NF Smith & Associates announced on Monday that it has agreed to divest its solar products and technology division, known as Ontility Powered by Smith, to TerrePower, a newly-formed unit of BBB Industries LLC which specialises in the upcycling of solar panels and electric vehicle (EV) batteries.
Houston, Texas-headquartered Ontility buys excess inventory from end users, developers, contractors, manufacturers and brokers after a project is cancelled or downsized, enabling the vendor to liquidate inventory and recoup project funds. The firm was set up in 2009 by Smith's two co-founders and was brought under the umbrella of the US electronic parts supplier in 2016. It has other offices in the Netherlands and Hong Kong.
As part of the transaction, all of the target division's current workforce will transfer to the acquirer.
Using sustainable manufacturing processes, TerrePower will help avoid the disposal of used, broken and expired solar panels and electric car batteries by repurposing them and reselling them for use in commercial and residential solar installations or EV charging stations.
BBB Industries unveiled the creation of TerrePower last week. The Daphne, Alabama-based maker of hydraulic and electric power steering equipment said at the time it will also buy Amiganet SL, known as Renovables del Sur, a company that remanufactures and sells solar products and batteries for use in EVs and stationary storage solutions.
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