Solar Power, Inc. (“SPI”), announced today that the vertically-integrated photovoltaic (“PV”) developer has entered into a definitive share purchase agreement with Convertergy Energy Technology Co., Ltd. to acquire a controlling interest. Convertergy Energy Technology Co., Ltd. (“Convertergy Technology”) is a leading provider of smart monitoring and optimization services in the PV industry.
According to the terms of the agreement, SPI will acquire 100% of the outstanding capital stock of Covertergy I Holdings Limited, which owns 76.8% of the equity interest in Convertergy Technology, for an aggregate consideration of US$13.8M and will repay a shareholder loan of US$1.5M owed by Convertergy Technology as well as accrued interest to the seller. Both consideration and loan repayment will be settled in SPI’s common stock. The transaction is subject to several customary closing conditions.
Convertergy Technology has taken advantage of its expertise in power electronics, wireless sensor networks and big data analysis to develop a comprehensive product portfolio which includes a module-level monitor, optimizer and cloud-based software system. Convertergy Technology’s products help reduce O&M cost and boost power output in solar farms and rooftop solar systems.
Founded in 2011, Convertergy Technology is headquartered in Shanghai, China.
“As a leader in smart monitoring and optimization, Convertergy Technology further strengthens SPI’s growing portfolio of PV smart solutions,” said Xiaofeng Peng, Chairman of SPI. “The ability to offer advanced technology applications such as power optimization and big data analysis to traditional PV is increasingly becoming a major differentiator in the global solar industry, and combining Convertergy Technology’s leading solutions with our Solarbao.com platform will create a fully integrated energy internet platform that we believe will create significant value for our customers and shareholders.”
About Solar Power, Inc. (OTCBB: SOPW)
Solar Power, Inc. (“SPI” or the “Company”) is a global leader in enabling photovoltaic (“PV”) solutions for business, residential, government and utility customers and investors. SPI focuses on the downstream PV market including the development, financing, installation, operation and sale of utility-scale and residential solar power projects in China, Japan, Europe and North America. The Company also operates an innovative online energy e-commerce and investment platform, www.solarbao.com, which enables individual and institutional investors to purchase innovative PV-based investment and other products; as well as www.solartao.com, a B2B e-commerce platform offering a range of PV products. The Company has its operating headquarters in Shanghai and global operations in Asia, Europe, North America and Australia.
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of SPI, its subsidiaries and the solar industry, which can be identified by the use of forward-looking terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “expects” or similar expressions. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Among other things, the quotations from management in this press release contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including uncertainties regarding whether the transactions contemplated will be successfully completed. All forward-looking statements are expressly qualified in their entirety by this cautionary statement and the risks and other factors detailed in the company’s reports filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities law.
OTCBB closing price for SOPW-0 Date: 2015/05/07 Closing Price: 1.98