PV Powered acquired by Advanced Energy
PV Powered Inc., a developer of solar inverters, will be acquired by Advanced Energy Industries Inc. (AE). With its combined technology and product platforms, the acquisition is expected to create a broad, grid-tied inverter offering in the growing solar photovoltaic market, spanning residential, commercial and utility-scale solutions.
“The employees and management of PV Powered are excited at the prospect
of joining Advanced Energy,” said Gregg Patterson, PV Powered’s CEO.
“Both organizations share a common mission to deliver the innovations
our customers are asking for in efficiency, reliability and uptime that
will maximize the 20+ year financial returns of solar projects.”
PV Powered’s commercial product portfolio ranges in size from 30kW to
1MW; its portfolio should complement AE’s transformer-less inverters,
including its 250kW, 333kW and 500kW products.
“We believe this acquisition will firmly place Advanced Energy at the
heart of the emerging and fast growing solar inverter market,” said Hans
Betz, CEO of Advanced Energy.
After the acquisition is finalized, PV Powered will operate under the
current management team as a wholly-owned subsidiary of Advanced Energy,
continuing to sell and support its full line of products.
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