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General Motors Takes a 50MW Slice of the Solar Power Industry

On 20th September 2011, it was announced that Sunlogics PLC had acquired Phoenix Solar Holdings Corp – a privately held solar panel manufacturing firm. The deal included the subsidiaries of the privately held firm including EPV Solar Germany GmbH and New Millennium Solar Equipment Corp.

Sunlogics received an investment from GM Ventures Inc, a wholly owned subsidiary of General Motors, in July 2011.  The deal with Phonenix saw additional investments from GLG Partners LP, Tenor Capital, Atlas Investment Fund and Catalyst Investment Management Co LLC. Sunlogics received a $6 million equity investment.

The CEO of Sunlogics, Michael Matvieshen, said that the deal marked another step towards becoming a world leader in vertically integrated solar power production – manufacturing, installing and producing solar powered electricity – and noted that the breadth of interest in the latest deal was a good sign “It is a strong vote of confidence by a very sophisticated group of investors”.

Through the deal, Sunlogic acquired two solar panel manufacturing facilities; one in Senftenberg, Brandenburg, Germany with a capacity of 30MW and one in New Jersey with a capacity of 20MW. There are plans to relocate the US operations to Detroit, Michigan and Ontario, Canada.

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Business Desk
Editors and staff from the Business Desk at The Global Herald.

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