Sep 20, 2011 - US solar energy systems provider Sunlogics plc (ETR:18L) said on Tuesday it had bought Phoenix Solar Holdings Corp together with its two solar panel production units.
Together, the solar panel subsidiaries EPV Solar Germany GmbH and New Millennium Solar Equipment Corp, have a 50 MW of annual nameplate capacity.
As part of the deal, Sunlogics obtained a USD 6 million (EUR 4.4m) equity investment.
Sunlogics said it planned to inject USD 6 million in manufacturing technology in the German facility and to use it as its European expansion base.
Sunlogics will also move its acquired US panel manufacturing equipment from New Jersey to Detroit, Michigan and Ontario, Canada.
GLG Partners LP, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management Co LLC participated in the transaction through their investments, Sunlogics added.
(USD 1.0 = EUR 0.734)
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