Power Electronics technician at a project site. Source: Power Electronics
Chinese solar and storage inverters maker Growatt Technology Co, which last year unveiled a plan to become public, has attracted takeover interest from Blackstone Inc (NYSE:BX) and is holding talks with US investment giant, Bloomberg reported, citing sources in the know.
The US investor, which is considering an acquisition, has already approached banks to secure the needed financing for a potential deal that could value the target company at about USD 1 billion (EUR 937m), according to insiders cited by the media, who cautioned that no deal is certain yet.
Growatt may also grab the eye of other parties, the news agency’s sources have noted.
Launched in 2011, Growatt is a distributed energy solution provider with a focus on PV systems, energy storage, EV charging and smart energy management. Earlier this year, it inaugurated the first phase of its solar and storage inverters factory in Vietnam.
The company had filed for an initial public offering (IPO), seeking to list on the Hong Kong stock exchange where its status is currently marked as “lapsed.”