According to a statement released, Amsolar will retain its brand name. Meanwhile, managing partner, Joshua Weinstein will serve as chairman of Amsolar in addition to becoming a management board member of Payom.
It has also been said that Amsolars other managing partners will continue with the company. Jam Attari has been appointed Amsolar general manager, and will oversee the U.S. operations, while Philip Moffat has been named chairman of the Payom supervisory board.
Furthermore, the U.S. headquarters are set to stay in San Diego, California, and New York.
It is not clear however, if any other jobs will be affected, how much the deal is worth, or if any photovoltaic projects are currently in the pipeline.
In the statament, Payom did say, "With the completion of this acquisition, Amsolar will continue to expand aggressively to new markets in North America and beyond."
Daniel Grosch, Payom board member added, "We looked at a lot of companies to join our Payom team, but this one stood out amongst all others. Were excited for the success well have together in the U.S. and around the world."