Germany1 Completes Combination With AEG Power Solutions
Germany1 Acquisition Ltd. announced that it has successfully completed its business combination with AEG Power Solutions. Germany1 is the holding company of AEG Power Solutions.
Subsequent to the business combination, the former managers of Germany1 resigned their positions and a new Board of Directors was appointed. The Board of Directors for Germany1 now consists of the following individuals: Prof. Roland Berger, Chairman, Dr. Mark Wössner, Dr. Leonhard Fischer, Tim Collins, Keith Corbin, all as non-executive members and Bruce Brock and Robert Huljak as executive members.
The AEG Power Solutions Executive management team consists of: Bruce Brock CEO, Robert Huljak CSO, Marios Michaelides interim CFO, Kaivon Mortazavi COO, Lazslo Lakatos-Hayward CTO, Michael Julian General Counsel, and Jeff Casper VP of Business Relations. Bruce Brock is the Managing Director of Germany1 Acquisition Limited.
In the period 1 January 2009 to 10 September 2009, AEG Power Solutions had revenues of €278.5m and EBITDA of €75.5m. According to the company, the strong performance is the result of significant order backlog from an exceptionally strong year in 2008, which has provided good visibility through 2009. The company states that its business has been impacted by the severe economic conditions experienced throughout the world in the past year. The business has a traditional lag time of several months before macro economic events begin to show in its operating results.
In September, AEG launched its high power solar inverter, the Protect PV.250. Specifically designed for utility-scale grid connection, the Protect PV.250 is rated to handle power input ranging from 250 kW to 1MW. The Protect PV.250 can be customized to each specific application thanks to a range of available options and its unique container design. The inverter was developed at the AEG Power Solutions R&D center in Warstein-Belecke, Germany. The introduction of the Protect PV.250 enlarges the range of the AEG Power Solutions portfolio into the megawatt range and confirms the company’s commitment to provide a complete range of end-to-end solutions to new energy markets.
The company also launched the new Protect 8 UPS, designed and built using a modular, building block architecture. The Protect 8 generation is built on the know-how and technology developed for the Protect 5 product family. Protect 8 UPS’ are designed for virtually all industrial sectors requiring maximum reliability, such as onshore and offshore oil & gas installations, energy & electricity generation and distribution, water treatment and instrumentation, process control and all crucial infrastructure markets.