Innotech Solar (ITS) has acquired Swedish PV project development and investment company Tripod Energy AB.
The acquisition includes the firm's liquid assets as well as two 1 MW operating PV plants located in Italy. The Scandinavian-German PV module maker said the acquisition would strengthen its cash position as well as providing reliable operating revenues from the two PV plants. ITS bought Tripod Energy from its management and main investor, Sustainable Technologies Fund.
In addition, ITS said Norwegian entrepreneur Geir Forre had increased his investment in the company through his Firda Investments company and had agreed to join ITS' board of directors.
Also joining the board are Klas Gustafsson, a partner at Sustainable Technologies Fund, and Tove Langlet, a Swedish business expert and board member of several Nordic companies.
"During a challenging time for the PV industry we are especially pleased to have been able to make the acquisition of Tripod, bring in new investment and further strengthen our board of directors," said Innotech Solar CEO Jerry Stokes. "This is a clear demonstration that Innotech Solar has been able to establish a strong and scalable business which, with the benefit of the investment and strengthened balance sheet, will enable us to significantly grow our business."
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