of the holding company 3W Power S.A. (WKN A0Q5SX / ISINLU0953526265), based in Luxembourg. The Group is headquartered in Zwanenburg in the Netherlands. The shares of 3W Power are admitted to trading on Frankfurt Stock Exchange (ticker symbol: 3W9).
For more information, visit www.aegps.com.
This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange any securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power.
3W Power undertakes no obligation to update or revise any forward-looking statement contained herein.
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