Edison Power offers to take over Sunvault Energy

Privately-held firm Edison Power Co has offered to take over solar power generation and energy storage company Sunvault Energy Inc (OTCMKTS:SVLT), the latter said on Friday.

In a non solicited letter of interest, Edison Power has shown interest in acquiring a Sunvault stake of not less than 50.1%. According to the suitor, there are potential synergies between the two firms that could bring benefits to both sides. Edison Power’s plan is to combined Sunvault Solar Power Generation Technology with Edison Energy Storage technology, it added.

Sunvault said in a statement that the offer has not been accepted yet. Its board of directors will evaluate the letter of interest and may eventually enter into negotiations with the suitor.

The target did not disclose the financial terms of the proposal.

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