GT Advanced Technologies acquires Confluence Solar

In undertaking the acquisition, GT has attained Confluence’s HiCz Czochralski (CCz) growth technology which, says the company, is expected to help lower production costs.

The USD$80 million purchase price consists of USD$60 million in cash paid to Confluence’s shareholders, plus USD$20 million of cash earn-outs, which are payable upon the achievement of "certain financial and technical milestones through GT’s FY13".

It is expected that the acquisition will become accretive in the second half of GT’s 2013 financial year.

"This acquisition adds an innovative technology to GT’s PV product portfolio that is well aligned with our strategy to rapidly innovate and develop next-generation crystal growth solutions," commented Tom Gutierrez, GT president and CEO.

He added that the "HiCz technology is expected to drive down the cost of monocrystalline wafers below traditional Czochralski methods while enabling flexible production of advanced materials used in next generation cell architectures."

GT says it expects to launch its commercial CCz mono equipment on the market in fiscal year 2013.