Solar Power Inc (OTCMKTS:SOPW) reported that it finalized a definitive share purchase deal to get a controlling interest in Convertergy Energy Technology Co., Ltd. It is a pioneering provider firm of smart monitoring and optimization offerings in the PV industry.
Solar Power owns 76.8% of the equity stake in Convertergy for total consideration of US$13.8 million. Now, the company will buy 100% outstanding capital stock of the firm, and will repay a shareholder debt of US$1.5 million payable by Convertergy Technology. It will also pay accrued interest to the vendor. Both the loan repayment and consideration will be settled in Solar Power’s common stock.
Using its expertise in wireless sensor networks, big data analysis and wireless sensor networks Convertergy Technology has created an extensive product portfolio, including a optimizer, module-level monitor, and cloud-based software system. These products help minimize O&M cost and support power output in rooftop solar systems and solar farms. The company was established in 2011 and is headquartered in Shanghai, China.
The expert view
Xiaofeng Peng, the Chairman of Solar Power Inc (OTCMKTS:SOPW), said that as a pioneer is smart monitoring and optimization, Convertergy strengthens company’s growing product portfolio of PV smart applications. The ability to provide advanced technology solutions such as big data analysis and power optimization to traditional PV is becoming a prime differentiator in the worldwide solar industry, and integrating Convertergy’s leading solutions with SPI’s Solarbao.com platform will result in a comprehensive integrated energy internet system that the company believe will create considerable value for shareholders and customers.
Solar Power Inc (OTCMKTS:SOPW) provides leading PV solutions for business, utility, residential and government customers and investors. Its focuses on the development of the downstream PV market including the financing, development, installation, and sale of utility-scale power projects in different nations.
In early morning trade on Wednesda, the stock price of Solar Power was trading on a loss of 1.03% at $1.93.