Mitsui to Acquire SunWize Technologies
Mitsui & Co., Ltd. and Mitsui & Co. (U.S.A.), Inc. (Mitsui) have agreed to acquire the business of Kingston NY-based SunWize Technologies, LLC (SunWize), a solar technology company, specializing in the design and manufacture of integrated solar power systems, and associated project development and product distribution. The acquisition is expected to close after completion of regulatory review. SunWize will be operated as a 100% subsidiary of Mitsui beginning in December.
SunWize is one of North America's largest solar power companies, with 15 offices and 1,700 customers throughout North and South America. The company has 15 years experience in the industry and is a top-ranked supplier to the grid-connected and off-grid markets. Steady growth is expected due to SunWize's strong presence in the largest solar markets in the U.S.A., including New Jersey, New York and California. An aggressive business expansion is planned in these and other emerging markets.
After the acquisition, Mitsui will retain the current management and employees of SunWize. In addition, Mitsui personnel will be added to enhance the company's management capability. By combining its comprehensive strength in areas such as finance, cultivation of new technologies, development of new applications for solar energy, and establishment of a sales force outside North America, Mitsui plans to grow the business to $400 million within three to five years.