Eternal Sun has announced the acquisition of Spire Solar, the solar testing division of Massachusetts-based Spire Corporation. The company describes the acquisition as an asset deal funded by a capital injection by Belgium family fund Vermec BV, its current investor, and a regulatory filing puts the value of the sale at US$1.5 million minus current liabilities.
Eternal Sun says that this will create a solar testing powerhouse. It notes that the two companies address different market segments, with Eternal Sun supplying solid state solar simulators for research and development, and Spires flash technology supplying quality assurance for manufacturers.
This deal places us well to compete in the dynamic solar manufacturing industry in Asia, and to continue to disrupt the R&D market across the globe, declared Eternal Sun CEO Chokri Mousaoui in a press statement.
Over the last five years we have worked tirelessly to grow our company from a Dutch startup to a global solar player. Today marks the exciting next step of this journey as we acquire a respected business line and move forward with our ambitious growth plans with renewed pace and with the confidence that we can serve our worldwide customers throughout future cycles of our industrys growth.
Spire has been in financial trouble for some time. The company has not filed financial results since the third quarter of 2014 and last October suspended all non-essential operations. A regulatory filing indicates that Spire Corporation will retain and focus on its turnkey manufacturing line business, and that the sale is part of ongoing restructuring efforts.