ECOtality, Inc. announced the execution of a definitive agreement to purchase the assets of Innergy Power Corp.., a designer and manufacturer of thin sealed rechargeable lead batteries and flat-panel multi-crystalline solar modules. ECOtality expects the acquisition to close in October 2007.
"The acquisition of Innergy helps ECOtality grow financially, technologically and strategically," said Jonathan Read, President and CEO, ECOtality. "Innergy provides us a profitable expansion platform for solar and energy storage solutions, as well as a low-cost manufacturing facility in Mexico. From the outset, ECOtality has sought to become a diversified renewable energy company committed to green, electro-centric technologies by expanding our portfolio with synergistic companies that complement our core technology, Hydrality™. The acquisition of Innergy is a strong step to fulfilling these objectives."
As a manufacturer of both renewable energy solar modules and rechargeable batteries, Innergy Power’s solar photovoltaic (PV) product line is said to address the demand for solar energy products and off-grid power. Innergy Power’s fiberglass reinforced panel (FRP) solar modules are designed to meet a broad range of applications for emergency preparedness and recreation, where quality, durability, rugged construction and light weight are important in the outdoor environment. Applications include logistics tracking, asset management systems, off-grid lighting, mobile communications, mobile computing, recreational vehicles, signaling devices and surveillance cameras.
"Our lives are increasingly dependent on electricity. Yet the only practical means to address the world’s growing appetite is by developing and delivering clean technologies that allow for the conversion of renewable energy sources to electricity," said Read. "Innergy Power’s products enable users to create, store and use "clean" electricity, anywhere while on-the-go."
Founded in 1989, Innergy Power is based in San Diego, California, with a manufacturing facility in Tijuana, Mexico. The facility will also provide additional manufacturing capabilities for fuel cell products for ECOtality’s Fuel Cell Store that the company acquired in June 2007. Innergy Power employs 31 people; ECOtality will retain the Innergy Power management team and all its staff after the purchase.
The transaction is subject to regulatory approval and other customary closing conditions contained in the definitive purchase and sale agreement.
